Transparency | Bank Information Center: Monitoring the projects and policies of the World Bank, IMF and other international financial institutions


bicusa.org/transparency Home IssuesTransparency Transparency Overview Background Concerns Problem Projects Updates Resources Contacts RSS Press Release \| 18 November 2008 IMF and World Bank need to bolster transparency measures in the extractive industries A newly released joint report between Bank Information Center (BIC) and Global Witness critically assesses the World Bank Group's and the International Monetary Fund's (IMF) success in increasing transparency in extractive industries in resource-rich countries. Read more Update \| 30 October 2008 Corruption and lack of transparency in Tajik extractives industry Talco, a major aluminum mining company controlled by Tajikistan President Emomali Rahmon, is being investigated by the IMF to address issues of extreme mismanagement of funds and lack of openness. Read more Update \| 24 September 2008 Dramatic increase in World Bank loans to Europe and Central Asia The World Bank Group (WBG) loans to countries in Europe and Central Asia (ECA) increased by 30% between FY07 and FY08. Read more Update \| 19 September 2008 EBRD approves Pechora Energy Project in Komi Republic The European Bank for Reconstruction and Development (EBRD) has approved a US$50 million loan for expansion of oil and gas extraction operations in the Timan-Pechora basin of the northern Komi Republic in Russia. Various civil society groups have raised concerns of the major project's implications for the environment and the indigenous Komi-Izhemts people's rights. Read more Update \| 15 September 2008 El BID rechaza el dialogo con sociedad civil El Banco Interamericano de Desarrollo (BID) desestimó una propuesta de la sociedad civil para realizar un seminario conjunto sobre infraestructura y mecanismos de planificación sostenibles en el Amazonas. Dicho seminario se proponía para la próxima reunión que el Banco desarrollará con la sociedad civil en Montevideo, Uruguay, el 16 y 17 de Octubre. Por muchos motivos la relación del BID con la sociedad civil ha caído a su nivel más bajo. Read more Update \| 20 August 2008 Banks active in extractive projects in Russia’s Komi Republic IFI involvement in mining and oil projects in the Timan-Pechora basin raises environmental and social concerns. Read more Update \| 19 August 2008 Bretton Woods institutions send mixed messages about China’s role in Africa Since the Chinese economy has taken off and it has increasingly looked to Africa to provide raw materials, the World Bank and IMF have been confronted with the question of how to respond. Recent statements by the institutions have shown that these responses are careful and at times contradictory. Read more Update \| 14 August 2008 Available company data for IFC required disclosures The International Finance Corporation (IFC) fails to provide adequate links to government payment disclosures by its extractive industry clients. Read more Update \| 30 July 2008 The World Bank as a Knowledge Producer The author, Shripad Dharmadhikary, examines why being a knowledge provider is so important to the World Bank, and how the Bank uses its research and knowledge services to intervene in the policy making of borrowing countries. The Bank Information Center supported the distribution of this book so as to highlight this little discussed role of the World Bank. Read more Update \| 24 July 2008 Independent Report questions integrity of ASEAN assessment of Burma damages A new report released by an independent researcher from the Burmese community says that many victims of Cyclone Nargis are still not getting adequate relief material from international aid groups, including the United Nations agencies. Read more Update \| 18 July 2008 Civil society groups frustrated over ADB denials Civil society access to information is often impeded by the Asian Development Bank. Read more Update \| 17 July 2008 IMF working group drafts guidelines for sovereign wealth funds On July 9-10, 2008, the International Monetarty Funds’s (IMF) Working Group on Sovereign Wealth Funds (SWFs) held a two-day meeting in Singapore to address concerns around SWFs and consider possible guidelines. Read more Update \| 2 July 2008 Election controversy raises questions for Mongolia’s mining sector July riots signal the importance of transparency and responsible revenue management for Mongolia’s political stability. Read more Update \| 1 July 2008 Europe stays out of bid for top position at IMF's main policy-setting committee For the first time, the Europeans have decided to stay out of the bidding for the chair of the International Monetary and Financial Committee (IMFC). Read more Update \| 24 June 2008 Bota Foundation established The Bota Foundation, administered by the World Bank, held its first Board of Trustees meeting in June. Read more Country Update \| 4 June 2008 Kazakhstan Country Update #16 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Kazakhstan. Read more Country Update \| 4 June 2008 Kyrgyz Republic Country Update #5 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in the Kyrgyz Republic. Read more Country Update \| 4 June 2008 Mongolia Country Update #2 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Mongolia. Read more Country Update \| 4 June 2008 Georgia Country Update #1 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Georgia. Read more Country Update \| 4 June 2008 Russia Country Update #1 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Russia. Read more Update \| 15 April 2008 IFC provides information on payments from extractive industry projects In response to requests from the Bank Information Center (BIC) and other civil society organizations, the International Finance Corporation (IFC) has begun providing links to where IFC extractive industry clients disclose their payments to host governments. Read more Press Release \| 9 April 2008 Kazakh environmentalists win access to emissions data at Karachaganak In a victory for environmental groups, the Kazakhstan’s Supreme Court ruled in favor of Green Salvation, a environmental group, in a precedent setting lawsuit seeking access to environmental information about atmospheric emissions at the Karachaganak Oil and Gas Condensate Field in western Kazakhstan. Read more Update \| 4 February 2008 Zoellick commits to expanding Extractive Industries Transparency Initiative Addressing the African Union Summit on Thursday, January 31, 2008, World Bank President Zoellick committed to expanding the Extractive Industries Transparency Initiative (EITI). Read more Update \| 30 January 2008 Civil Society Guide to IFI Policy Reviews Read more Update \| 25 January 2008 World Bank to implement Volcker panel recommendations Following the resignation of Suzanne Rich-Folsom, the previous head of the World Bank's anti-corruption unit and the embarrassing revelations of extensive fraud in several of its health projects in India, the World Bank announced on January 23, 2008 that it would implement all the recommendations of the Volcker Panel Review. Read more Update \| 29 November 2007 European Parliament passes resolution to end taxpayer support for fossil fuel projects Resolution is welcomed by NGOs campaigning to have export credit agencies and public investment banks be held accountable for their actions. Read more Update \| 7 November 2007 Terms of appointment for IMF head disclosed For the first time, the International Monetary Fund (IMF) has publicly disclosed the official terms of appointment for its new Managing Director, Dominique Strauss-Kahn. His terms include an annual salary of $420,930 (net of income taxes), an annual allowance of $75,350 for maintaining “a scale of living,” and the ability to resign from his position at any time. Read more Update \| 2 November 2007 CSOs draft open letter to Bank of the South members On November 1, Jubilee South and other civil society organizations unveiled an open letter to the presidents of Argentina, Bolivia, Brazil, Paraguay, Uruguay and Venezuela calling for a sovereign, supportive, sustainable and integrated Bank of the South. Read more Update \| 9 October 2007 The International (European) Monetary Fund? As yet another top post at the International Monetary Fund goes to a European, critics question the institution's committment to increasing the voice and representation of developing country constituencies in the Fund. Read more Update \| 14 September 2007 New safeguard and disclosure policies at MIGA surpass IFC on development impact reporting On August 28, the Board of the World Bank Group’s political risk insurance arm approved new social, environmental and disclosure policies, and committed to report on the development impacts of its most ‘sensitive’ projects. Read more Update \| 14 September 2007 Volcker report finds Bank ineffective in addressing corruption A review of the World Bank's Department of Institutional Integrity and its Governance and Anti-corruption strategy finds that weak management, employee resistance and internal distrust is contributing to the Bank's ineffectiveness in combating corruption in its operations. Read more Update \| 13 September 2007 ADB tries to mitigate path to irrevelancy The Asian Development Bank is contemplating changing mission its from “poverty reduction” to “inclusive, environmental friendly growth” and promoting “regional economic integration” as it tries to re-invent itself for the “New Asia.” Read more Update \| 7 September 2007 U.K. backs Strauss-Kahn and Europe assures reforms, while developing countries cry foul The U.K. confirms its support of the EU nominee Dominique Strauss-Kahn for the leadership of the IMF; Luxembourg's prime minister assures a non-European leader in the future; and emerging countries such as India call out for real reform of governance in the IMF. Read more Update \| 6 September 2007 GAP details serious issues with World Bank's anti-corruption unit In a report released today, the Government Accountabilty Project finds that the World Bank's Department of Institutional Integrity is undermined by a conflict of interest at its top ranks and serious, long-term problems. Read more Update \| 6 September 2007 World Bank tries to hide scathing corruption report The Wall Street Journal has leaked a 2005 report by the World Bank's Department of Institutional Integrity (INT) that documents consistent fraud and corruption under Bank-financed health care projects in India. Read more Update \| 22 August 2007 IMF head selection process: Russia crashes western Europe’s party While western European countries continue to assert naming rights to run the IMF, Russia makes a surprise nomination. Read more Update \| 17 August 2007 ADB's Energy Strategy must adhere to international standards The Asian Development Bank has completed the consultation process on its draft Energy Strategy. Civil society organizations from throughout the region have called on the ADB to incorporate current international best practices in sector, and at minimum to adopt the principles of the Extractive Industries Transparency Initiative. Read more Update \| 1 August 2007 WB, IMF and AfDB-backed program to privatize Egyptian banks arouses controversy The Egyptian government is facing criticism from members of its parliament over plans to sell off the country’s publicly owned banks. The plan to privatize several national banks within the framework of an $8.7 billion financial sector reform program has the backing of the World Bank, the International Monetary Fund, the African Development Bank and US Agency for International Development. Read more Update \| 26 July 2007 U.S. backs Strauss-Kahn to lead IMF The U.S. backing of Dominique Strauss-Kahn will likely confirm his nomination to head the IMF, continuing the "old boy's club" tradition. Read more Update \| 20 July 2007 Where will Zoellick steer the World Bank? The new World Bank President spoke of middle income countries, good governance and the need to diversify services at a town hall meeting earlier this month. Read more Update \| 19 July 2007 Controversy in Egypt over discounted gas to Spain Sale of gas from EIB-financed LNG plant in Egypt at discount prices raises questions about who benefited from the deal. Read more Update \| 5 July 2007 World Bank removes pollution death toll from report at urging of Chinese government The World Bank allegedly removed inflammatory findings on pollution-related deaths from a report under pressure from the Chinese government. Read more Update \| 13 March 2007 Public Consultation on EIB's Anti-Fraud Policy The EIB is launching a public consultation as part of a review of its anti-fraud policy from February 12-April 18, 2007. If required, this process will be extended to include another 20 working-day consultation, taking into account stakeholder comments from the first round. Comments accepted until April 18, 2007. Read more Update \| 26 February 2007 Update: Extractive industries campaigner released from prison, but still unable to leave Angola Although Dr. Sarah Wykes, an anti-corruption campaigner at Global Witness, has been released from prison following her Feb 20 arrest on espionage charges, she has not yet been able to leave the oil-rich Cabina region, where she was detained. Read more Update \| 23 February 2007 Update #20 from the Global Transparency Initiative In this issue: UK launch of transparency charter for IFI's, EBRD approves new disclosure procedures, NGO disputes ADB on disclosure of Phulbai coal mine project documents; reports, articles, and more Read more Update \| 23 February 2007 MIGA reviewing Social, Environmental and Disclosure Policies The World Bank's Multilateral Investment Guarantee Agency (MIGA) has posted draft policies for public comment until April 27, 2007. Read more Update \| 9 January 2007 New BIC Publication: Public Disclosure of Legal Agreements in EBRD Extractive Industry Projects BIC's Europe and Central Asia program recently conducted a research study of legal agreement disclosure in European Bank for Reconstruction and Development (EBRD) Extractive Industries projects. Read more Update \| 9 January 2007 New BIC Publication: Quick Reference Guide to Revenue Transparency at the IFIs BIC's Europe and Central Asia program has compiled an easy access source of information on International Financial Institution (IFI) disclosure policies and their weaknesses. Read more Update \| 9 January 2007 BIC Publication: EIR Implementation Status Report In July 2001, the World Bank Group (WBG) commissioned the Extractive Industry Review (EIR), a process led by an independent secretariat established to analyze whether extractive industries projects could be compatible with the WBG’s goals of sustainable development and poverty reduction. Read more Update \| 7 December 2006 Global Transparency Initiative comments on EBRD draft disclosure procedures In the wake of an announcement from EBRD that it will review both its disclosure and environmental policies in 2007, the Global Transparency Initiative (GTI) makes comments on information requests and appeals systems of the Public Information Policy. Read more Update \| 13 November 2006 EBRD issues draft procedures on disclosure requests and appeals process Last week the European Bank for Reconstruction and Development (EBRD) released a draft of "Implementing Procedural Provisions for Information Requests and Appeals." The draft is available on the bank’s website, and will be open for public comment for 30 days. Read more Update \| 8 November 2006 Financial institution transparency - making money talk An article from Ethical Corporation on the Global Transparency Initiative's Charter for International Financial Institutions... Read more Update \| 21 October 2006 Wolfowitz's anti-corruption plan receives lukewarm reception at Annual Meetings The World Bank's controversial Governance and Anti-Corruption Framework was the subject of intense debate prior to the Annual Meetings, raising important questions about the appropriate role for the Bank in fighting corruption, and the need for the institution to clean up its own act before dictating strategies to others. Read more Update \| 12 October 2006 Global Transparency Initiative Update #19 In this issue: Endorse the GTI Transparency Charter; Evaluating the World Bank Group’s Commitment to Openness; Testing the EBRD’s Disclosure Appeals; The Deadline for Comments on the ADB Translation Framework Approaches; and more. Read more Update \| 12 October 2006 GTI Publishes FOI Testing Report on IFIs This report deftly monitors and analyses the practical and real-world application of the access to information provisions and participatory decision-making processes at the international financial institutions (IFIs). Read more Update \| 26 September 2006 Letter from GTI to World Bank and IMF This letter was sent from the Global Transparency Initiative (GTI) to the President of the World Bank, Paul Wolfowitz, and Managing Director of the IMF, Rodrigo de Rato, on September 15, 2006 regarding the civil society boycott of the Annual Meetings in Singapore. Read more Update \| 19 September 2006 GTI Launches Transparency Charter for IFIs The new charter created by the Global Transparency Initiative (GTI), seeks significantly improved transparency standards across all international financial institutions (IFIs). Read more Update \| 18 September 2006 Groups express concern over selection process of panel members for ADB accountability mechanism Following is a joint civil society letter that was sent to Asian Development Bank President, Haruhiko Kuroda, regarding the selection process for the position of the Special Project Facilitator. Read more Update \| 21 August 2006 World Bank releases newest draft of governance and anticorruption framework Read more Update \| 20 July 2006 Global Transparency Initiative Update #18 In this issue: invitation to comment on draft GTI IFI Transparency Principles; announcement of GTI small grants; information on how to comment on the ADB Translation Framework; and information on the EBRD's approval of its new disclosure policy. Read more Update \| 13 July 2006 Senators want to see progress on whistleblower protection at the World Bank Highlighting the steps taken by the United Nations, Senator Chuck Grassley from Iowa (Republican) and Norm Coleman from Minnesota (Republican) sent a letter to President Paul Wolfowitz seeking a status report on whistleblower protection at the World Bank. Read more Update \| 22 May 2006 EBRD approves new disclosure policy On May 16, the Board of the European Bank for Reconstruction and Development (EBRD) approved new transparency requirements for the institution. Little progress has been made... Read more