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


bicusa.org/governance Home IssuesIFI Governance IFI Governance Overview Problem Projects Updates Resources Contacts RSS Update \| 21 November 2008 Directors of IIRSA reject petition for participation of civil society The President of the Directors of IIRSA and current Director of the Ministry of Planning of Colombia, Carolina Renteria, reported on Monday, November 10 the decision to reject a hearing on IIRSA requested by 20 civil society organizations from 8 countries. The CSOs submitted a proposal to create mechanisms to ensure the participation of civil society in the planning process of integration within the framework of IIRSA, in addition to other potential integration processes as well as for the implementation of Strategic Environmental Studies (SEA) for groups of IIRSA projects. Read more Update \| 14 November 2008 BICECA Monthly Bulletin - November 2008 In this edition you will find the following articles: 1) Change and Continuity for the BICECA website; 2) Colombia: Pasto Mocoa Highway - IDB Commitment to Sustainability under Scrutiny; 3) Perú: The restoration of the rights of indigenous peoples has a long way to go; 4) Ecuador: Big Push for Manta-Manaos Corridor. Read more Update \| 27 October 2008 Investigation clears Strauss-Kahn The Board of Governors of the International Monetary Fund (IMF) has cleared Managing Director, Dominique Strauss-Kahn of abuse of power. Read more Update \| 24 October 2008 Urgent Action: Global sign-on statment on the proposed "Global Summit" to reform the international financial system Sign-on to the civil society letter, BY OCTOBER 28, supporting the fundamental and far-reaching transformation of the international financial and economic system. The letter supports the major international conference convened by the UN to review the international financial and monetary architecture, its institutions and its governance. Read more Update \| 18 October 2008 IMF to investigate Strauss-Kahn for abuse of power The International Monetary Fund (IMF) is investigating whether its Managing Director, Dominique Strauss-Kahn abused his power. Read more Update \| 14 October 2008 U.S. to lose stranglehold on World Bank presidency In a deal brokered by the United Kingdom's development secretary, the selection of the next World Bank president will be open to candidates from any country. Read more Update \| 2 October 2008 BIC's popular Tools for Activists now available in Chinese To broaden its use among civil society organizations in China, the Bank Information Center’s World Bank Toolkits for Activists is now available in Chinese. Read more Update \| 2 September 2008 IDB rejects civil society dialogue The Inter-American Development Bank (IDB) dismisses a proposal for a joint seminar on Amazon infrastructure and sustainability planning mechanisms at upcoming civil society meeting in Montevideo. Read more Update \| 14 August 2008 Possible World Bank role in Azerbaijan’s privatization corruption James Wolfensohn, a former World Bank president, may have assisted a corrupt businessman seeking control of Azerbaijan’s state oil company. 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 \| 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 Country Update \| 4 June 2008 Azerbaijan Country Update #14 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Azerbaijan. 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 \| 2 June 2008 The EBRD’s Annual Meeting in Kiev Read highlights from the European Bank for Reconstruction and Development's (EBRD) Annual Meeting, held last month in Kiev, Ukraine. Read more Update \| 9 May 2008 Amid food riots and shaken governments IFIs scramble to develop a coherent response Skyrocketing food prices have forced the international financial institutions (IFIs) to articulate responses to the situation. The World Bank has conjured a "New Deal for Global Food Policy" to pump agriculture-oriented loans and programs into Africa and to address emergency financing needs. The IMF has voiced concern over the likely macroeconomic shocks of the food crisis in low-income countries. But the Bretton Woods Institutions must wrestle with a legacy that helped set the stage for diminished food security in many low-income countries. Read more Update \| 7 May 2008 IMF chief economist resigns Less than a week after 591 employees at the International Monetary Fund (IMF) opted to take a buyout package, the IMF’s chief economist announced his resignation. Read more Update \| 1 May 2008 Exodus at the IMF As the International Monetary Fund (IMF) continues to face escalating deficits and a crisis of credibility, almost a quarter of its 2,400 full-time staff in Washington, D.C. have voluntarily applied for resignations. At the same time, the Board of Governors of the IMF has approved the proposed quota and voice reforms with a 92% majority vote. Read more Update \| 25 April 2008 ADB and U.S. at odds on policies While the U.S. remains committed to the Asian Development Bank (ADB) and its mission of reducing poverty in Asia, objections to the Bank's lending policies and its function are causing concerns that U.S. funding commitments could be cut because of the dispute. Read more Update \| 7 April 2008 Joint Bretton Woods Project Update # 60 Read the special Spring Meetings edition of the Bretton Woods Update, co-produced with Afrodad, Bank Information Center, Choike, and Eurodad. The issue is also available in Spanish. Read more Update \| 24 March 2008 Struggle over succession at the EBRD A struggle over selecting the successor to the President of the European Bank for Reconstruction and Development (EBRD) has divided donor and recipient countries in a manner that is reminiscent of the recent debates over succession at the World Bank and the International Monetary Fund. Read more Update \| 10 March 2008 World Bank General Counsel resigns World Bank Group General Counsel Ana Palacio is resigning her position, effective April 15, further diminishing former World Bank president, Paul Wolfowitz's legacy. Read more Update \| 15 February 2008 High-level panel issues report on prospects for African Development Bank Panel's suggestions include merging of the African Development Fund (ADF) with the African Development Bank (ADB), and eliminating the performance-based allocation (PBA) system. Read more Update \| 13 February 2008 Iraq renews $744 million loan from the IMF Iraq’s renewed Stand-By Arrangement with the International Monetary Fund (IMF) includes macroeconomic policy reforms that may restrict fiscal space for public spending, particularly on the public wage bill. It also continues the deep involvement of international financial institutions in Iraq’s oil sector. Read more Update \| 4 February 2008 China's Lin named chief economist of World Bank World Bank hopes leading academic's appointment will help strengthen ties with China. 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 \| 4 February 2008 IMF attempts to fix its problems through ambitious work program for early 2008 Managing Director Dominique Strauss-Kahn attempts to fix the IMF’s fractured legitimacy and financial fiasco through an ambitious, opaque, and inaccessible "Interim Work Program." 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 \| 24 January 2008 Donors demand overhaul at the ADB Leading donors to the Asian Development Bank (ADB) have demanded that the institution overhaul its staffing and oversight procedures. Read more Update \| 17 December 2007 Ecuador rejects ICSID arbitration over extractive industry disputes Ecuador's actions are part of a wider dissatisfaction among some Central and South American countries with international investment law and particularly its dispute settlement regime. Read more Update \| 10 December 2007 Bank of the South launched Seven South American leaders launched the Bank of the South (Banco del Sur) on Sunday, touting it as the continent's alternative to U.S.-backed lenders. Read more Update \| 7 December 2007 IMF to cut staff by 15% In an exclusive interview with the Wall Street Journal, Dominique Strauss-Kahn, the new Managing Director of the International Monetary Fund (IMF), reveals plans for significant layoffs at the institution, by as many as 300-400 jobs. Read more Update \| 14 November 2007 Bank of the South Eight countries are planning to inaugurate the Bank of the South in December 2007. The Bank of the South represents the cornerstone to a more wholesale renovation of the regional financial architecture long dependent on Northern banks. Read Vince McElhinny's new info brief on the Bank of the South and what it means for Latin America, and the continued relevance of the international financial institutions for the region. Read more Update \| 5 November 2007 People's tribunal in Bangladesh announced A people's tribunal against the World Bank, International Monetary Fund and the Asian Development Bank was announced in Dhaka, Bangladesh yesterday, hours before World Bank President, Robert Zoellick's arrival in the country. 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 \| 31 October 2007 Changing of the guard at the IMF Dominique Strauss-Kahn, former Finance Minister of France, takes over as the new Managing Director of the International Monetary Fund (IMF) on November 1. DSK, as he is generally known, inherits an institution experiencing crises of legitimacy, identity, and solvency, yet is unlikely to implement real changes at the institution. 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 \| 5 October 2007 Zoellick overhauls top management World Bank President Robert Zoellick has named former Nigerian Finance Minister, Ngozi Okonjo-Iweala, as a new managing director of the Bank, effective December 1, 2007. Read more Update \| 2 October 2007 Is the IMF's role in low-income countries conducive to reducing poverty? Controversial both inside and outside the institution, the International Monetary Fund's (IMF) strategy in low-income countries was debated at a recent panel that questioned whether or not the IMF should exit low-income countries. Read more Country Update \| 24 September 2007 Kazakhstan Country Update #15 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Kazakhstan. Read more Country Update \| 24 September 2007 Azerbaijan Country Update #13 Recent developments, decisions, and civil society activities related to activities of the International Financial Institutions (IFIs) in Azerbaijan. Read more Update \| 20 September 2007 UN adopts Declaration on the Rights of Indigenous Peoples On September 13th, after over 20 years of negotiations, the United Nations General Assembly finally adopted the Declaration on the Rights of Indigenous Peoples. The international declaration sets a higher standard for international financial institutions (IFIs) to ensure safeguards and strengthen their policies on indigenous peoples. 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 \| 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 \| 22 August 2007 Journalists confirm Wolfowitz censored "climate change" Journalists confirmed that former World Bank President Paul Wolfowitz, personally intervened in removing the words "climate change" from Bank progress reports, and that it may be years before the World Bank considers greenhouse gas emissions in its projects. Read more Update \| 22 August 2007 Independent evaluation finds over 40% of IFC projects fail to deliver development results The Independent Evaluation Group (IEG) of the International Finance Corporation (IFC), found that 41% of the IFC projects studied had low development ratings. IFC performed particularly poorly in Africa and Asia, where only half of its projects had positive development outcomes. In Africa, the quality of IFC work was particularly poor, rated as “high” in only 45% of projects, as compared to 68% in other regions. 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 \| 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 \| 18 July 2007 How to become relevant in Latin America: the latest on the IDB realignment Whatever else you might say of him, Luis Alberto Moreno does not waste time. Named fourth president of the Inter-American Development Bank in 2005, he announced IDB would remake its role in Latin America at his first annual meeting just one year later. Read Vince McElhinny's new policy brief on the realignment process, components and concerns. Read more Update \| 10 July 2007 EU rushes to cement hold on IMF leadership post European countries are rushing to protect their patronage rights to name the head of the IMF after Rodrigo Rato's surprise resignation announcment just two weeks ago. Read more Update \| 8 July 2007 IMF leadership selection process: time for reform, or more of the same? Will the International Monetary Fund learn from the recent World Bank crisis, and reform the outdated process through which European countries basically appoint the Managing Director? Read more Update \| 25 June 2007 Zoellick officially selected as next World Bank President The Executive Directors of the World Bank unanimously selected Robert B. Zoellick to succeed Mr. Wolfowitz, effective July 1, 2007, as the 11th President of the Bank for a five-year term. Read more Update \| 18 June 2007 Deadline for nominating candidates for World Bank presidency passes Despite all the public outcry about the flaws in the World Bank's governance and the need for an open, democratic, and merit-based process for the selection of the next World Bank President, NOT A SINGLE COUNTRY proposed an alternate candidate to the US's pick for the job, allowing the US to continue its grip on the leadership of the institution. The Board is expected to confirm the Bush administration's choice for the job - Robert Zoellick - by the end of June... Read more Update \| 31 May 2007 US picks its winner for one-horse race to head World Bank; other countries must step up to the gate The White House’s announcement that it will nominate former US Trade Representative Robert Zoellick to be the next World Bank President, and the widespread assumption that the choice is a fait accompli, serve as a reminder that the lessons of the Wolfowitz scandal have yet to be learned. Read BIC's May 31 Press Release on the Zoellick nomination. Read more Update \| 29 May 2007 Australia joins Brazil's call for merit-based World Bank presidential selection process Demands join a chorus of voices from civil society and beyond expressing concerns about the antiquated system through which the United States effectively appoints the President. Read more Update \| 17 May 2007 World Bank governance challenges: what must be done The Wolfowitz scandal should serve as a sobering wake-up call to the World Bank on the need for meaningful governance reforms. Its archaic 1940s convention of allowing the US to name the Bank’s leader undermines the institution’s legitimacy as well as the accountability of the Bank’s president. The Bank does not need to look very far for reform proposals - including its own 2001 proposals for an open, competitive selection process that were summarily ignored. Read more Update \| 15 May 2007 2007 Annual Meeting of the European Bank for Reconstruction and Development (EBRD) The EBRD Annual Meeting and Business Forum will be held 20-21 May 2007 in Kazan, Republic of Tatarstan, Russian Federation. One hot topic of conversation will be over the institution's profits. Read more Update \| 27 April 2007 BIC statement on the Wolfowitz scandal and the need for deeper governance reforms With all eyes on Wolfowitz, few are looking deeper at the true scandal about the World Bank – that the governance of the world’s leading development agency is shrouded in secrecy and fundamentally undemocratic. Read more Update \| 12 April 2007 Staff Association calls for Wolfowitz's resignation The chair of the World Bank Staff Association, Alison Cave, said that Paul Wolfowitz "must acknowledge that his conduct has compromised the integrity and effectiveness of the World Bank Group and has destroyed the staff's trust in his leadership. He must act honorably and resign." Read more Update \| 14 March 2007 US nominates new Executive Directors for World Bank, IMF and ADB Testimonies were presented by nominees Margrethe Lundsager, Eli Whitney Debevoise II and Curtis S. Chin to the Senate Committee on Foreign Relations and statements were followed by a question and answer period. 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 EBRD blacklists German firm found guilty of fraud by World Bank The German company Lahmeyer, found guilty of bribery while involved in the World Bank's Lesotho Highlands Water Project, has been placed on a list of firms that are ineligible of working with the European Bank for Reconstruction and Development (EBRD) following the EBRD's examination of World Bank reports. Read more Update \| 20 February 2007 Paul Volcker to lead independent investigation of World Bank's integrity unit The Department plays a critical role in rooting out fraud and corruption within the World Bank - a focus many claim is underplayed in the institution's development of its Governance and Anti-Corruption Strategy. Read more Update \| 12 February 2007 Governance and Anticorruption Strategy: moving forward Consultation period closed on January 26. Management to update the current draft in preparation for a March 20 Board of Directors meeting. Read more Update \| 31 January 2007 Dispute between Wolfowitz and Bank Board becomes public Referencing key board documents, investigative journalist Richar Behar exposes deep tensions between World Bank President Paul Wolfowitz and the Bank's Board of Directors. Read more