Middle East and North Africa | Bank Information Center: Monitoring the projects and policies of the World Bank, IMF and other international financial institutions


bicusa.org/mena Home RegionsMiddle East and North Africa Middle East and North Africa Overview Key Issues 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 \| 3 November 2008 As World Bank Group commitments in the MENA region reached over $3 billion in 2008, questions about its effectiveness remain The World Bank Group is adhering to its pledge for greater engagement in the Middle East and North Africa. However, data on the development impacts on the poor are lacking, while other data suggest that many Bank projects in the region are at risk. Read more Press Release \| 29 October 2008 New undemocratic “Washington Consensus” won’t fix global crisis, state over 630 groups from 104 countries A coalition of 630 organizations from 104 countries have issued a statement demanding a truly global response to the global crisis and laying out a set of principles for doing so. Read more Update \| 28 October 2008 The IMF is back in business In the wake of the global financial crisis, the International Monetary Fund (IMF) is scurrying across both developed and developing countries signing new multi-billion dollar loan deals. 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 \| 2 October 2008 New irrigation project in Egypt’s West Delta raises critical questions about the World Bank’s priorities in reducing poverty The project will divert water from the Nile to the reclaimed lands in the West Delta region, while the introduction of the private sector for the first time in Egypt could leave small farmers behind. Read more Update \| 5 September 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 29 August 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 22 August 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 15 August 2008 Weekly roundup: IFIs in the News The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 7 August 2008 BIC pages, publications now available in Arabic New Arabic pages include institution pages and fact sheets on the IFIs in the MENA region. Read more Update \| 8 August 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 1 August 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 25 July 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 18 July 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 18 July 2008 World Bank provides additional financing to electricity and water projects in West Bank and Gaza The World Bank has agreed to additional financing for electricity and water projects in the West Bank and Gaza. But the reach of the assistance to the most needy, and the effects on curbing high utility bills are still questionable. Read more Update \| 11 July 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 23 July 2008 World Bank’s lending for fossil fuel skyrockets as it positions itself as the “climate bank” As the World Bank prepares to launch two new climate investment funds at the upcoming G8 summit, and positions itself as the "climate bank," new statistics developed by the Bank Information Center show that the World Bank's private sector arm, the International Financial Corporation (IFC), increased its lending for fossil fuel projects by a staggering 165% in FY2008. Taken as a whole, the World Bank Group increased its fossil-fuel lending by 60% in the same period. Read more Update \| 1 July 2008 BIC's new handbook for advocacy on extractive industry revenues Bank Information Center has recently released it's new "Handbook for Advocacy on Extractive Industry Revenues: Good Practices and the IMF’s Guide on Resource Revenue Transparency." Read more Update \| 8 July 2008 World Bank signs new emission reductions purchase agreement in Egypt The World Bank will buy 325,480 tons of carbon credits from Egyptian Company for Solid Waste Utilization (ECARU) on behalf of governments and companies in Organisation for Econmic Co-operation and Development (OECD) countries. Read more Update \| 20 June 2008 BIC's MENA program organizes third workshop in Egypt The workshop introduced BIC's work to Egyptian media and civil society organizations, and focused on the activities of the international financial institutions in the country. Read more Update \| 27 June 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 15 June 2008 IFC touts achievements during Palestine Investment Conference, while World Bank-led reforms threaten Palestine’s poorest The recent Palestine Investment Conference concluded with pledges amounting to $1.4 billion in private sector investment in the Palestinian Territories, including $75m from the International Finance Corporation (IFC). Meanwhile, the World Bank’s conditionalities on utility fees and eliminating public sector jobs raises doubts about the institution’s adherence to its poverty reduction mandate. Read more Update \| 13 June 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 19 June 2008 Islamic Development Bank joins efforts to alleviate food crisis Jeddah-based development institution announces $1.5 billion contribution toward food security programs in its member countries. Read more Update \| 6 June 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 18 June 2008 Questions remain unanswered surrounding the Red Sea – Dead Sea Canal as feasibility study begins The World Bank’s support for the $15.5 million feasibility studies continues to raise questions about the Bank’s application of its operational safeguard policies on the project. Read more Update \| 29 May 2008 World Bank sets up $1.2 billion facility for food aid The World Bank announced today that it has set up a financing facility in the order of $1.2 billion to assist with the global food crisis. Read more Update \| 28 May 2008 As developing countries prosper, IMF influence wanes The International Monetary Fund (IMF) lending is at an all time low, and the institution is forced to redefine its role as developing countries benefit from the availability of other sources of finance. Read more Update \| 25 March 2008 As poverty increases in Palestine, World Bank continues to link aid to austerity measures Donors, led by the World Bank, still insist on linking aid for the Palestinian Authority to the removal of subsidies from basic services, in spite of a recent Bank study that highlights increasing poverty and unemployment rates in the West Bank and Gaza. The suggested cuts in the wage bill in the security, health and education sectors could further hinder Palestine's ability to achieve the Millennium Development Goals (MDGs). Read more Update \| 30 May 2008 Weekly roundup: IFIs in the news The "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 23 May 2008 Weekly roundup: IFIs in the news This is a new feature from BIC! This "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 16 May 2008 Weekly roundup: IFIs in the News This is a new feature from BIC! This "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. 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 \| 9 May 2008 Weekly roundup: IFIs in the news This is a new feature from BIC! This "Weekly Roundup" is a compilation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 2 May 2008 Weekly roundup: IFIs in the news This is a new feature from BIC! This "Weekly Roundup" is a compliation of select news articles, blogs or other media concerning the international financial institutions from the past week. Read more Update \| 8 April 2008 IFC challenges highlighted in the Middle East; "Doing Business" indicators come under fire BIC's MENA Program Manager, Amy Ekdawi, writes about the IFC's rapidly increasing investment in the region, and the contradictions of its pledge to reduce poverty while undermining labor standards. 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 \| 13 March 2008 IFC takes the lead on Yemen’s tax reform While IFC meeting with government and private sector is expected to lower corporate taxes, World Bank and IMF conditions will double the General Sales Tax in 2009. Read more Update \| 7 March 2008 IFC advises Yemeni government on Public-Private Partnerships (PPP) in priority sectors Public-Private Partnerships (PPP) presents investment opportunities that could hurt the poor, who have already been hit by increasing food prices. Read more Update \| 29 February 2008 World Bank reinventing its role in the Arab world New threats and opportunities have pushed the World Bank toward a new form of engagement in the Middle East and North Africa region. 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 \| 1 February 2008 Iraq to cut food subsidies The Arab newspaper Azzaman reported last week that the Iraqi government plans to reduce its food rationing program "in line with the obligations it has made to the World Bank." Read more Update \| 30 January 2008 Civil Society Guide to IFI Policy Reviews Read more Update \| 17 January 2008 Did the World Bank and the IMF use false statistics to build their economic success story in Egypt? A report issued by the Egyptian Central Auditing Organization accuses the Egyptian government of using misleading financial statistics. Read more Update \| 13 March 2008 MENA Program seeks intern to join BIC in Washington, DC BIC's Middle East & North Africa Program is looking for an Arabic-speaking intern to support its work in the region. Read more Update \| 2 January 2008 World Bank pressed to disclose documents on controversial Yemen reform program Policy conditions attached to the $50 million grant include a reduction of the civil service, land reform, and lower corporate taxes. Read more Update \| 17 December 2007 Palestinian Authority to cut spending on wages and electricity to access donor funds Favorable World Bank assessment of Palestinian economic reform program helps pave the way for major donor support. Read more Update \| 7 December 2007 World Bank to support Yemen's economic reform agenda The World Bank approved the $50 million grant yesterday without disclosing relevant project documents. Read more Update \| 4 December 2007 BIC's MENA program organizes first workshop in Yemen The workshop introduced BIC's work to Yemeni media and civil society organizations, and focused on the activities of the international financial institutions in the country. Read more Update \| 30 November 2007 BIC now has an Arabic page for its MENA program! Partners and readers from the Middle East and North Africa region can now access information on BIC's MENA Program in Arabic. Read more Update \| 18 October 2007 In bid to spur increased pledges from donor governments, IBRD & IFC commit $3.5 billion of their profits to IDA Questions remain as to whether the IFC will use its role as a major IDA donor to deflect criticism of its own investments. Read more Update \| 9 October 2007 World Bank tribunal in The Hague On October 15th, a public hearing on the World Bank will take place in The Hague. The hearing aims to raise the debate on the legitimacy of the World Bank and influence the aid distribution process. Read more Update \| 9 October 2007 Zoellick carries US trade policies into the World Bank The World Bank will focus on labor-intensive export to boost employment in the Arab World. 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 \| 27 September 2007 World Bank applauds Egypt's pro-investment reforms as workers go on strike Egypt tops list of reformers in World Bank's 2008 "Doing Business" report. Read more Update \| 26 September 2007 World Bank feasibility study on Dead Sea Canal overlooks alternatives Civil society in the Middle East demands that the Bank give full consideration to viable alternatives to the costly project. Read more Update \| 26 September 2007 US Government links its World Bank funding to ending Bank operations in Iran New economic sanctions bill authorizes President Bush to reduce US contributions to the World Bank if it finances new projects in Iran. Read more Update \| 26 September 2007 IFIs push private investment in MENA region's water and energy sectors BIC's new fact sheets provide a critical overview of the role that international financial institutions play in financing and facilitating private investment in two of the most important sectors in the Middle East & North Africa (MENA) region: water and energy. 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 \| 19 September 2007 Balance shifts to private sector in Bank Group support for MENA In 2007, IFC financing in the Middle East and North Africa region exceeded lending from IDA and IBRD combined. As the Bank Group heralds high growth in MENA and pumps money to the private sector, equity and employment challenges loom large. Read more Update \| 23 August 2007 Prospect of profits is making more MENA governments see 'green', says World Bank A recent article by the World Bank applauds governments in MENA for increasing investment in environmental protection. While the World Bank is encouraging MENA countries to decrease their carbon emissions, it continues to finance extractive industry projects in the region. This apparent contradiction is just one of several reasons to take a closer look at the Bank's recent coverage of the 'greening' of MENA. Read more Update \| 22 August 2007 The Bank and Fund: do civil society groups in the Arab region realise what’s going on? Written in November 2005 by the Arab NGO Network for Development, this commentary on the need for more active monitoring of the World Bank and IMF in the MENA region remains relevant today. Read more Update \| 22 August 2007 Arab NGO Network challenges World Bank's reform agenda in Lebanon Local CSO observers argue that instead of addressing the root causes of the economic and social challenges facing Lebanon, the World Bank is promoting a "one-size-fits-all" formula of privatization and liberalization in various sectors. To deal with the adverse impacts of these reforms, the Bank is proposing limited social safety net programs. But groups like the Arab NGOs Network for Development say what the country needs is a comprehensive strategy for economic and social development including policitical and administrative reforms. 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 \| 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 \| 20 July 2007 Lebanese civil society concerned that social programs are lagging behind IMF-backed economic reforms The IMF reports that the Lebanese government is "on track" in implementing its fiscal and economic reform agenda. Read more Update \| 16 July 2007 IPS highlights IFC's role in MENA region A critical article from the Inter Press Service draws on research conducted by BIC's new MENA Program. Read more Update \| 9 July 2007 IFC investment in MENA region reaches record high The Middle East & North Africa region has become the IFC's fastest-growing portfolio, surpassing $1 billion in new investments for the first time last year. Read more Update \| 2 July 2007 BIC now has a webpage for its new MENA Program! Find out more about BIC's brand-new Middle East & North Africa (MENA) Program. Read more Update \| 20 July 2007 IFI Extractive and Energy Project Spreadsheets Find out what extractive industry (oil, gas, mining) and energy projects the international financial institutions (IFIs) are financing in your country. Read more Update \| 6 June 2007 BIC welcomes Amy Ekdawi as MENA Program Manager Amy brings a wealth of experience to her task of managing BIC's brand new Middle East & North Africa regional program. Read more Update \| 13 March 2007 Why you should care about the World Bank and Iraq Reports that a World Bank staffer was shot at an Iraqi checkpoint surfaced in late February. The Bank apparently suppressed the news for several days, presumably in an effort to quell concerns about Bank President Paul Wolfowitz’s recent push to re-open a World Bank office in Baghdad. What should the Bank be doing in Iraq? Following is an overview of current Bank involvement in the country, and some reasons why you should be concerned. 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