PHA-Exch> BW Update 59: IMF faces structural adjustment, shadow over Bank poverty claims and the Bank's role in addressing climate change

[Claudio Schuftan]

From: Bretton Woods Project subs at brettonwoodsproject.org

For a list of all articles in this edition, please see
http://brettonwoodsproject.org/update/59
For a pdf version of this edition, please see
http://brettonwoodsproject.org/update/59/bwupdt59.pdf

Highlights of Update 59 include :

Staff in black: IMF faces structural adjustment
Thanks to pressure from the major shareholders the IMF's new managing
director Dominique Strauss-Kahn is being forced to cut the IMF's budget.
Internal documents reveal some details of the restructuring, including 15
per cent staff layoffs and charges for technical assistance, but fail to
shed light on whether the Fund will shift away from dictating to poor
countries and towards overseeing global markets.
<http://brettonwoodsproject.org/imfcuts59>

At Issue: Is the Bank's carbon markets approach an effective way to address
climate change?
The World Bank's involvement in the carbon market is under hot debate: Janet
Redman from the Institute for Policy Studies opposes its approach while Jon
Sohn from Climate Change Capital argues that there is a role for the Bank to
play.
<http://brettonwoodsproject.org/atissue59>

New figures cast shadow over Bank poverty reduction claims
Preliminary recalculations of global economic output excluding differences
in domestic prices and currencies, released by the World Bank in
mid-December, may undermine the much-trumpeted claims that globalisation has
reduced the number of people living in extreme poverty.
<http://brettonwoodsproject.org/ppp59>

Whoever loses, the Bank always wins: Profits from Indonesian forests next
Comment by Torry Kuswardono, Climate Change Campaign Coordinator, WAHLI
(Indonesian Forum for Environment)
The World Bank developed its campaign to 'combat' climate change through
curbing carbon emissions from deforestation in tropical countries, but
nobody noticed that the Bank, through its lending and development policies,
has been promoting deforestation in tropical countries like Indonesia.
<http://brettonwoodsproject.org/comment59>

World Bank and power: "fatally-dangerous schizophrenia"
Calls for the Bank to end its lending for fossil fuels have increased in the
aftermath of the 13th conference of the parties of the UN framework
convention on climate change in Bali but the Bank has continued to push oil,
gas and coal operations.
<http://brettonwoodsproject.org/power59>

As dollar, markets crash where is the IMF?: Fund chief supports fiscal
stimulus and bigger budget deficits in the US
Amid a global financial market seizure, which the IMF proclaimed was not
likely to happen as recently as October, EU leaders and international
economists speculate about how the Fund could be tackling the crash of the
dollar and financial market turmoil. At the World Economic Forum, the IMF's
managing director abruptly reversed the Fund's advice to the US.
<http://brettonwoodsproject.org/markets59>

Bank violates indigenous rights
The World Bank-funded Nam Theun 2 (NT2) dam in Lao PDR is under scrutiny
once again from NGOs, UN representatives and 'international experts' for its
violation of human and indigenous peoples' rights, and its failure to
achieve the development and environment goals it has promised
<http://brettonwoodsproject.org/indigenous59>

Zoellick and corruption: A new approach?
World Bank president Robert Zoellick's handling of corruption in India and
changes to the anti-corruption unit, signal a different approach to the
problem from predecessor Paul Wolfowitz.
<http://brettonwoodsproject.org/int59>

IMF conditionality high, effectiveness low
A report by the IMF's evaluation arm faulted the Fund's overuse of
structural conditionality and partially blamed donors for the problem, but
civil society critics of conditionality are not satisfied with the scope of
the report or the changes accepted by the Fund.
<http://brettonwoodsproject.org/conditionality59>

Recommended resources 2007
Recommendations from Bretton Woods Project staff on the best papers, books
and electronic resources of 2007.
<http://brettonwoodsproject.org/resources200759>

Bankspeak of the year 2007
Annual Bretton Woods Project award for the most incomprehensible or absurd
use of language in a Bank or Fund document or speech.
<http://brettonwoodsproject.org/bankspeak200759>

Donor contributions to IDA up record amount: Norway, civil society not
satisfied
Despite evidence that it has failed to end the practice of forcing policy
reforms on recipient countries, the World Bank will collect a record $41.6
billion for its low-income arm, the International Development Association.
<http://brettonwoodsproject.org/ida1559>

IFC and health "unsubstantiated claims"
In a December report financed by the Bill and Melinda Gates Foundation, the
International Finance Corporation (IFC) estimates that over the next decade
$25 to $30 billion will be needed to meet the needs of Africa's health care
and announced that it will coordinate $1 billion, in equity investments and
loans to finance private sector health provision in Sub-Saharan Africa
<http://brettonwoodsproject.org/ifchealth59>

Inside the Institutions: The IFIs and Islamic finance
The World Bank Group and the IMF have become more involved in assistance to
and oversight of Islamic financial institutions.
<http://brettonwoodsproject.org/insideislamic59>

IMF's proposed sovereign wealth fund code ruffles feathers
The IMF's effort to craft a voluntary code of conduct for sovereign wealth
funds (SWFs) has sparked concern in different parts of the globe.
<http://brettonwoodsproject.org/swfcode59>


Additional articles include :
Bank violates own policies in Congo <http://brettonwoodsproject.org/drcip59>
IFC offloads illegal timber trader <http://brettonwoodsproject.org/olam59>
Panel investigates Ghana's landfill complaint <
http://brettonwoodsproject.org/ghana59>
Bujagali dam under second investigation <
http://brettonwoodsproject.org/bujagali59>
IMF humiliates Bangladeshi officials over tax law <
http://brettonwoodsproject.org/banglatax59>
Peru to bow out, Turkey to renew? <
http://brettonwoodsproject.org/peruturkey59>
De Rato in the money <http://brettonwoodsproject.org/ratomoney59>
UK to get new Bank board post <http://brettonwoodsproject.org/ukeds59>
Chinese tipped as Bank chief economist <
http://brettonwoodsproject.org/linyifu59>
Video of resistance to World Bank <
http://brettonwoodsproject.org/worldvsbank59>
Call to respect Bolivian ICSID withdrawal <
http://brettonwoodsproject.org/icsidpetition59>
BWP thanks readers for support <http://brettonwoodsproject.org/support59>
Special issue coming up next! <
http://brettonwoodsproject.org/specialupdate59>

See them all at http://brettonwoodsproject.org/update/59/
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