Last year BRICS’ leaders agreed to launch a brics development bank. Whether this is considered positive depends in part what questions are being asked. Sameer Dossani of ActionAid International highlights the flaws in the world bank and IMF, analyses whether a BRICS Bank could be different from these institutions and proposes what it should do and what it should look like.
The imf has restarted its programme in Malawi after alleged looting of government money in 2013, releasing a $20 million disbursement. NGOs have voiced their dissatisfaction with the IMF, as well as the government over the failure to publish an audit upon which Fund’s decision was based.
As the CAO publishes its assessment report of its investigation into allegations of human rights violations by IFC-funded APPL, Tata Tea’s parent company in Assam new evidence emerges of the IFC’s failings.
The World Bank’s push for ‘climate-smart agriculture’, including a new joint initiative, was criticised by CSOs. An Inspection Panel case on forced labour in Uzbekistan cotton fields was postponed for up to 12 months.
The World Bank is promoting a “billion dollar map” of minerals in Africa, and continues to invest in fossil fuel extraction. Controversy is tainting Bank-funded mines in Colombia and Haiti as locals resist the extractive projects.
Troika mulls new loan while Greek government touts economic success story but economic, health and human rights conditions deteriorate. Lagarde admits “miscalculations” occurred in Greek loan, while European parliamentary committee blasts Troika as unaccountable and illegitimate.
The World Bank and ifc continue push for controversial hydropower, with projects in Guatemala, Democratic Republic of Congo, East Africa, Niger, Pakistan and Macedonia. The Bank warned on long term viability of hydropower, as Uruguay’s state hydro company agreed insurance with the Bank.
The bretton woods Project is an ActionAid-hosted project, UK registered charity no. 274467. The Project receives funding from NGOs in the UK, the CS Mott Foundation, the Rockefeller Brothers Fund, the European Union and Oxfam NOVIB. Under no circumstances should our work be regarded as reflecting the position of the European Union or any other funder.