world bank

US Dollar Set to Be Eclipsed, World Bank President Predicts

The United States must brace itself for the dollar to be usurped as the world's reserve currency as American dominance wanes in the wake of the financial crisis, the World Bank president, Robert Zoellick, warned yesterday.

Speaking ahead of the World Bank/IMF annual meetings in Istanbul, he said it was time for a "responsible globalisation", in which decision-making was shared between the old powers and developing countries such as China and India.

Posted in Economy/Trade, world bank

World Bank Spends Billions on Coal-Fired Power Stations Despite Own Warnings

The World Bank is spending billions of pounds subsidising new coal-fired power stations in developing countries despite claiming that burning fossil fuels exposes the poor to catastrophic climate change. The bank, which has a goal of reducing poverty and is funded by Britain and other developed countries, calls on all nations in a report today to "act differently on climate change".

Posted in climate change, coal, world bank

Robert McNamara's Second Vietnam

The conventional view of Robert McNamara, who passed away a few days ago, is that after serving as the chief engineer of the disastrous U.S. war in Vietnam, he went on in 1968, to serve as president of the World Bank. In this way, he sought to salve his troubled conscience by delivering development assistance to poor countries.

The reality is, as usual, more complex.

Posted in foreign policy, inequality, world bank, Philippines

FOR IMMEDIATE RELEASE
February 24, 2009
9:15 AM

CONTACT: Government Accountability Project

Bea Edwards, International Program Director
202.408.0034, ext 155 beae@whistleblower.org

Dylan Blaylock, GAP Communications Director
202.408.0034, ext. 137 dylanb@whistleblower.org

World Bank Exempts Its Own Operations From Accountability Demanded of Borrowers

GAP Letter to US Executive Director Questions Inconsistency

WASHINGTON - February 24 - Governments that borrow from the World Bank must account for their loan funds much more transparently than the Bank itself accounts to taxpayers for its own financing. The Government Accountability Project (GAP) pointed out this discrepancy in a paper and a letter sent today to US Executive Director Eli Whitney Debevoise, outlining the Bank's inconsistent disclosure practices regarding vendors. While contracts financed through loan and project funds are publicly disclosed, contracts between the Bank and its own vendors are shrouded in secrecy and kept from public review.

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The Government Accountability Project (GAP) is a 30-year-old nonprofit public interest group that promotes government and corporate accountability by advancing occupational free speech, defending whistleblowers, and empowering citizen activists. We pursue this mission through our Nuclear Safety, International Reform, Corporate Accountability, Food & Drug Safety, and Federal Employee/National Security programs. GAP is the nation's leading whistleblower protection organization.

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Posted in world bank

WSF: Is Another World Possible?

The recently concluded World Social Forum is a good gauge for assessing the state of the world's alternative social, economic and political movements.

Posted in global trade, world bank, world social forum

FOR IMMEDIATE RELEASE
February 2, 2009
1:45 PM

CONTACT: ActionAid International USA * Friends of the Earth * Jubilee USA Network
Ilana Solomon, ActionAid: (202) 370-9927
Nick Berning, Friends of the Earth: (202) 222-0748
Neil Watkins, Jubilee USA Network: (202) 783-0129

Development, Environment Organizations Challenge Loans for Adaptation in Newly Announced World Bank Funding

WASHINGTON - February 2 - Following the World Bank's announcement on Friday that eight countries will be offered funding for adaptation to climate change through the Bank's new Pilot Program for Climate Resilience (PPCR), leading environment and development organizations today expressed deep concern that approximately half of that funding will be in the form of loans.

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Posted in climate change, Environment, global warming, world bank

'Don't Leave Climate Change to the World Bank'

POZNAN - Leading environment groups have opposed plans to hand over financing to check climate change to the World Bank.

Industrialised countries may be required to provide more than 100 billion dollars for developing countries to build low-carbon economies, according to unofficial estimates. This money should not be handled by the World Bank, 142 organisations fighting for climate justice said in a joint statement Tuesday (Dec. 9) at the UN climate talks under way in the Polish city Poznan.