IF-EYE Newsletter
Issue #32
Thursday, May 01, 2008
A publication of the Bank Information Center
Welcome to the May 1, 2008 issue of the IF-EYE – the Bank Information Center’s synthesis of key developments concerning international financial institutions. This issue spotlights the 2008 Annual Meeting of the Asian Development Bank. Please send suggestions, contributions and subscription requests to: info@bicusa.org. Thanks for reading!
In this issue:
1. IFI Updates
2. Civil Society Highlights
3. SPOTLIGHT: Asian Development Bank Annual Meeting 2008
4. Announcements and Resources
5. New at BIC!
Exodus at the IMF
5/1/2008 International Monetary Fund
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 (BIC website)
ADB to meet amid food crisis, growing poverty
4/30/2008 Asian Development Bank
As the Asian Development Bank (ADB) prepares to meet for its upcoming annual meeting, it faces criticism from shareholders concerned about its role and relevance in the region and by civil society over its handling of the global food crisis.
ADB to meet amid food crisis, growing poverty Agence France-Press, April 30, 2008 (MSN website)
Read more (BIC website)
IFC out of compliance at Karachaganak oil field
4/30/2008 International Finance Corporation
In a recently released audit report, the International Finance Corporation’s (IFC) Office of Compliance, Advisor/Ombudsman (CAO) has found that the IFC is out of compliance with safety standards for toxic emissions at the giant Karachaganak Oil and Gas Condensate Field in western Kazakhstan.
Read more (BIC website)
ADB exceeds private equity investment limits
4/28/2008 Asian Development Bank
A confidential report by the Asian Development Bank’s (ADB) evaluation unit reveals that the Bank is violating its own rules by investing more in private equity firms than it is allowed.
ADB taking 'risks' with private equity by Hugh Williamson and Raphael Minder, The Financial Times, April 28, 2008 (FT website)
Read more (BIC website)
ADB and U.S. at odds on policies
4/25/2008 Asian Development Bank
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.
U.S. vote underlines unease about ADB policies by Raju Gopalakrishnan, April 24, 2008 (Reuters website)
World Bank commits to deepen reforms to serve middle-income countries in Africa
4/16/2008 World Bank
In a press release issued on April 16, the World Bank reiterated its commitment to reduce the non-financial costs of doing business with it to serve middle-income countries (MICs) in Africa.
Read the full press release (World Bank website)
IFC provides information on payments from extractive industry projects
4/15/2008 International Finance Corporation
In response to requests from the Bank Information Center (BIC) and other civil society organizations, the International Finance Corporation (IFC) has begun providing links to where IFC extractive industry clients disclose their payments to host governments.
Read more (BIC website)
IFC Extractive Industry Clients Government Payment Disclosure (International Finance Corporation website)
Civil society guide to IFI policy reviews
5/1/2008 Bank Information Center
This guide includes updates on on-going policy reviews at the different international financial institutions (IFIs) such as the ADB Safeguard Policy consultation drafts and the new initiatives at the World Bank around climate change. Check back frequently for on-going updates of key policies of the IFIs on this page.
View the guide (BIC website)
Churches, development advocates praise Congress’ passage of legislation for expanded international debt cancellation
4/16/2008 Jubilee USA Network
The "Jubilee Act for Responsible Lending and Expanded Debt Cancellation" passed the U.S. House of Representatives with bi-partisan support. The legislation calls on the U.S. Treasury Department to negotiate a multilateral agreement for debt cancellation for up to 24 additional poor countries that need cancellation to meet the Millennium Development Goals (MDGs).
Read the full press release (BIC website)
Learn more at Jubilee USA's website
Civil society groups oppose World Bank climate funds
4/11/2008 Friends of the Earth-International, Bretton Woods Project, Campagna Per La Riforma Della Banca Mondiale, Oil Change International, Third World Network, World Economy, Ecology & Development
While welcoming increased international attention to the climate crisis, civil society groups from the global South and global North are calling on the World Bank to withdraw its proposal to establish climate investment funds.
Read more (BanglaPraxis website)
ADB’s 2020 strategy confirms corporate bias
4/11/2008 NGO Forum on ADB
Civil society groups criticized the new strategic framework of the Asian Development Bank (ADB), "Strategy 2020" saying it is moving towards private sector-led development, which is anti-poor and vulnerable to corruption.
Read more (BIC website)
International Trade Union Confederation comments on ADB draft safeguards policy
4/9/2008 International Trade Union Confederation
The International Trade Union Confederation (ITUC) and ITUC-Asia Pacific represents 18.6 million members in 48 national affiliates from 29 countries in the region. In a letter to President Kuroda of the Asian Development Bank (ADB), the ITUC and ITUC-AP point out that the ADB draft omits mention of all labor issues except one brief mention. They urge the ADB to adopt a policy on core labor standards and other basic labor conditions.
Read the full text of the letter:
ITUC Comments on ADB draft Safeguard Policy Statement (Acrobat pdf, 802 KB)
Kazakh environmentalists win access to emissions data at Karachaganak
4/9/2008 Green Salvation
In a victory for environmental groups, the Kazakhstan’s Supreme Court ruled in favor of Green Salvation, a environmental group, in a precedent setting lawsuit seeking access to environmental information about atmospheric emissions at the Karachaganak Oil and Gas Condensate Field in western Kazakhstan.
Read more (BIC website)
Record 2007 IDB lending comes at expense of environment, communities
4/7/2008 Amazon Watch, Bank Information Center, Centro de Derechos Humanos y Ambiente, Friends of the Earth, National Alliance of Latin American & Caribbean Communities
As the Inter-American Development Bank (IDB) announced record lending of $9.6 billion in 2007, environmental and human rights groups warned that the milestone had come at the expense of the environment and communities.
Read more (BIC website)
The 2008 annual meeting of the Asian Development Bank (ADB) will be held in Madrid, Spain May 3-6. To access all the events and information, visit the ADB Annual Meeting website where the program of events is available for download. Topics of note at this years meeting include seminars on: Emerging Lessons from the People's Republic of China and India, The Asian Development Bank’s New Long-Term Strategic Framework (2008–2020), as well as scaling up Investment for Climate Change Mitigation and Adaptation.
The ADB has also listed the seminars for NGOs and civil society. Sessions planned include an Open Forum on ADB - Civil Society Cooperation and Why the ADB must Retain and Strengthen its Mandatory Safeguard Policies.
Visit BIC's regularly updated ADB Annual Meeting page for all the latest news, events and information.
Also be sure to check out the NGO Forum on ADB blog to keep informed during the ADB Annual Meeting in Madrid
Independent People's Tribunal posts video presentations
The Independent People's Tribunal on the World Bank Group in India (IPT) has made available World Bank Tribunal video presentations on its website. To date there are ten edited video presentations. You can watch the first videos on the IPT website.
BIC's MENA newsletter available in both English and Arabic
BIC has released its first edition of its "IFIs and the Middle East & North Africa" newsletter. The subject of the newsletter will be the activities and strategies of international financial institutions (IFIs) such as the World Bank and IMF in the Middle East & North Africa (MENA) region. It will contain web updates from BIC's MENA webpage as well as information on what's new with BIC's MENA Program. BIC hopes to produce the newsletter about once a month.
BIC is also producing a full Arabic version of the newsletter (BIC website).
Said joined BIC in March 2008 as a Europe and Central Asia Program intern. Before joining BIC, Said completed a professional development program at the Aga Khan Foundation USA where he supported development projects in Central Asia. Said received an MA in international Peace Studies from the University of Notre Dame and a MA in Political Science from the OSCE Academy in Kyrgyzstan. While at the OSCE Academy and Notre Dame, Said developed interest in the correlation between economic development and conflict as well as political economy of development in general. He completed his undergraduate degree in Tajikistan studying international economics and foreign languages. He speaks fluent Russian and converses in French. Contact Said at: syakhoev@bicusa.org
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