While the recent reforms to the IMF and World Bank governance reforms and the establishment of new Southern-led IFIs are symbolically important, they are thus far not a rupture with the Western-dominated international financial architecture.
A new complaint was lodged with the CAO regarding an IFC financial intermediary investment in Honduras, while another financial intermediary case, previously linked to the IFC, escalate into violence.
UN votes in favour of accepting new principles to guide sovereign debt restructuring, as CSO report warns of risk of new crises linked to aid and multilateral lending.
Civil society continues to pressure IFC on disclosure of high risk subprojects, as it responds to a critical report detailing the human rights consequences of its investments.
New evidence from Oxfam, the Bretton Woods Project and other NGOs reveals the impact of IFC investments in financial intermediaries on global human rights.
IFC disagrees with concerns raised by CAO about its capacity to assess whether its investments through financial intermediaries have a positive development impact.
A new monitoring report by the Compliance Advisor Ombudsman concludes that the IFC still lacks a mechanism to determine whether its financial intermediaries investments do no harm or have a positive development impact
IFC investments in Burma hotels have been criticised for weak poverty reduction impact. IFC claims that investment in luxury hotels in India will provide “affordable hotels”.