Former IMF chief economist Kenneth Rogoff says “far too little attention has been devoted to understanding why multilateral development lending has so often failed”. In his experience, MDBs are most valuable as “knowledge” banks — sharing soft development infrastructure such as experience and best practices rather than financial muscle. The latter, he says, has led to their “greatest failures”.
Just as China took a moment to enjoy Washington and Tokyo’s discomfort over Europe’s biggest economies declaring in favour of a new Chinese-led Asian investment bank, Washington and Tokyo took a moment to caution joiners to beware of governance standards. We say: beware of multilateral development banks in general.
Media sources in India are following the Canadian government’s investigation of SNC-Lavalin with great interest.
New research provides more evidence that foreign aid undermines good governance.
China’s new environmental protection law is not enough without robust implementation mechanisms, accountability regimes and institutional arrangements. This report for the science journal Nature identifies four gaps that will cause challenges for the new law.
Read in full Patricia Adams’ closing address to the International Symposium on China’s Environmental Crisis: Is There a Way Out? A resounding “Yes!” says Ms. Adams. “Give power to the people”.
Ukraine’s national news agency, Ukrinform, asked Probe International’s Patricia Adams to weigh in on Ukraine’s multibillion-dollar debt to Russia and whether Ukraine could challenge the enforceability of the US$3 billion Eurobond using an odious debts argument.
Argentineans would not need to suffer if assets hidden from creditors could be recovered.
(April 16, 2014) Working Canadians are placing a bet on the Chinese real estate market thanks to the Canada Pension Plan Investment Board that invests their obligatory pension contributions globally.
(April 11, 2014) A report representing the most comprehensive economic analysis of large dams ever undertaken has dealt a stunning blow to the behemoths of hydropower. But will its findings be enough to curb a new wave in mega-dam construction? Unlikely, says Probe International.
(April 9, 2014) U.S. economist and columnist Irwin Stelzer draws on the doctrine of odious debts for his most recent opinion piece to suggest Ukrainian citizens repudiate public debt incurred by former regimes that instead of benefiting the people went to fund the “fancies” of the country’s “now-deposed gang of public- and private-sector cronies”.
(March 26, 2014) China’s central government replaces leadership at state-owned Three Gorges Corp. following graft probe. Signals suggest “it is probable there will be further investigations into corruption inside the corporation,” says Probe International’s Patricia Adams.
(March 18, 2014) Regulators in Bangladesh have put an investigation of corruption allegations involving SNC-Lavalin in that country on hold until a trial in Canada involving former employees of the engineering giant is […]
(March 10, 2014) Export Development Canada says it needs nearly a year to sort through a mountain of documents regarding its involvement in Libya.
(February 21, 2014) SNC-Lavalin, the Montreal-based engineering giant, is facing more allegations of corruption.