Search results for ‘world bank

“World Bank disgrace”: Wall Street Journal

(January 16, 2008) A review of World Bank loans to India’s health sector by the Bank’s own internal watchdog, indicates fraud and corruption put lives at risk, enriching contractors in the process. Worse still, says WSJ, the bank repeatedly looked the other way.

World Bank continues Philippines loan freeze; officials talk back

(December 12, 2007) The World Bank has said it will not approve a $232 million loan to the Philippines until it is convinced anti-corruption measures have been put in place to protect the project the funds are intended for. The loan, due for approval on Dec. 13, was slated for a road building contract but was blocked by the Bank after the Chinese contractor was found to have been involved in bid rigging.

World bankruptcy

(November 28, 2007) When the World Bank staff staged a coup against then-President Paul Wolfowitz earlier this year, The Wall Street Journal editorials argued that one motivation was to stop his anti-corruption fight. Now The WSJ describes “another backroom putsch,” this time against Suzanne Rich Folsom, the head of the bank’s anticorruption unit (INT, or department of institutional integrity).

World Bank’s odious debts paper needs review, say NGOs

(October 26, 2007) The World Bank should conduct a "full, independent peer review" on the odious debts discussion paper it released last month, say an alliance of civil society NGOs that includes Eurodad and the Jubilee Debt Campaign. The alliance, in a letter sent to the bank in early October, call the paper "far below what is needed" and argue not only that the paper is one-sided, but that it is missing significant sources and arguments. It further states that the paper is "largely dismissive of the concept of odious debt" and "omits important cases where the concept has been recognized."

Meanwhile The Trail Of Corruption Deepens At World Bank

(September 25, 2007) Despite wide news coverage of the Volcker-led inquiry to assess the World Bank’s Department of Institutional Integrity (INT), coverage of one of INT’s more effective internal anti-corruption investigations almost passed unnoticed. If not for recent editorial interest from the Wall Street Journal, an insightful glimpse of World Bank conflict of interest might have been lost. In "World Bank Corruption" and "Mind the GAP," editorial writers for the Wall Street Journal highlight an INT investigation they argue senior Bank officials are eager to discredit, even deep six.

Volcker Damns World Bank As Lax On Graft

(September 25, 2007) An investigation by former Federal Reserve chairman Paul Volcker into the World Bank’s internal anti-graft watchdog – the Department of Institutional Integrity (or INT) – blames World Bank staff and directors for failing to take corruption sufficiently seriously, says The Financial Times. Moreover, this institutional resistance has been the root cause of strife over the watchdog’s operations.