Security concerns have forced the World Bank and International Monetary Fund (IMF) to drastically scale back plans for their annual meetings here next month. The agencies say the meetings, usually held over the course of about a week, will take place on Sep. 29 and 30. Their executive boards are expected to formally approve the change Tuesday. The meetings had been scheduled for Sep. 28 through Oct. 4.
As the Congolese government begins a review of mining contracts, a mining kingpin is deported on unrelated corruption charges, and the World Bank faces accusations of failure to provide oversight of contract deals.
During the past few days a good deal of coverage has been focused on the Meltzer Commission Report on the International Financial Institutions, and what it might mean for the World Bank. Let me take this opportunity to lay out some real concerns that we at the bank have, and also to set the record straight.
Over a thousand environmental protesters today stormed police barricades in New Delhi, and marched up to the offices of the World Bank, demanding they be allowed to meet with visiting Bank president James Wolfensohn.
In honor of this Award, World President James ''Bonds'' Wolfensohn will receive a low-interest loan to pay for his upcoming Toxic Tour of World Bank Project sites.
According to the report, thousands of villagers in eastern and central India received no compensation after state-owned Coal India used a $530 million loan from the World Bank in 1997 to raze their homes in a coal mine modernization scheme. Although resettling, compensating and retraining farmers as entrepreneurs was part of the loan deal, Coal India had no experience in these activities and was unable to carry them out.
Local communities in Nigeria are taking the World Bank before an internal auditor over claims that the lender neglected its duties and anti-poverty mission when it funded a controversial gas pipeline in the region, whose construction they say will harm the environment and area residents.
We encourage all people to support nonviolence rather than retaliation as the appropriate response to these acts. Similarly, we urge our leaders in Washington to refrain from responding to this tragedy in a manner that visits more pain and suffering on an already sorrowed world. We also join in urging everyone to resist assigning responsibility to any particular group.
Investment Technology Group (ITG), a U.S. stock broker, paid a $20.3 million fine for running a secret operation named Project Omega to take advantage of "dark pools" trading orders made by its clients. Experts say that Barclays and Credit Suisse may also soon pay fines for dark pools trading scams.