Transparency and disclosure
Plans by US, Canada and EU to finance massive copper mine in DRC disregard Congolese government review of mining deals
On July 12, the US government’s Overseas Private Investment Corporation (OPIC) is set to give its backing to mining major Phelps Dodge/Freeport McMoRan for the company’s Tenke Fungurume copper project in the Democratic Republic of Congo (DRC). Other public lenders such as Export Development Canada (EDC) and the European Investment Bank (EIB) are expected to follow suit. These financing plans are proceeding in spite of the fact that the Tenke deal is among 60 contracts currently under review by the Congolese government.
May 22, 2007
Wolfowitz & World Bank in the spotlight over scandal
While the World Bank's executive directors have yet to make a decision on the future of president Paul Wolfowitz, calls for the former U.S. deputy defence secretary’s resignation are gaining momentum. The Bank’s Independent Evaluation Group (IEG), which assesses the degree to which the Bank's work meets its stated objectives, issued a formal statement described by the Financial Times as a “searing indictment of Paul Wolfowitz's leadership.”
The Canadian Government, the World Bank and the International Monetary Fund:
A REPORT CARD on FINANCE CANADA’S 2006 ANNUAL REPORT to PARLIAMENT
Every year at the end of March, the Minister of Finance tables the “Report on Operations under the Bretton Woods and Related Agreements Act”. The Bretton Woods Conference in 1944 established the World Bank and International Monetary Fund (IMF), and this report details Canadian priorities, commitments and interests over the past fiscal year at these institutions. The annual reports to Parliament are important tools for assessing the government’s actions within these institutions relative to its foreign policy and development objectives, and for informing Parliament and the Canadian public about Canadian priorities at these important multilateral fora. Canada is among a number of countries that report to Parliament on their activities at these institutions.
Adopt New Mining Guidelines:Report
Canada should adopt guidelines to improve transparency as well as the environmental and human rights practices of Canadian companies involved in extractive industries in the developing world, says a government-appointed advisory group. It says if these measures are adopted, Canada could become a world leader in Corporate Social Responsibility.
Industry, NGOs agree on good practices for Canadian miners abroad
Concluding a 10-month process that saw input from NGOs, mining, oil and gas companies and academia, a report released today outlines a raft of recommendations that aim to address concerns over the social and environmental effects of resource extraction by Canadian companies in the developing world.
Norway “seeks the truth” on Bank conditionality
The Norwegian government, whose aid money cannot be spent on programs that require trade liberalization and privatization, hosted an inter-governmental meeting in November to assess the extent to which the World Bank and IMF still require developing countries to pursue privatization and liberalization as a condition of support. An independent study commissioned for the meeting, determined that while the World Bank and IMF are still pushing privatization and trade liberalization in their development policy lending, it is less pervasive than in the past. It also concluded that governance conditions are increasingly taking the place of economic policy prescriptions, and that developing government “ownership” over Bank and Fund policies is still weak.
Presentation to the Corporate S