International Finance Corporation

Monthly Issue Update - December 2004

International Finance Corporation Review
The International Finance Corporation (IFC), the private lending arm of the World Bank, is in the process of revising its social, environmental, and disclosure policies. These policies are currently the de facto international standards for export credit agencies, the Equator Principle banks, and the IFC - touching upon nearly three quarters of all international public and private project finance. The new Performance Standards are better integrated than the IFC's predecessor, the safeguards, but groups have individually challenged them on a number of fronts.

Press Responses: July 5, 2004

Belgium clears path to developing world prosperity

David Hillman
Monday July 5, 2004
The Guardian

Tony Blair calls Africa a scar on the conscience of the world. Gordon Brown has a means for healing that scar through a doubling of aid. The chancellor says his international financing facility (IFF) is the only game in town, but so far the teams are still stuck in the dressing room.

Press Release - Monday, February 9, 2004

High Level World Bank Review calls for the phase out of World Bank involvement in oil exploitation and coal mining

Bank Management to ignore recommendations says leaked report

(Ottawa) February 9th, 2004 -- Conforming to industry’s desires, the World Bank management is pushing to have its Board of Directors reject the recommendations of an independent review of its performance in the oil, coal, and mining sectors, according to a leaked report. The World Bank’s Management Response to the Extractive Industries Review (EIR) was leaked last week.

Speech on the Role of IFIs in Privatization - Commonwealth Foundation

Commonwealth Foundation
Brunei Darasalaam
July 22nd, 2003

The Role of IFIs
Pamela Foster
Halifax Initiative Coalition

I may have been asked to give this talk as I, among our Commonwealth colleagues, sit closest to Washington. As there is so much experience in the room in addressing issues of the World Bank and the IMF[1], I will merely start a list of all the ways that the IFIs are implicated in the relentless drive towards privatization of public assets.

First, I would like to quickly share two contextual comments regarding this push towards privatization. It must be situated within the drive towards the end of history, or the ultimate global supremacy of US-modeled capitalism. This victory was declared at the end of the Cold War. The end of history envisions the role of the state being limited to maintaining law and order and a sound investment climate.


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