19 years 2 months ago.   IFI policies and positions.   To receive debt reduction through the World Bank and International Monetary Fund (IMF), low- income countries must prepare of a Poverty Reduction Strategy Paper (PRSP) to show how money freed up from debt servicing will be used to alleviate poverty. PRSPs describe the country's macroeconomic, structural and social policies and programmes to promote growth and reduce poverty, as well as outline associated external financing needs and major sources of financing. The World Bank and the IMF Board of Directors approve the PRSP produced in each country.   Read more ...

19 years 2 months ago.   IFI policies and positions.   A leaked internal audit assessing the World Bank's involvement in a controversial Canadian gold mine in Guatemala has exposed glaring deficiencies in the due diligence undertaken by the Internation   Read more ...

19 years 3 months ago.   Environment, Human rights.   Internal Review Slams World Bank over Lapses at Guatemala Mine - Backgrounder August 22, 2005 A forthcoming report by the Compliance Advisor Ombudsman (CAO), a body responsible for conducting internal reviews at the World Bank’s private sector lending arm, the International Finance Corporation (IFC), identifies glaring deficiencies in the due diligence the institution conducted for a controversial new gold-mining project in Guatemala. The project, currently under construction by Canadian company Glamis Gold in Guatemala’s indigenous western highlands, has been surrounded by controversy and conflict since before the IFC approved $45 million in support for the project in June 2004. In January of this year, a forty-day protest by local villagers worried about the mine’s potential environmental impacts ended in bloodshed as security forces clashed with protesters, resulting in one death and dozens of injuries.   Read more ...

19 years 4 months ago.   Human rights.   G8 Leaders Fail to Make Much Progress at Gleneagles Summit, World Bank given leading role.   Read more ...