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Challenges rise fast, reforms proceed slowly as political blockades remain an issue – Spring Meetings round-up

Finance ministers from around the world gathered in Washington DC last week for the IMF and World Bank spring meetings. Held amid an economic downturn and emerging risks of a new round of debt crises, the key task was to discuss how the two organisations can be made more effective to address these challenges, which threaten to affect people’s lives and derail progress toward development goals.  A gloomy scene for development A dramatic scene was set by the IMF’s flagship publication, the World Economic Outlook, which underlined rising inequality, while revising projections for the global economy down. Economic growth is now expected to slow to 3.3 per cent in 2019, a reduction of 0.4 per cent as compared to their overoptimistic projections from last year.  When economic growth ...
French Court of Auditors’ annual report reiterates failure of public-private partnershipsIn its recent annual report, the French Court of Auditors pinpoints cases of failed public-private partnerships (PPPs) once again. The report  provides ...

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The World Bank President we want: a time for new thinking on development finance

Maria Romero, Cecilia Gondard

17 Jan 2019 14:07:06

First published by Development Finance International  When Harvard-trained global health leader Jim Yong Kim took office as World Bank President in 2012, many thought he would put locally-anchored sustainable development and accountability at the centre of the World Bank’s approach. However, a critical look at his tenure, and his new workplace, raise many red flags. Now that most headline news is about the role Ivanka Trump will play, who the US nominates and the timeframe for nominations – which kick off in three weeks – it is crucial to clarify: who needs to be at the helm of the World Bank for the institution to serve its development mandate? And what kind of process, and eventually president, will serve to raise the legitimacy of the institution? Kim’s departure has been a ...

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UK Parliament questions ‘value for money’ of PPPs in highly critical report

Cecilia Gondard

28 Jun 2018 12:51:15

The committee overseeing the UK government’s expenditure has published a searing report on Private Finance Initiatives (the UK version of Public Private Partnerships - PPPs). The Public Accounts Committee raises serious concerns about the “risks to value for money for the taxpayer” and identifies shortcomings in the assessment of their benefits. The report states that “it is unacceptable that after 25 years the Treasury still has no data on benefits to show the PPP model provides value for money”. The UK Treasury, meanwhile, continues to insist that it does.  Apart from concerns about transparency, the report underlines the following shortcomings with the PPP model - many of which Eurodad have repeatedly highlighted: The specific costs associated with PPPs are a concern, including ...