Business | Economy
World Bank drafts policy in the face of protests
The World Bank and its policy setting committee's meeting began here amid protests from activist groups and non-governmental organisations against its inadequate poverty alleviation programmes in the Third World.
- By Babu Das Augustine, Banking Editor
- Published: 23:04 October 21, 2007
Washington: The World Bank and its policy setting committee's meeting began here amid protests from activist groups and non-governmental organisations against its inadequate poverty alleviation programmes in the Third World.
The meeting venue has been turned into a virtual fortress with police blocking access to 18th and 19th Streets following violent protests involving stone throwing in the Georgetown neighbourhood of Washington on Saturday.
Ahead of the World Bank meetings, Robert Zoellick, the new World Bank president, who has completed just 100 days in office, announced a series of programmes making poverty alleviation the key motto of the bank.
Zoellick, a former deputy secretary of state, trade representative and investment banker, took over from Paul Wolfowitz, a former US deputy defence secretary, who resigned in May amid an ethics scandal.
Fresh initiatives
Under Zoellick's initiative, a strategy he has outlined would enable the bank to combat poverty, especially in Africa, assist countries emerging from wars, and promote regional cooperation to combat disease and climate change.
As part of the initiatives for poor nations, the bank has asked the rich nations to contribute to the International Development Association (IDA), which provides soft loans to the poorest countries.
The bank has more than doubled its funding to $3.5 billion and is seeking to raise more than $26 billion for the IDA.
Calling on rich nations to contribute generously, Zoellick said, "I want the bank to work as a true partner with the developed nations. We can raise capital on behalf of the poor nations and we have the capability to make it work too," he said.
The Global Call to Action Against Poverty (GCAP) coalition is staging a high profile action in Washington during the World Bank meeting.
The coalition will demand greater transparency, accountability and democratic governance in the way the International Financial Institutions are run.
Relatively peaceful
Protests against the World Bank and IMF's annual meeting have been mostly peaceful so far. On Saturday, a woman was reportedly hit in the head by a brick.
Kumi Naidoo, GCAP's chairperson, said: "In recent years the World Bank and IMF have declared themselves to be champions of poverty reduction and good governance.
"However, they persist in ignoring the priorities and demands of developing countries in everything from the appointment of new chiefs to the conditions attached to agreements."
Oxfam International called on Zoellick to put health and education for the poorest countries on their agendas.
Elizabeth Stuart of Oxfam International, said: "The World Bank has a role to play to tackle poverty and help countries deliver services that will lift millions out of poverty.
"It should be working with developing countries to provide free heath care and education for all their citizens.
"There is still a need for six million more teachers, doctors and nurses in the developing world. This staffing crisis needs to be addressed today."
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