Dear Bretton Woods Update subscriber,

Please find below the highlights of our most recent Bretton Woods Update, the first of 2007. 

For a full list of all articles in this edition, please see http://brettonwoodsproject.org/update/54
The PDF version is available at http://brettonwoodsproject.org/update/54/bwupdt54.pdf


Highlights of Update 54 include: 

*Knowledge Bank-rupted: Evaluation says key World Bank research 'not remotely reliable' 
An evaluation by a panel of self-described 'academic superstars' has cast doubt over the independence and reliability of World Bank research. 
http://brettonwoodsproject.org/researchevaluation54 

*World Bank reconstruction role in Timor-Leste creating problems 
Guteriano Nicolau S. Neves of the La'o Hamutuk Institute in Dili argues for a critical appraisal of the World Bank's role in the reconstruction of Timor Leste. 
http://brettonwoodsproject.org/timorleste54

*Reading from the script: the IMF's PSI invades Africa 
The decisions by Ghana and Tanzania to use the Policy Support Instrument (PSI) reflect the IMF's success in convincing countries to accept conditionality without any financing, despite the evidence from Uganda and elsewhere that PSI conditions are numerous and will be enforced. 
http://brettonwoodsproject.org/psi54

*Mortgaging Iraq's oil wealth 
As a "key ingredient" of IMF lending and debt relief, Iraq's government has just presented a new draft petroleum law to its cabinet that could permit up to two-thirds of Iraq's known reserves to be exploited by multinational oil companies under contracts lasting for 20 years. 
http://brettonwoodsproject.org/iraq54

*Inside the institutions: the IMF programme cycle 
The IMF has regular, systematic engagement with government representatives at many levels. Implementation of the IMF's programme cycle varies from one country to the next, depending on the situation and need of the country in question. The nature of the programme cycle is highlighted by looking at the cases of Uruguay and Mozambique. 
http://brettonwoodsproject.org/imfcycle54 

*Bank embraces labour standards whilst the IMF violates them 
In December at an international trade union officials' meeting in Washington, Paul Wolfowitz announced that Bank-funded public sector projects will respect core International Labour Organisation standards...meanwhile the private firm that supplied the guards to the IMF headquarters has been found in violation of workers' rights by the US National Labor Relations Board 
http://brettonwoodsproject.org/ilostandards54
http://brettonwoodsproject.org/imfsecurity54 

Other articles include: 

Bankspeak of the year, exodus of senior Bank staff, IMF tax on mosquito nets in Africa, imminent funding for the Bujagali dam, IMF crisis prevention and a new PRGF for Nicaragua.

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