Glasgow branch is at present conducting a series of meetings on British banking so it maybe useful to add an international dimension.
The World Bank was established in 1944 to promote economic development and virtually every country is now a member. This spring the bank's 187 member countries choose a new president to succeed Robert Zoellick, whose term ends in July.
Until now, the unwritten rule has been that the US government simply designates each new president: all 11 have been Americans, and not one has been an expert in economic development, the bank's core responsibility, or had a career in fighting poverty or promoting environmental sustainability. Instead, the US has selected Wall Street bankers and politicians, presumably to ensure that the bank's policies are suitably friendly to US interests. US officials have traditionally viewed the World Bank as an extension of US foreign policy and commercial interests. With the bank just two blocks away from the White House on Pennsylvania Avenue, it has been all too easy for the US to dominate the institution.
For too long, its leadership has imposed US concepts that are often utterly inappropriate for the poorest countries and their poorest people. It completely fumbled the exploding pandemics of AIDS, tuberculosis and malaria during the 1990's, failing to get help to where it was needed to save millions of lives. Even worse, the bank advocated user fees and "cost recovery" for health services, thereby putting life-saving health care beyond the reach of the poorest of the poor - precisely those most in need of it. In 2000, at the Durban AIDS Summit, [it was] recommended a new "Global Fund" to fight these diseases, precisely on the grounds that the World Bank was not doing its job. The Global Fund to Fight AIDS, TB, and Malaria emerged, and has since saved millions of lives, with malaria deaths in Africa alone falling by at least 30 per cent.
Monday, February 27, 2012
The World Bank
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