The recommendations of the World Bank/IMF[Bretton woods twins] are presented as scientific, objective, and in the best interests of the countries where they are implemented. I recall a report appearing in the Financial Times,October 8, the columnist Shawn Donnan, reported that the World Bank was facing an internal ‘mutiny’. The key issue was the restructuring exercise undertaken by the President, Jim Yong Kim, through both the elimination of benefits to staff on mission and also through possible lay-offs, the sum of $400 million. The restructuring exercise, staff felt, was deeply flawed both procedurally and substantively. It is reported some members saying that this “thing [restructuring] is affecting everything.” “We can’t do business. We don’t have the budget. It’s a mess,” Another staff member complained. The experience suggests that WB could not resist economic disaster as in the recent past and would not be able to do it in future given its policy towards imperialist order.
Posted on: Sat, 06 Dec 2014 11:08:25 +0000
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