4.00 pm -6.00 pm
Hall No (H3)
Xavier’s Centre of Historical Research, Alto Porvorim, Goa
BRICS countries received 25% of World Bank lending from 1945 to 2015 according to World Bank lending data. AIIB and NDB have announced loans of $509 million and $911 million. These loans have been signed and announced while the banks still do not have a full set of social and environment safeguard and oversight policies.
The banks have announced their focus on sustainability, innovative modes of finance, and quick turnarounds on lending. They have also shown themselves to be quite shy of community engagement, shirking proper consultations on key areas such as safeguards policies. Many are concerned that the new banks’ ‘lean’ procedures will result in a race to the bottom among IFIs in terms of standards and safeguards, leading to more environmental destruction and socially negative impacts for project affected communities and countries.
It is therefore essential that the Parliament to have a oversight of these financial institutions in the context of old and new Multilateral development Banks? Parliamentary Oversight is an instrument for accountability, transparency and responsible governance. An IFI lending going through a Parliamentary process also opens the possibility of information flow to the people concerned and general public, promoting an informed discussion making IFIs and government more accountable.
Working group on IFIs
For more information write to: Maju Varghese, Madhuresh Kumar