The World Bank Boycott is an international campaign that demands an end to socially and environmentally destructive World Bank policies and projects through grassroots financial and political power.
The campaign targets a key source of World Bank finance, international bond sales. The Bank receives most of its resources to finance lending to over 100 developing countries from the sale of World Bank bonds on private capital markets. Bonds are bought by governments, universities, mutual funds, pension funds, trade unions, life insurance companies, churches, and civic groups. Employing the tactics of the anti-apartheid movement, ordinary people are organising locally to boycott these bonds, effectively threatening the Bank’s primary source of funding.
The UN Working Group on Business and Human Rights held its first forum on December 4 and 5 in Geneva. The Halifax Initiative spoke at the forum on a panel concerning public financial institutions and human rights. ECA-Watch, CIEL and BankTrack disseminated the attached document at the forum containing analysis and recommendations regarding financial institutons and human rights.
Canadian mining interests in countries around the world are valued at tens of billions of dollars. Karyn Keenan looks at efforts by local communities to hold mining companies to account for human rights abuses. 'The issue of access to remedy for the victims of corporate abuse requires urgent attention,' she writes. Keenan describes recent efforts by non-nationals who are affected by Canadian mining companies to seek redress through the Canadian justice system.
The candidates being considered for International Monetary Fund’s new boss do not inspire much hope for an institution in need of credibility. Much of the media’s focus has been on the nationality of the candidates rather than on which capabilities are needed to address the IMF’s major challenges: shifting to a more flexible policy orientation and adapting to a changed global economy.