corruption with the world bank??

what are some of the corruptions within the World Bank? I no about the Wolfowitz and his girlfriend but i mean the organization in general.

2 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    http://uk.youtube.com/watch?v=kq8f9IWmn20

    Third world countries are having their resources secretly exploited - this video shows one of the gross violations of global capital investments worldwide and the sheer corruption involved.

    The World Bank has lost about 100 billion dollars slated for development in the world's poorest nations to corruption since 1946, nearly 20 percent of its total lending portfolio, according to a U.S.. Senate committee.

    Other experts estimate that between five and 25 percent of the 525 billion dollars the Bank has lent since 1946 has been misused. This amounts to 26-130 billion dollars.

    ”Even if corruption is at the low end of estimates, millions of people living in poverty may have lost opportunities to improve their health, education and economic condition,” Lugar said.

    A World Bank spokesman vehemently disputed the estimate. ”We completely reject the figure offered by one of the panelists,” said Damian Milverton. ”It has no basis in fact.”

    Corruption has become a global issue as developing countries, watchdog groups and some economists complain that poor nations lose huge funds from multilateral development banks (MDBs) like the World Bank because of misuse of money. Yet taxpayers in those borrowing countries have to still to repay the banks.

    So, not only are the impoverished cheated out of development benefits, they are left to repay the resulting debts to the banks.

    The estimates emerged at the first in a series of oversight hearings into the anti-corruption efforts of the World Bank and other multilateral development banks (MDBs), which include the Inter-American Development Bank (IDB) the Asian Development Bank, the African Development Bank, and the European Bank for Reconstruction and Development.

    The network of banks helps thieves hide their corrupt activities as they brutally rape the planet

    the Government Accountability Project (GAP) hailed a 10-page investigative report focusing on corruption at the World Bank. The article in the April 3 edition of US News & World Report, which hit newsstands today, focuses on extensive internal problems at the bank including how “kickbacks, payoffs, bribery, embezzlement, and collusive bidding plague bank-funded projects around the world.” The report estimates that more than 20 percent of the loans distributed by the World Bank, or $4 billion annually, are associated with corrupt practices. In the wake of these findings, GAP again calls upon the World Bank to implement its own “Vaughn Report,” which the bank has had for nearly one year, but has not released.

  • 1 decade ago

    Having interned at the Bank and published critiques on Bank policy, I can say that corruption is definately not a problem within the Bank. The case of President Wolfowitz showed how fast and vocal the staff at the Bank were in reacting to such corruption and the main reason the case was publicized and acted upon was because of the Bank staff who outed Mr. Wolfowitz.

    The truth is that the vast majority of Bank staff are not appointed by the US government as Wolfowitz was but instead are hard working economists who come from around the world (including a majority from developing nations themselves). Most have advanced degrees, many have lectured as universities or published research in their respective areas, and nearly all are firmly committed to the goal of eradicating poverty (although there can be some discussion over the methods and means they take). I am sorry to dissapoint but corruption really is not a problem within the Bank besides the well publicized case you mentioned.

Still have questions? Get your answers by asking now.