World Bank Profits From Poor Countries - Report

by Anil Netto
Inter Press Service
September 19, 2006

SINGAPORE - The World Bank receives more from developing countries than what it disburses to them says a new report released Tuesday as finance ministers endorsed a controversial new Bank plan to tackle corruption in developing countries.

The Social Watch Report 2006, released here at the annual meetings of the Bank group and the International Monetary Fund (IMF), stressed the need to reform the current international financial structure. Net transfers (disbursements minus repayments minus interest payments) to developing countries from the Bank and the International Bank for Reconstruction (IBRD), have been negative every year since 1991, the report pointed out.

The IBRD is now not making any contribution to development finance other than providing funds to service its outstanding claims.

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