IMF warns: Financial market risks have increased

Lesley Wroughton
The stability of the global financial system is being bolstered by favourable economic conditions, but some financial market risks have crept up in recent months, the International Monetary Fund (IMF) said on Tuesday. The IMF pointed to potential risks from the rapid decline in the United States subprime mortgage market, involving borrowers with poor credit history.

World Bank's Wolfowitz asked to explain promotion

Lesley Wroughton
The World Bank's employee organisation has questioned the promotion and pay raise of a female staffer it says is involved with bank president Paul Wolfowitz. The bank's Staff Association demanded an explanation from Wolfowitz for what it called "violations of staff rules in favour of a staff member closely associated with the president".

Wolfowitz pushes for new funds for World Bank

Lesley Wroughton
World Bank President Paul Wolfowitz hopes the United States will be a leader, not a follower, when it comes to committing new funds for the world's poorest countries in negotiations of the bank's 40 biggest donors starting in Paris next week. Wolfowitz said he also hoped for new money from emerging lenders like rich oil-producing countries.

Central African Republic repays World Bank debt

Lesley Wroughton
The Central African Republic this week cleared its arrears to the World Bank, thanks to a loan by the French government and a grant by the World Bank, that will restore its ties with international donors, a senior bank official said on Tuesday. The move comes as the former French colony tries to resurrect ties with the international community after years of political and economic instability.

Microloans mushroom, aided by banks, billionaires

Lesley Wroughton
After starting out as just small loans for the poor, microfinance has mushroomed into a large market that is attracting big banks, technology billionaires, and last week brought its innovator the Nobel Peace Prize. The business of lending small amounts of money to the poor who are unable to access loans elsewhere was once considered unfathomable by the financial mainstream.

Oxfam: Govt, not business, can deliver services

Lesley Wroughton
Only governments can effectively deliver services like health and education to the poorest, development group Oxfam said in a report on Friday critical of groups like the World Bank for hindering poverty programmes by pushing private-sector solutions.
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