Uncontrollable and useless

18 May 2007 By Martin Hutchinson

Its entrenched bureaucracy rejects outsiders and new ideas on development. Wolfowitz may have been the wrong man to change it from the start. Nevertheless it s questionable whether the bank has a useful future.

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Paul Wolfowitz resigned as President of the World Bank effective June 30, following the publication of a report relating to his secondment of his girlfriend Shaha Riza to the State Department.

The Board of the bank accepted Wolfowitz's claim that he acted in good faith. The Board also announced that it would "review the governance framework of the World Bank Group."

The AntiCorruption Commission estimates that $380bn was lost to corruption in Nigeria between its independence in 1960 and 1999, approximately 4 years of that country's Gross Domestic Product.

The Senate Foreign Relations Committee in 2004 estimated that approximately $100bn of World Bank grants and loans had been lost through corruption since its inception

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