The International Finance Corporation (IFC), the private-sector arm of the World Bank Group, announced on December 23 that it would bow to complaints from civil society groups around the world and re-organize its controversial review of sweeping policy changes.

By “unwritten agreement” the U.S. gets to pick the President of the World Bank. They may consider others, but the final choice will almost certainly be a U.S. citizen.

It is outrageous that the Paris Club and other creditors are discussing a “debt moratorium” rather than immediately enacting 100% cancellation for the tsunami- affected countries. When one hears of children donating their meager weekly allowances to the survivors of the tsunami, one cannot but be disgusted by the stinginess of most of the world’s governments and financial institutions.

Debt must be cancelled comprehensively and using the ample funds of the World Bank and IMF, with no additional harmful conditions. The cost of debt is too high; now is the time for immediate debt cancellation.

While in most ways it would have been better for humanity, a Kerry presidency likely would have closed down opportunities for progress at the IMF and World Bank.

The regional development banks are quietly making decisions that drastically affect the lives of people in much of the world. In this issue of Economic Justice News, we are profiling two of these banks – the African Development Bank and the European Bank for Reconstruction and Development.

While they are not as well-known as their counterparts, the Asian and Inter-American Development Banks, they should not be forgotten in the development equation.