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The International Monetary Fund

Ved Gandhi

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Annex 4

Environmental Review of Multilateral Development Banks

The G7 should call for a review of the environmental performance [WORK] of the IBRD the IMF and the multilateral development banks, including an examination of how these institutions might deliver their programs at less cost and with less overhead and overlap. Such a review should begin by assessing performance based on the four criteria identified by G7 heads at the 1994 Naples and 1993 Tokyo Summits:

* environmental appraisal of projects and public reports thereon;

* the incorporation of environmental programs into their programs;

* the promotion of local participation; and,

* the provision of growing resources for health, education, family policies and environmental protection.

The G7, at Halifax, should identify and endorse additional criteria, notably the creation, within each institution, (the IMF the IBRD, and the regional development banks), of an environmental "auditor general" or Commissioner for Sustainable Development, modelled on the recent creation of the position reporting to the Parliament of Canada, so that an ongoing review and screening process could be institutionalized. This would also increase transparency and provide a procedural guarantee that sustainable development will be seriously considered in the implementation of all policies and programs.

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