Chronology: The World Bank, the IMF and the Third World
A political and environmental chronology from 1944 to the present day
1944 USA. Founding of the World Bank and the International
Monetary Fund at Bretton Woods, in the presence of
delegations from 44 countries.
1947 Indonesia. The Netherlands receives loans from the Bank
while simultaneously putting down the Indonesian indepen
dence struggle with 100,000 troops.
1956 Washington, DC. The Bank creates the International
Finance Corporation (IFC), which uses government funds for
joint investments with private companies.
1960 Washington, DC. The International Development
Association (IDA) is created as part of the World Bank Group,
to obtain low interest loans for the poorest countries - against
the objections of Third World governments who want a
separate institution for this purpose.
1964 Thailand. The Bank finances the Bhumibol hydroelectric
dam, whose construction leads to the forced displacement of
more than 3,000 people. These people have yet to receive
appropriate compensation.
19 64 Brazil. Having refused to provide loans to the democratically
elected Goulart government, the Bank now offers significant
financing in the wake of a military coup. These loans grow by265