A shocking report by a left-wing charity has revealed that World Bank bureaucrats mismanaged at least $24 billion in funding to fight climate change.
Investigation by Oxfam It was revealed that between $24 billion and $41 billion in funds were misplaced due to “inadequate record-keeping practices” by the Washington, DC-based international lender.
The agency's audit showed a “lack of traceable spending” over the past seven years, an oddity in which banks record climate-related loans at the time of project approval rather than at project completion. Accounting practices are said to be a contributing factor. To the report released last week.
Kate Donald, director of Oxfam's Washington, D.C. office, said: “This is a good example of how doctors should evaluate their diet by looking at their grocery list without ever actually looking at what's in their fridge.'' It's like asking someone to do something.”
A World Bank insider, speaking on condition of anonymity, suggested that the amount of money lost “could be anywhere from two to 10 times larger.”
“All numbers are routinely fabricated,” the official said. “No one knows who used it and what it was used for.”
Explosive findings by the UK-based non-governmental organization Oxfam, which is the organization's largest shareholder with a 16% stake, may have cost the US just under $4 billion in losses. It means that.
“This is an outrageous waste of American taxpayer money on a useless woke political cause. This is an insult to the American people,” Niall Gardiner, director of the Margaret Thatcher Freedom Center at the Heritage Foundation, told the Post. said the following:
“The World Bank and all international institutions must be held fully accountable. Huge wasteful spending on left-wing progressive causes is fundamentally contrary to America's national interests,” said Garrison, a former senior aide to the late British Prime Minister. Mr Diner added.
The charity also complained that obtaining basic spending data was “laborious and difficult”.
Oxfam said in a press release that “there is no clear public record of where this money went or how it was spent,” adding that money sent to poor countries to fight global warming was He added that it was “unclear” whether it was even used for fluctuations. project.
A World Bank spokesperson did not respond to The Post's request for comment.
This international financial institution was established in 1944 to help rebuild Europe and Japan after World War II.
It currently provides cash in the form of loans and grants to less wealthy countries as a way to “create a world without poverty.”
Last week, the Biden-Harris administration voted to strengthen banks' lending power. An increase of $150 billion over the next 10 years.
Because the United States is a major founding member of the World Bank, it is the only government among the Bank's 189 countries with the power to veto changes in the way the Bank operates.
May 2024 Report The World Bank's total capital is just under $320 billion, with U.S. taxpayers either contributing or leaving up to $57 billion in arrears, according to the Congressional Research Service.
Wealthy countries not only donate directly to banks, but also pledge billions of dollars that allow them to take out huge loans to finance projects abroad.
Such pledges may also be used to fill fiscal holes in exceptional circumstances.
According to the CRS report, the World Bank has nearly $300 billion in what it calls “callable capital” to deploy as an economic firefighting fund and to respond to major financial shocks.
A recent report by bank officials said it was “very unlikely” that the emergency handbrake would be used.
International lenders also earn income from the investments they make, as well as interest on the loans they approve.
Thanks to the generosity of U.S. taxpayers, World Bank employees can also scrape together “fat cat” tax-free salaries, and senior directors can earn more take-home pay than America's commander-in-chief.
top executives in washington dc You can earn $511,000 a year without giving a dime to Uncle Sam.
In contrast, President Biden's pre-tax salary is $400,000 annually.
Even the World Bank's most junior employees can pocket up to $62,000 tax-free.
Located in downtown Washington, DC, this international organization also offers luxurious benefits, including a generous pension plan that requires a minimum of 5% employee contributions.
Staff members enjoy free lifetime U.S. health insurance and the added benefit of 26 days of annual vacation and 15 days of sick leave per year.
