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IPFS News Link • Central Banks/Banking

Just like that: World Bank bureaucrats lost track of $24 to $41 billion "fighting climate chang

• https://joannenova.com.au, By Jo Nova

It's almost as if no one there gives a toss about the climate. Indeed, if the World Bank was a giant parasitic squid feeding off the taxpayers of the West, it might look just like this.

A new Oxfam report shows that over six years, $24,000 million dollars (at least) has probably gone missing off the balance sheets, but it could be as much as $41 billion. Essentially, the World Bank budgeted to spend a lot of money, but no one bothered to track whether that money was spent, whether the budget blew out, or whether it never happened and the team went surfing in Costa Rica. Imagine if we could do our taxes this way? Indeed, it's a bit rich to say the money was "missing off balance sheets" because apparently there weren't any balance sheets, not for expenditures.

Oxfam can only guess at the missing sums because they investigated other World Bank projects and found the final cost differed from the planned cost by between 26 to 43%. So they used that to come up with a ballpark figure of the size of the missing millions. It's that bad. We can't even say how much is missing. One insider told the New York Post, "it could be twice or ten times more".

The supranational unaccountable entities like the World Bank, the UN, are surely the great attractor of global freeloaders. Like a supermagnet for people who like spending other people's money:

World Bank bureaucrats lost track of at least $24B in funds fighting climate change: 'Could be twice or 10 times more'

By James Franey, New York Post

What if it wasn't bungling — who would know?

Bungling World Bank bureaucrats lost track of at least $24 billion bankrolling the battle against climate change, according to a bombshell report by a left-leaning charity group.

An investigation by Oxfam revealed "poor record-keeping practices" by the DC-based international lender that resulted in anywhere between $24 billion and $41 billion in misplaced funds.

The agency's audit showed "a lack of traceable spending" over the past seven years — partly because of an oddball accounting practice in which the bank accounts for its climate financing at the time of a project's approval rather than at the time of project completion,…


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