Over at Centre for Financial Accountability, a colleague Anuradha Munshi has perfectly dissected the immunity extended to World Bank's private-lending arm, International Finance Corporation (IFC) concluding how this procedure has diluted the Right of Indians in Seeking Justice. It is an extension by India of the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947), which confers legal immunity akin to the kind enjoyed by foreign missions and diplomats, to the International Finance Corporation (IFC) providing jurisdictional personality to an institution rendering it a shield for all the crass violations the institution and its officials engage in. Blistering in its attack, the author rightfully poses the most troubling question plaguing development finance in recent times: How can any institution be above the law of the land? But, this is the grim reality getting grimmer by every passing moment and needs to be resisted full on.
The article was originally published in the Wire.