Easy Money?

(Fox News) - The World Bank wants to allow Third World countries to use their own rules — instead of the bank's — to award contracts for bank-funded projects.

But The Washington Times reports critics say that will lead to increased corruption. The World Bank has already sanctioned more than 100 organizations for fraud and corruption in bank-financed projects just over the past two fiscal years, and that was with the bank still calling the shots. Business leaders also complain they have not been sufficiently consulted about the proposal.

But bank officials say it will improve the efficiency of government spending, give countries a sense of ownership of development projects, and be more environmentally-friendly. The bank hopes to set up pilot programs to see how the new procurement system works.