The International Development Association (IDA), the arm of the World Bank that makes grants and interest-free, long-term loans to poor countries around the world, lacks effective safeguards against corruption, according to a report by the Bank’s own Independent Evaluation Group (IEG). The report concluded that IDA, which currently lends and grants about $10 billion annually to governments in Africa, Asia, Latin America, and Eastern Europe, doesn’t protect its funds adequately from theft and diversion.