UN Secretary General’s New Agenda for Peace report identifies growing threats to global peace and stability, and proposes urgent reforms to the unjust economic system. World Bank and IMF resist policy and governance reform.
Other
IFI governance
Analysis
V20 communiqué analysis Annual Meetings 2023: Climate vulnerable countries demand more voice at Bretton Woods Institutions
V20 seeks confirmation of official observer status at the Bretton Woods Institutions by COP28, as IMF quota review fails to give greater voting power to climate vulnerable countries.
IFI governance
Analysis
G24 communiqué analysis Annual Meetings 2023: Scramble for 'last resort' support to struggling countries
The Annuals 2023 G24 communiqué for reiterates an urgent need for financial support from both the IMF and World Bank for indebted countries, whilst also supporting reform through quotas, a new SDR allocation & surcharge abolishment and review.
IFI governance
Analysis
G20 communiqué analysis Annual Meetings 2023: Nothing new under the sun
The Group of 20 (G20) communiqué was published on 13 October. It focused on the consequences of the evolving debt situation, reaffirmed support for the much-criticised Common Framework and was silent on debt relief. The section on MDB reform meanwhile stressed ‘bigger’ rather than ‘better’ banks.
Finance
Analysis
UN Financing for Development: The best chance to democratise global economic governance?
As Bretton Woods Institutions fail to deliver transformative, systematic reform of deeply unequal global architecture, countries should embrace a more democratic space: the United Nations Financing for Development process
IFI governance
Analysis
G24 communiqué analysis Spring Meetings 2023: In a world in crisis, BWIs need bold reform
The G24 communiqué of the 2023 Spring Meetings left no doubt about the gravity of the state of global affairs, including rising extreme poverty, food insecurity, migration and forced displacement.
IFI governance
Analysis
G20 press briefing analysis Spring Meetings 2023: Deep divisions and limited ambitions hinder response to the polycrisis
Despite pressing global issues, including a mounting debt crisis in low- and middle-income countries, the G20 failed to release a communique following the meeting of its finance ministers on 13 April at the World Bank and IMF Spring Meetings.
IFI governance
Analysis
V20 communiqué analysis Spring Meetings 2023: Climate vulnerable countries call for global financial architecture fit to tackle climate and debt emergencies
V20 called for substantive debt relief and increased concessional financing to help break vicious cycle of debt and Loss and Damage, and spur ‘climate-positive development’.
Other news
Finance
News
Significant IDA21 replenishment required as need for concessional finance grows
Rich countries need to agree to an ambitious IDA21 replenishment to address compounding economic and liquidity crises, causing high levels of debt distress in low-income countries.
Finance
News
Civil society urges governments to agree on a UN tax body as a high priority
African Group’s proposal for a UN Tax Convention moves forward as CSOs keep pressure on rich countries not to block it.
IFI governance
Background
African perspectives on the reforms of the international financial architecture
Notes from the Civil Society Policy Forum Session 'African perspectives on the reforms of the international financial architecture' on 11 October 2023.
Finance
Analysis
Our world in 2020
As the Covid-19 pandemic exacerbated and helped reveal pre-existing injustices and structural flaws in the global economy - and the IMF and World Bank proved unable to reverse course on broke policy prescriptions - calls for reforming the international financial and development architecture gained strength.
Finance
News
A different ‘evolution roadmap’: Havana conference calls for changes in world order hierarchy
As IMF and World Bank tinker at margins, 50 policymakers, diplomats and academics from over 26 countries issue Havana Declaration calling for an assertion of Southern power and the building of a new "planetary bloc".
Finance
News
Chad gets debt rescheduling, not relief, and is left dependent on oil revenues
Chad has reached an agreement to restructure its nearly $3 billion of external debt, unlocking IMF financing, but the deal has been criticised for failing to reduce the country’s overall debt burden.
Finance
News
Argentina increases offer to bondholders after IMF claims “room for improvement”
Private creditors provided with IMF backing in Argentina negotiations as country enters into default.
Finance
Background
Taxing to Develop: International Taxation Challenges for Africa
Notes from the IMF and World Bank 2019 Spring Meetings official session on 14 April on international taxation challenges in Africa.