The IMF is still hoping to rally various interested parties to its proposal of a mechanism to restructure poor countries debt (see Bretton Woods Update 32). After a conference held in Washington DC to discuss the latest proposal, some civil society representatives said in its current state the mechanism “would not return poor, indebted nations to viability/sustainability” and would “enshrine an increased role for the IMF in international law”. Opposition from the private sector and some Northern and Southern countries had previously led the Fund to water down the plan – leading some observers to pronounce it ‘dead in the water’.
New BWP briefing offers critical gender analysis of World Bank lending instrument to borrowing countries.
At 75, the World Bank and IMF face a crisis of multilateralism in no small part of their own making as failed economic policies have resulted in skepticism of the international order they helped to create.
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