IFI governance

Background

Making the Most of Special Drawing Rights: Approaches to maximise impact and create a sustainable and just recovery

4 October 2021 | Minutes

Panellists:

Moderator: Izabella Kaminska, Financial Times Alphaville Editor
• Panelist 1: Ceyla Pazarbasioglu, International Monetary Fund, Director of SPR Department
• Panelist 2: Nadia Daar, Oxfam International, Head of Washington DC Office
• Panelist 3: Andres Arauz, Former Director General of Banking, Central Bank of Ecuador
• Panelist 4: George Gray Molina, Director, Strategic Policy and Engagement and Chief Economist, UNDP
• Respondent 2: Patricia Miranda, LATINDADD, Global Advocacy Director

IMF Managing Director Kristalina Georgieva  (prerecorded message)

The session began with a prerecorded message by IMF Managing Director Kristalina Georgieva in which she noted the importance of the unprecedented $650 billion allocation SDRs and stressed the need to maximise the impact of the new allocation to help countries to respond to the effects of the pandemic. She thanked civil society for its advocacy for the allocation and focused on the imperative to ensure countries are transparent and make the “best use” of their SDR allocations.

G20 must commit to debt-free allocations...rechannelling mechanism...must not include conditionalityNadia Daar, Oxfam

She highlighted calls for the voluntary rechanneling of SDR, stressing the that process is strictly voluntary. The managing director outlined the three options being considered: Support to the Poverty Reduction and Growth Trust (PRGT), a potential Resilience and Sustainability Trust, and channelling through multilateral development banks (MDBs) – see Observer Autumn 2021

Nadia Daar

The new allocation has great potential – transparency is indeed essential. Health and Social protection spending essential to respond to pandemic and address recent under-investment due to austerity policies.

The allocation takes place in a troubling context of minimal debt restructure, pressure on Low and middle-income countries (LIC/MICs) to undertake urgent climate spending and the end of the Debt Service Suspension Initiative (DSSI) this year (see Observer Winter 2020).

$450 billion is needed for pandemic costs during the next 5 years and only approximately $200 billion of the new $600 billion allocation has gone to LIC/MICs. The inequity of the allocation can be seen in a comparison between Bangladesh and Germany. The skewed distribution was the reason for civil society calls for an allocation of $3 trillion.

She highlighted that 280 civil society organisations (CSOs) and academics had signed an open letter calling for the grants-based allocation of SDRs to LIC/MICs.

G7 commitment of $100 billion is a minimum bar. High-income countries seem to be waiting for decisions from domestic bodies on how the “best/ most appropriate” mechanism to channel SDRs. Expect G20 to announce commitments next week.

G20 must commit to debt-free allocations. Grants are the ideal option. PRGT has 0% extended rate. Adopt that with a generous repayment period. If it sounds like a grant, that is the point.

Every effort must be made to avoid worsening the current very serious debt situation. In that regards the new RST, if established, must be grant-based. This should be possible as the RST is being developed from scratch.

Mechanisms should avoid conditionalities particularly in light of concerns relating to evidenced new austerity wave. RST financing should not require an IMF programme.

Focus on social and health protection – to prepare countries for future crises. Allocations should be based on need, not income. MICs are often excluded: for example, PRGT limits access to MICs.

Transparency and accountability are essential.

If rules don’t allow for something – change the rules.

Andres Arauz

Genesis of SDRs – created to be similar to gold as reserve asset. Initially focused on ‘development’ link in discussion between Fund and UNCTAD. The proposed development link has been around for a long time.

Reserve assets, however still assets. The IMF’s Articles of Agreement stipulate that SDRs are allocated to member countries, not central banks (CBs). The use of SDRs are up to the states to decide.

The use of SDRs is not a marginal discussion and should not be left to individual countries, it must take place within wider global context and should include leadership of the Fund.

The problem of the ‘last mile’ remains. SDRs are not being used with due urgency. Need to address fiscal use by governments vs. use in countries’ balance sheet. Resources must be used to address health, vaccine. This is not the time for CB dogmatism.

Also need fiscal flexibility to ensure grant-like rechannelling by HICs.

HICs have been used to benefit from global hierarchy to respond to the crisis. Noted Latindadd’s Handbook for use of SDRs. Continue to advocate a new allocation to meet the $3 trillion called upon initially. The US House of Representatives has approved up to $2.2 trillion of new SDR allocations.

George Gray Molina

Underlined the following policy challenges:

Debt issues. ‘Huge problem’ – UNDP is monitoring 82 vulnerable countries. UNDP calculates that $7.7 trillion is owed to private creditors. Participation of private creditors in debt restructure is therefore essential.

Climate finance – COP26 struggling to meet modest $100 billion/ annually. Climate action will face a gap of $trillions.

SDRs are net additions, could free hard currency:

1.       Brady-like guarantee. Use for swaps with a large haircut. Managed by multilateral facility – as was done with Latin American debt crisis.

2.       Repo facility – through special purpose vehicles to create a concessional repo facility.

3.       European Stability Mechanisms-like facility for climate financing.

SDRs should be used to expand access to hard currencies. SDRs are meant to be used. UN Secretary General has supported allocation of SDRs from the beginning.

Ceyla Pazarbasioglu

The Fund has thus far provided $117 billion to 82 countries. PRGT  has expanded 0% lending to LICs. Therefore board is very supportive of concessional lending. The Fund has supported vaccination efforts and is working to assess financing needs.

Historic SDR allocation, with $275 billion in SDRs going to MIC/ LICs – up to 6% of GDP for some. Much more substantial than DSSI amounts. Fund is focused on governance and ‘prudent and transparent use’ of SDRs so that resources go to those who need it. IMF has a guidance note on the use of SDRs.

The challenge is to ensure allocation is used where it is most needed. The International Monetary and Financial Committee and the G2O are exploring options for ‘voluntary’ re-channeling:

  1. Increase size of PRGT – making good progress. $15 billion from existing resources has already been provided. There is a need for an additional $28-$ 50 billion. Need grant support of $2.2 bililion. Hopes for good news during annuals.
  2. Establishment of RST is being actively discussed
  3. MDBs – 14 organisations of prescribed SDR holders.

It is Important to note that SDRs tend to be under CB control. We must “not hold the benefit of the good hostage to the perfect”. Need to be aware of demands. PRGT – seems a good option.

The RST is under discussion – facing many constraints, to ensure resources can indeed by channelled. Eg. Need technical input from European Central Bank. Must be consistent with Fund mandate. Focus on poorest and must vulnerable countries. RST will focus on climate and digitisation.

Calls for no conditionality will get nowhere. We must change the discussion to focus on what reforms are required to enhance growth. Reforms must be locally owned.

These discussions are quite technical and complex.  Fund has fiduciary responsibility to creditors.

RST will be long-term credit – up to 20 years.

Patricia Miranda

While not as ambitious as required, the new allocation is indeed history in the light of significant difficulties. Social, climate, health and economic conditions have been exacerbated by the pandemic.

There is nonetheless a need for clarity.

Channelling mechanism, whatever it is, must not include conditionality. Must have clarity for the flexibility of usage, including fiscal use– channeling by HIC as highly concessional. Unfortunately, the current international financial architecture will challenge the effective allocation and use of SDRs.

MICs remain disadvantaged by the focus of the discussions – e.g. on PRGT.

Political will is required for delivery of effective results. We must move beyond short-term liquidity issues.

Questions & Answers

Q: How much of the SDR allocation should be used to support inclusive recovery?

Andres Arauz

CBs are not responsible for procurement, etc. Must ensure mechanisms are in place for fiscal use of SDRs to meet urgent needs.

Ceyla Pazarbasioglu

Fund has disbursed up to 6.5% of GDP in some cases through SDRs and significant other support (Sierra Leone). There is some space for use of SDR – however many other external challenges – consider ESF/ Fund. Important not to mix mechanisms. SDRs should be used to maintain buffers.

Reforms must not be only considered to be austerity-focused. Focus also on expansion of fiscal space.

Nadia Daar

Concerned with economic policy conditionality vs. the need for transparency, accountability. She stressed that the use of economic conditionality seems contrary to focus on ownership. Agree on need to focus on expansion of fiscal space

Civil society remains concerned about the focus of IMF programmes on austerity and rigid conditions.

Worked in her own country. Many interests that work against reformist forces – sometimes conditions can be used politically by leaders. That is why a focus on growth-enhancing reforms are necessary.

Q from Sierra Leone CSO: Raised concerns about the current state of the Covid-19 response and underscored need for additional resources. 

Ceyla Pazarbasioglu

Agreed and noted the focus on expansion of PRGT resources.

George Gray Molina

What is the flexibility for prescribed institutions – e.g. UN funds?

Ceyla Pazarbasioglu

About 13 prescribed institutions currently – available in the Q&A section of Fund website – many criteria guide the selection of institutions.

Ceyla stressed that the Fund has concerns about the fiscal use of SDR, as they are equivalent to debt. Also fear of interest rates related to exchange for hard currency, vs. use of resources within CB through swaps.

George Gray Molina

SDR have already been allocated. There remain significant issues around domestic constraints in channelling – e.g. Germany and Japan. Need to focus on potential use of funds. Proposals would be welcome and are necessary from other multilateral institutions.

ActionAid

Noted Fund’s continue to focus on ill-advised conditions – e.g. limitations on social and health spending. Fiscal austerity has been proved to negatively impact growth. IMF research has noted that fiscal consolidation is detrimental to growth, however the country-level prescriptions continue.

Ceyla Pazarbasioglu

Fund very careful to include social spending floor in many of its programmes. Fund has learned that unless growth is inclusive, it will not be sustainable.

Also working on potential for climate swaps, for example.

Patricia Miranda

Agreement that unequal financing is intrinsically related to unequal recovery. SDRs should be used by ministers of finance to support recovery – rather than allow CBs to assume principal responsibility. The channelling of SDRs through UN trust funds should be strongly considered.

Q: Audience member raised the $35 billion grant gap, identified by the Fund, to ensure adequate vaccination. How to deal with the issue of debt repayment to China vs. social spending?

Ceyla Pazarbasioglu

SDR re-channelling will not be quick. PRGT can be used to fund vaccines, etc.

IMF is not a development institution, cannot purchase vaccines, etc. This is the mandate of MDBs.

Nadia Daar

It is imperative that local CSOs are included in these discussions to ensure transparency and accountability.

More background on this issue

IFI governance

Analysis

19 October 2021

Development Committee communiqué analysis - Annual Meetings 2021

The Development Committee communiqué was published on 15 October. It acknowledged an uneven and uncertain path to recovery, while it kept silent on the need for a TRIPS waiver of the Covid-19 vaccines and said little about the IMF’s new $650 billion allocation of SDRs.

IFI governance

Background

19 October 2021 | Minutes

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IFI governance

Analysis

19 October 2021

IMFC communiqué analysis – Annual Meetings 2021

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IFI governance

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19 October 2021 | Minutes

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IFI governance

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8 October 2021 | Minutes

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IFI governance

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6 October 2021 | Minutes

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IFI governance

Background

6 October 2021 | Minutes

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Notes from the Civil Society Policy Forum session on 6 October on the governance and resourcing implications of IMF's surcharges.

IFI governance

Background

4 October 2021 | Minutes

Making the Most of Special Drawing Rights: Approaches to maximise impact and create a sustainable and just recovery

Notes from the Civil Society Policy Forum session on 4 October on the ways to maximise the impacts of the recent allocation of $650 billion Special Drawing Rights.

IFI governance

Background

29 September 2021 | Minutes

Covid-19 recovery: from government response to private sector-led sustainable growth

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IFI governance

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20 April 2018 | Minutes

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IFI governance

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19 April 2018 | Minutes

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IFI governance

Background

19 April 2018 | Minutes

Financial crisis 10 years on. Has the response to 2008 laid the foundations for the next?

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IFI governance

Background

19 April 2018 | Minutes

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IFI governance

Background

18 April 2018 | Minutes

Big Shift: How can the Development Banks align with the Paris Agreement?

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IFI governance

Background

18 April 2018 | Minutes

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IFI governance

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13 October 2017 | Minutes

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IFI governance

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12 October 2017 | Minutes

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IFI governance

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11 October 2017 | Minutes

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IFI governance

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11 October 2017 | Minutes

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IFI governance

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11 October 2017 | Minutes

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IFI governance

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10 October 2017 | Minutes

Measuring impact – an overview of IFC’s new approach to measuring development impact

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IFI governance

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7 October 2016 | Minutes

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10 November 2016 | Minutes

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IFI governance

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7 October 2016 | Minutes

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IFI governance

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6 October 2016 | Minutes

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4 October 2016 | Minutes

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17 April 2016 | Minutes

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17 April 2015 | Minutes

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17 April 2015 | Minutes

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17 April 2015 | Minutes

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16 April 2015 | Minutes

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11 October 2014

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11 October 2014

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10 October 2014 | Minutes

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10 October 2014

IFC Update on Dinant financing

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10 October 2014

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9 October 2014

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9 October 2014

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9 October 2014

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IFI governance

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8 October 2014

Governance and impact report 2014

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IFI governance

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8 October 2014

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7 October 2014

CSO roundtable with Executive Directors

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7 October 2014

CSO land rights and resettlement

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Conditionality

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22 April 2014 | Minutes

Reforming IMF conditionality. Where do we stand?

IFI governance

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12 April 2014

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Conditionality

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12 April 2014

IMF recommendations to Arab countries in transition: Challenges & prospects

Finance

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11 April 2014

Financial tremors in developing countries: is another earthquake on the way?

IFI governance

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11 April 2014

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IFI governance

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9 April 2014

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IFI governance

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23 January 2014 | Resource

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13 October 2013 | Minutes

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13 October 2013 | Minutes

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13 October 2013 | Minutes

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25 April 2013 | Minutes

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23 April 2013 | Minutes

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23 April 2013 | Minutes

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22 April 2013 | Minutes

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22 April 2013 | Minutes

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IFI governance

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22 April 2013 | Minutes

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IFI governance

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18 April 2013 | Minutes

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Knowledge

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18 April 2013 | Minutes

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IFI governance

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18 February 2013 | Minutes

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IFI governance

Background

13 October 2012 | Minutes

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IFI governance

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13 October 2012 | Minutes

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13 October 2012 | Minutes

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12 October 2012 | Minutes

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IFI governance

Background

12 October 2012 | Minutes

IMF consultation meeting on engagement with civil society: review and way forward

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IFI governance

Background

12 October 2012 | Minutes

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IFI governance

Background

12 October 2012 | Minutes

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12 October 2012 | Minutes

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IFI governance

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11 October 2012 | Minutes

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11 October 2012 | Minutes

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IFI governance

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11 October 2012 | Minutes

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IFI governance

Background

11 October 2012 | Minutes

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10 October 2012 | Minutes

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3 August 2012 | Minutes

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IFI governance

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23 April 2012 | Minutes

EIR + 10

Minutes of afternoon sessions of extractives conference, Washington DC, 23 April 2012

IFI governance

Background

23 April 2012 | Minutes

2012 Tokyo Annual Meeting Planning Session

2012 Tokyo Annual Meeting Planning Session held on Saturday, 21 April.

IFI governance

Background

21 April 2012 | Minutes

Lessons from IEG's Cluster Review of IFC-supported Extractive Industries Projects

Minutes of IFC and extractives meeting, Washington DC, 21 April 2012

IFI governance

Background

21 April 2012 | Minutes

Safeguards in a Changing Landscape

Minutes of safeguards meeting, Washington DC, 21 April 2012

Finance

Background

20 April 2012 | Minutes

How can the IMF enhance its focus on growth and poverty reduction in LICS?

A civil society meeting held at the World Bank and the IMF hold their 2012 spring meetings in Washington DC on Friday 20th April.

IFI governance

Background

20 April 2012 | Minutes

Seminar - Time for a New Consensus: Regulating Financial Flows for Stability and Development

As the World Bank and the IMF hold their 2012 spring meetings in Washington DC this week, Latindadd and the Bretton Woods Project organised a seminar about regulating financial flows on Thursday 19 April.

IFI governance

Background

20 April 2012 | Minutes

Austerity in the Eurozone

Seminar at the Spring meetings 2012, 19 April 12

Infrastructure

Background

20 April 2012 | Minutes

Kosovo's options for a sustainable energy future

Minutes of presentation and discussion on Kosovo's options to develop a sustainable energy future, Washington DC, 20 April 2012.

Infrastructure

Background

20 April 2012 | Minutes

World Bank's Climate Investment Funds 4 years later

Minutes of meeting on the World Bank-housed Climate Investment Funds and the Green Climate Fund, Washington DC, 19 April 2012

Land

Background

20 April 2012 | Minutes

Agriculture and Food Security

Minutes of agriculture and food security meeting, Washington DC, 19 April 2012

Infrastructure

Background

20 April 2012 | Minutes

Climate change, energy access and sustainable development

Minutes of climate change and energy access meeting, Washington DC, 18 April 2012

IFI governance

Background

19 April 2012 | Minutes

Supporting Social Accountability for Better Results

Minutes of World Bank Social accountability plenary, Washington DC, 19 April 2012

IFI governance

Background

19 April 2012 | Minutes

Development Policy Lending (DPL) Retrospective consultation

Minutes meeting, Washington DC, 18 April 2012

Environment

Background

19 April 2012 | Minutes

IMF Consultation on Natural Resources Management and Taxation

Notes of meeting, Spring meetings 2012, Washington DC

Infrastructure

Background

26 September 2011 | Minutes

India's energy future: Consequences of India's coal rush and alternative energy scenarios

Notes of a panel discussion, Washington DC, 20 September 2011

Infrastructure

Background

26 September 2011 | Minutes

India's energy future: What role for the Bank?

Notes of meeting, Washington DC, September 21, 2011

Gender

Background

26 September 2011 | Minutes

Civil Society Strategy Meeting on the Doing Business rankings

Notes of a meeting, Washington DC, 21 September 2011

Environment

Background

26 September 2011 | Minutes

CSO Roundtable with Lars Thunel

Notes of a meeting, Washington DC, 21 September 2011

Environment

Background

26 September 2011 | Minutes

Safeguards and climate finance in Indonesia in the context of REDD+

Notes of meeting, Washington DC, September 23, 2011

Gender

Background

23 September 2011 | Minutes

Seminar - Gender Equality Matters: The Way Forward

Notes of meeting, Washington DC, September 21, 2011

IFI governance

Background

23 September 2011 | Minutes

CSO Townhall with Robert Zoellick and Christine Lagarde

Notes of meeting, Washington DC, September 22, 2011

Infrastructure

Background

23 September 2011 | Minutes

Scaling up Climate Finance

Notes of meeting, Washington DC, September 22, 2011

IFI governance

Background

23 September 2011 | Minutes

Financial Transaction Tax implementation

Notes of a meeting, Washington DC, 22 September 2011

Finance

Background

23 September 2011 | Minutes

Real Aid

Notes of a panel discussion, Washington DC, 21 September 2011

Environment

Background

23 September 2011 | Minutes

Plundered nations?

Notes of a meeting, Washington DC, 21 September 2011

IFI governance

Background

18 April 2011 | Minutes

Consultation on Program for Results (P4R)

Notes of meeting, Washington DC, April 16, 2011

Rights

Background

18 April 2011 | Minutes

Safeguards consultation, World Bank, 16 April 2011

Summary of consultation held at the World Bank in Washington, 16 April 2011

IFI governance

Background

18 April 2011 | Minutes

IFC and Financial Intermediary Lending

Notes of meeting, Washington DC, April 15, 2011

IFI governance

Background

15 April 2011 | Minutes

How the Financial Stability Board Affects Development Prospects: Opening the Black Box

Notes of a meeting held in Washington DC, 15 April 2011

Finance

Background

14 April 2011 | Minutes

IFC's international development goals

IFC staff member discusses plans for goals to guide future work in private sector development.

Land

Background

14 April 2011 | Minutes

The regulation of excessive speculation in commodity markets: what's at stake

Financial experts critically discuss commodity speculation.

IFI governance

Background

13 April 2011 | Minutes

IMF triennial surveillance review

Notes of meeting, Washington DC, April 13, 2011

Finance

Background

13 April 2011 | Minutes

Meeting between the UK IMF Executive Director Alex Gibbs, HM Treasury and UK civil society organisat

Notes of the seminar of spring meetings 2011

Environment

Background

12 October 2010 | Minutes

Energy, Poverty, Sustainability and Climate Change

Minutes of a seminar at the 2010 annual meetings, 8 October 2010

IFI governance

Background

12 October 2010 | Minutes

Held in reserve: can a new approach to monetary policy transform the global economic outlook?

Minutes of an experts seminar held on the sidelines of the 2010 Annual Meetings of the IMF, 7 October 2010

IFI governance

Background

12 October 2010 | Minutes

Investment lending reform

A briefing by World Bank staff on the investment lending reform, 9 October 2010

Knowledge

Background

11 October 2010 | Minutes

Post MDG Summit

Notes of the seminar of annual meetings 2010

IFI governance

Background

11 October 2010 | Minutes

Future of the global financial and monetary system

Notes of the seminar of annual meetings 2010

IFI governance

Background

11 October 2010 | Minutes

Global economic governance

Notes of the seminar of annual meetings 2010

Conditionality

Background

8 October 2010 | Minutes

Civil Society Townhall Meeting with Robert Zoellick and Dominique Strauss-Kahn

Notes of the seminar of annual meetings 2010

Knowledge

Background

7 October 2010 | Minutes

Meeting between the UK IMF Executive Director Alex Gibbs , HM Treasury and UK civil society organisa

Notes of the seminar of annual meetings 2010

IFI governance

Background

29 April 2010 | Minutes

Future of the World Bank: major reforms or a series of minor adjustments?

Civil society event at the World Bank spring meetings 2010, 24 April

Infrastructure

Background

26 April 2010 | Minutes

Launch of Bank Information Center's (BIC's) model energy strategy

Civil society event at the World Bank spring meetings 2010, 24 April

IFI governance

Background

26 April 2010 | Minutes

A sustainable World Bank energy strategy: perspectives from various stakeholders

Civil society event at the World Bank spring meetings 2010, 23 April

IFI governance

Background

26 April 2010 | Minutes

Evaluation as a critical tool for accountability

Civil society event at the World Bank spring meetings 2010, 23 April

IFI governance

Background

23 April 2010 | Minutes

An IMF for the 21st century - the low-income country perspective

Civil society event at the World Bank spring meetings 2010, 22 April

Environment

Background

23 April 2010 | Minutes

Financing the response to climate change: special drawing rights (SDRs) for climate finance

Civil society event at the World Bank spring meetings 2010, 22 April

Infrastructure

Background

23 April 2010 | Minutes

Governance challenges in financing green and sustainable energy policies

Freidrich-Ebert-Stiftung event at the World Bank spring meetings 2010, 22 April

Infrastructure

Background

23 April 2010 | Minutes

Roundtable on post-crisis economic recovery

World Bank event at the World Bank spring meetings 2010, 22 April

Environment

Background

23 April 2010 | Minutes

World Bank, climate change and climate finance

Civil society event at the World Bank spring meetings 2010, 22 April

IFI governance

Background

9 October 2009 | Minutes

The IMF and protectionist trade policies: What does the record of the past 15 years tell us?

Seminar on the IEo evluation of IMF trade policy advice in Istanbul, 2 October 2009.

IFI governance

Background

8 October 2009 | Minutes

Financial sector policies in the crisis

Programme of Seminars session in Istanbul on 3 October 2009 with Zeti Aziz, Andrew Crockett, Christine Cummings, Sayed Sadeeq, and John Laker.

Environment

Background

8 October 2009 | Minutes

CSO Townhall meeting

Notes from the CSO townhall meeting with Dominique Strauss-Kahn and Robert Zoellick

IFI governance

Background

8 October 2009 | Minutes

IMF governance - CSO meeting with the IMF managing director

Minutes of a meeting between civil society organisations, IMF managing director Dominique Strauss-Kahn and IMF deputy managing director John Lipsky

Environment

Background

6 October 2009 | Minutes

Consultation meeting on World Bank environmental strategy

Summary of the first consultation on their new environment strategy, which they will develop next year.

IFI governance

Background

5 October 2009 | Minutes

The impact of financial regulation on developing countries

The impact of financial regulation on developing countries, World Bank Programme of Seminars, with Mingkang Liu, Joseph Stiglitz, and Alvir Hoffman.

Conditionality

Background

5 October 2009 | Minutes

The IMF: Change we can believe in?

The IMF: Change we can believe in? Notes of a civil society meeting in Istanbul. Speakers include Joseph Stiglitz, Andrew Kumbatira, Caroline Atkinson, and Bhumika Muchhala.

IFI governance

Background

5 October 2009 | Minutes

Future of the Global Financial System

Notes of part of a panel debate chaired by Martin Wolf of the Financial Times, Istanbul, 4 October 2009.

Finance

Background

4 October 2009 | Minutes

Report launch: Post-crisis growth in developing countries

Growth commission event in Istanbul.

IFI governance

Background

4 October 2009 | Minutes

The UN conference and the G20 summit

Minutes from The UN conference and the G20 summit, civil society policy forum discussion on 3 October 2009. Istanbul, Turkey

IFI governance

Background

4 October 2009 | Minutes

Critical debate on the World Bank and IMF

Summary of a presentation made by Professor Anwar Shaikh, the New School for Social Research, on "Monetary Policy and the Global Crisis"

IFI governance

Background

4 October 2009 | Minutes

Global economic governance roundtable

Summary of a discussion with German government representatives, Jomo KS of the UN and civil society organisations.

Environment

Background

27 April 2009 | Minutes

The World Bank's programs on forests and climate change

A civil society event organised by World Resources Institute (WRI) at the World Bank spring meetings 2009

IFI governance

Background

27 April 2009 | Minutes

Compliance Advisory Ombudsman review of standards for Bank’s private sector lending

Notes of a session with the CAO at the World Bank spring meetings, Washington, DC, April 22, 2009.

IFI governance

Background

25 April 2009 | Minutes

IMF crisis response- discussion

Notes of a meeting between the IMF and civil society organisations

Environment

Background

13 April 2008 | Minutes

Dialogue with NGOs and Lars Thunell, Executive Vice President and CEO, IFC

Dialogue with NGOs and Lars Thunell, Executive Vice President and CEO, IFC

Environment

Background

11 April 2008 | Minutes

Macroeconomic and fiscal implications of climate change and the policies to address it

A briefing by IMF economists at the spring meetings 2008.

IFI governance

Background

11 April 2008 | Minutes

Briefing on the World Bank's Six Strategic Themes

Minutes of a briefing by World Bank staff on the WBG's six strategic themese

Conditionality

Background

11 April 2008 | Minutes

IMF consultation in advance of the PSI review

Notes of a consultation between IMF staff and NGOs in advance of the PSI review

Social services

Background

10 April 2008 | Minutes

Structural conditionalities in the IMF: A discussion between the IMF, IEO, and CSOs

An upcoming civil society report demonstrates that IMF structural conditionality did not decline in the five years after the approval of the Fund's conditionality guidelines in September 2002, which were based on the principles of ownership and criticality in its application of structural conditionality, as well as to streamlining the number of conditions. Going on seven years, it seems that these guidelines have been more honoured in principle than in practice. A recent Independent Evaluation O

Finance

Background

26 October 2007 | Minutes

Macroeconomic aspects of aid scaling up and the role of the Fund

Highlights of a 21 October discussion on the macroeconomics of aid scaling up at the World Bank-IMF annual meetings 2007.

Conditionality

Background

26 October 2007 | Minutes

Wage bill ceilings, fiscal and monetary policies and absorbing aid inflows - updates and next steps

Highlights of a 20 October discussion on the the IMF's fiscal and monetary policy advice and conditionality for low-income countries at the World Bank-IMF annual meetings 2007.

IFI governance

Background

26 October 2007 | Minutes

Rethinking the governance of the IMF

Highlights of a 19 October discussion on the reform of IMF governance at the World Bank-IMF annual meetings 2007.

IFI governance

Background

26 October 2007 | Minutes

The role of low-income countries in IFI governance

Highlights of a 19 October discussion on the role of low-income countries in IMF governance at the World Bank-IMF annual meetings 2007.

Conditionality

Background

26 October 2007 | Minutes

The IMF's Policy Support Instrument: more flexibility or continued belt tightening

Highlights of a 21 October discussion on the IMF's Policy Support Instrument (PSI) at the World Bank-IMF annual meetings 2007.

Environment

Background

23 October 2007 | Minutes

Townhall meeting and reception with World Bank and IMF presidents and civil society representatives

Highlights of an 18 October 'town hall' meeting between WB-IMF heads and CSOs.

Environment

Background

23 October 2007 | Minutes

The agenda of the Development Committee and the provision of Global Public Goods

Highlights of a 20 October meeting hosted by the FES Foundation on global public goods, at the World Bank-IMF annual meetings 2007.

Infrastructure

Background

23 October 2007 | Minutes

Climate change and clean energy challenges and opportunities in addressing Africa's growing energy n

Highlights of a meeting at the World Bank-IMF annual meetings 2007.

Infrastructure

Background

23 October 2007 | Minutes

Low carbon, high hopes: making climate action work for development

Highlights of a 19 October meeting at the World Bank-IMF annual meetings 2007.

Environment

Background

5 October 2007 | Minutes

Highlights of BWI-UK network meeting with Douglas Alexander

Highlights of a 4 October meeting between NGOs in the BWI-UK network and secretary of state for international development, Douglas Alexander, addressing IFI strategic reviews, aid effectiveness, clean energy/climate change and a number of other issues.

Conditionality

Background

27 April 2007 | Minutes

IMF macroeconomic policies and the impacts on education budgets and teacher wages

IMF civil society dialogue, spring meetings 2007 (14 April 2007)

Conditionality

Background

27 April 2007 | Minutes

IEO Evaluation of the IMF and Aid to Sub-Saharan Africa

Civil society dialogue, spring meetings 2007 (12 April 2007) on the IEO Evaluation of the IMF and Aid to Sub-Saharan Africa

IFI governance

Background

27 April 2007 | Minutes

European CSO meeting with European IMF EDs

Incomplete minutes of European CSO meeting with European IMF EDs, 13 April 2007

Conditionality

Background

20 April 2007 | Minutes

Fiscal space and fiscal priorities: Infrastructure, trade and poverty

This panel discussion addressed the pros and cons of fiscal space for infrastructure when infrastructure is trade-related, what they mean for current proposals by the World Bank and IMF on fiscal space, and the importance of an assessment that looks jointly at the trade and financial aspects on the grounds of poverty reduction, development and environment goals.

Conditionality

Background

19 April 2007 | Minutes

Sub-Saharan Africa: Outlook and Challenges

Sub-Saharan Africa: Outlook and Challenges; IMF-civil society dialogue, 13 April 2007

IFI governance

Background

26 October 2006 | Minutes

Highlights of Hilary Benn meeting with UK NGOs

Highlights of semi-annual meeting between UK Secretary of State for International Development and UK NGOs. Topics covered include CSO access to annual meetings, conditionality, anti-corruption, odious debt, clean energy, education in LICUS, bank internal governance, IFC safeguards

IFI governance

Background

26 September 2006 | Minutes

Highlights of Tom Scholar meeting with UK NGOs

Highlights of quarterly meeting between UK executive director to the World Bank and IMF and UK NGOs. Topics covered include CSO access to annual meetings, IMF strategic review, conditionality, anti-corruption and education.

IFI governance

Background

28 June 2006 | Minutes

Highlights of Tom Scholar meeting with UK NGOs, Monday 26 June 2006

Highlights of Tom Scholar meeting with UK NGOs, Monday 26 June 2006

IFI governance

Background

9 May 2006 | Minutes

Policy issues in scaling up of aid flows

Highlights of a spring meetings dialogue hosted by the IMF on scaling-up aid, where senior Fund staff Peter Heller walked out.

Social services

Background

28 April 2006 | Minutes

Evaluating the impact of the PRGF: The cases of Ethiopia, Malawi, Tanzania and Zambia

Highlights of a civil society dialogue on the IMF Poverty Reduction and Growth Facility, at the World Bank spring meetings in Washington, 20 April 2006.

Infrastructure

Background

27 April 2006 | Minutes

World Bank dialogue on the clean energy investment framework

Highlights of a World Bank-organised dialogue on its new clean energy investment framework at the spring meetings in Washington, 24 April 2006.

IFI governance

Background

25 April 2006 | Minutes

Briefing on the implementation of new IFC performance standards

Briefing on the implementation of new IFC performance standards at the World Bank-IMF spring meetings in Washington, 20 April 2006.

Conditionality

Background

25 April 2006 | Minutes

Dialogue on national development strategies and the Millennium Development Goals

Dialogue on national development strategies and the Millennium Development Goals at the World Bank-IMF spring meetings in Washington, 20 April 2006.

Finance

Background

25 April 2006 | Minutes

Dialogue on Fund role in middle-income countries

Dialogue on Fund role in middle-income countries at the World Bank-IMF spring meetings in Washington, Thursday 20 April.

IFI governance

Background

6 October 2004 | Minutes

Grants or Loans? The Full Debate

The session considered the arguments surrounding the provision of grants or loans by IDA. It considered the recent call by President Bush for the World Bank and other development banks to provide more of their funds to the poorest countries as grants, in recognition of the pivotal role that grants play in providing prudent financing for pressing development needs.

IFI governance

Background

4 October 2004 | Minutes

CSO meeting with European Executive Directors

Note from meeting in Washington between European IFI network and European EDs as part of the civil society programme of the World Bank and IMF Annual Meetings 04.

Latest articles on this issue

IFI governance

Analysis

Development Committee communiqué analysis - Annual Meetings 2021

The Development Committee communiqué was published on 15 October. It acknowledged an uneven and uncertain path to recovery, while it kept silent on the need for a TRIPS waiver of the Covid-19 vaccines and said little about the IMF’s new $650 billion allocation of SDRs.

19 October 2021

IFI governance

Analysis

Annual Meetings Wrap-up: despite urgent climate and development needs, geopolitics and deference to private finance rule the day

Doing Business scandal once again highlights that geopolitical wrangling is key driving force behind Bretton Woods Institutions’ governance structure and policy prescriptions.

19 October 2021

IFI governance

Analysis

G20 communiqué analysis – Annual Meetings 2021

G20 offers sanguine tone on the global health and debt crises, failing to address issues related to vaccines and private creditors.

19 October 2021

IFI governance

Background

The World Bank’s Development Policy Financing: implications for a just, green and feminist recovery

Notes from the Civil Society Policy Forum session on 29 September on the implications and shortcomings of how Development Policy Financing nudges countries towards policy reforms.

19 October 2021 | Minutes

IFI governance

Analysis

G24 communiqué analysis - Annual Meetings 2021

G24 finance ministers called for urgent measures to arrest the unequal recovery from the Covid-19 pandemic.

19 October 2021
Managing Director Kristalina Georgieva speaks during the IMFC Plenary meeting during the 2021 Annual Meetings at the International Monetary Fund.

IFI governance

Analysis

IMFC communiqué analysis – Annual Meetings 2021

The communiqué of the IMFC was issued on 14 October. It emphasised an uneven recovery from the Covid-19 crisis and highlighted debt concerns. It also called for progress on IMF quota reform.

19 October 2021

IFI governance

Background

Building back better through IDA20: Public investment as a tool for socio-economic transformation in Africa

Notes from the Civil Society Policy Forum session on 7 October on IDA20's replenishment implications with a focus on Africa.

19 October 2021 | Minutes

IFI governance

Background

The role of the World Bank in combatting economic gender inequality in conflict-affected countries

Notes from the Civil Society Policy Forum session on 8 October on the need for the World Bank to better address economic gender inequality in conflict-affected countries.

8 October 2021 | Minutes

IFI governance

Analysis

Annual Meetings 2021 Preamble: IMF and World Bank face existential questions in midst of global health and climate crises

Doing Business scandal, likely conditions attached to SDR rechannelling and lack of Bank and Fund support for an intellectual property waiver for vaccines highlight links between undemocratic governance structures at Bank and Fund and the uneven recovery from the pandemic.

7 October 2021

IFI governance

Background

Building back better health systems: lessons from the WBG's Covid-19 response and recovery plans

Notes from the Civil Society Policy Forum session on 6 October on the World Bank's need to highlight the centrality of public healthcare systems, central to a just and equitable recovery.

6 October 2021 | Minutes