World Bank’s support for fossil fuel projects, including problem-riddled Medupi coal power station, leaves its reputation in tatters with South African civil society.
Addition of cumulative carbon emissions indicator in IMF quota formula would give climate-vulnerable countries greater voice in IMF.
IMF’s new gender mainstreaming strategy makes effort to include civil society demands but falls short of transformative vision as austerity remains Fund’s raison-d’état.
The finance ministers for the Vulnerable Group of Twenty, a bloc of 58 developing country economies representing some 1.5 billion people, issued a communiqué on 16 October.
IMFC chair statement condemns Russia’s war while scrambling for new ideas to tackle inflation, debt, and climate change, as Covid response fades from attention.
G24 communiqué echoes calls for more drastic measures by international financial institutions to cushion the blow for low- and middle-income countries in the face of compounding global crises.
The Development Committee issued a chair statement instead of a communiqué, following its meeting on 14 October.
The Indonesian Minister of Finance Sri Mulyani Indrawati acknowledged the G20 faced "many challenges" and "differences in view", with "escalating geopolitical conflicts worsening the economic situation.”
The World Bank and IMF meet for their Annual Meetings amid a turbulent economic and geopolitical context, and the realisation that the SDGs will not be met. Despite much discussion of urgent action required, little evidence of solutions to the multiple challenges facing the globe was on offer.
Economic turmoil and geopolitical fragmentation will provide the backdrop to the first in-person World Bank and IMF Annual Meetings since 2019.
G20 independent review calls for increased lending by multilateral development banks to address multiple crises, but lack of reform in World Bank crises response framework raises concerns about how it would use additional resources.
The sovereign debt crises threatening states in the Global South are less about fiscal mismanagement and more about monetary power in the global currency hierarchy.