Rich countries agree to provide a paltry $300 billion in public finance by 2035 including funds channelled through MDBs, as Small Island States and Least Developed Countries stage walkout.
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International Monetary Fund (IMF)
Conditionality
Analysis
Who’s afraid of the grassroots? IMF policymaking in the era of social discontent
IMF proposes a grassroots communication strategy to convince the public of the need for further austerity measures as publications reveal fear that social unrest will make reforms ‘unimplementable’.
Finance
News
IMF’s PRGT review places the burden of financing the program on low-income countries
As the IMF increases cost of lending for LICs by introducing a tiered interest mechanism to the PRGT, CSOs and V20 Group call instead for an SDR interest rate cap to reduce the cost of lending and for sale of gold reserves to address the funding gap.
IFI governance
Analysis
Annual Meetings 2024 Wrap-up - Don’t look back: BWIs plough down path of reforms lacking evidence and willingness to engage with broader UN-led reform processes
The 2024 World Bank and IMF Annual Meetings, taking place in the context of the institutions’ 80th anniversary, offered little substantive reform despite multiple ongoing organisational processes and reviews.
IFI governance
Analysis
G20 communiqué analysis Annual Meetings 2024: progress on tax and inequality obscures Group's wider failures
At the 25th anniversary of the Group’s Finance Track, the G20 communiqué’s robust language on the taxation of billionaires, including encouraging “constructive discussions” about the UN Tax Conference was contrasted by much more cautious language on MDB reform, climate finance, debt and Special Drawing Rights.
IFI governance
Analysis
G24 communiqué analysis Annual Meetings 2024: calls for robust multilateral response to mounting risk and global crises
G24 calls for robust multilateral response to debt, development and climate crises, arguing the IMF and World Bank must continue reform in order to maintain legitimacy and fulfil their mandate.
IFI governance
Analysis
IMFC chair’s statement analysis Annual Meetings 2024: a fiscal consolidation “pivot” as IMF struggles to get its house in order
Chair’s statement calls for a ‘pivot’ to fiscal consolidation and announces possible approaches to guide further quota realignment by June 2025. In contrast, China’s statement calls for work to begin on alignment even without resolution of 16th quota review.
IFI governance
Analysis
V20 communiqué analysis Annual Meetings 2024: climate vulnerable countries once again demand key changes to IMF’s approach, as world risks breaching climate tipping points
V20 members offered a searing indictment of rich countries’ failure to act on BWIs governance, debt relief, climate finance and SDRs.
Other news
Finance
News
BWIs use frozen Russian assets as part of $50 billion support to Ukraine
BWIs engineer creative ways to provide financial support to Ukraine using frozen Russian assets as back up, in contrast to lack of support for debt-stricken African countries.
Finance
News
UN's Fourth Financing for Development Conference takes place at key moment for international financial architecture reform
Civil society Financing for Development (FfD) Mechanism calls for FfD4 conference to deliver meaningful reform and a true path towards democratic multilateralism.
IFI governance
Background
Arab voices for sustainable development financing: rights-based approaches to addressing the debt tax-climate crises
Notes from the Civil Society Policy Forum on 24th October 2024 titled "Arab Voices for Sustainable Development Financing: Rights-Based Approaches to Addressing the Debt Tax-Climate Crises".
IFI governance
Background
Evidence based analysis of the implementation of anti IFFs policies in Africa- Lessons from the policy tracker project
Notes from Civil Society Policy Forum on 23 October titled "Evidence based analysis of the implementation of Anti IFFs policies in Africa- Lessons from the policy tracker project".
IFI governance
Background
Taxing the super-rich, a step closer
Notes from a Civil Society Policy Forum SPF on 22 October 22 titled "Taxing the super-rich, a step closer".
IFI governance
News
CSOs call for mandatory and meaningful consultation at the IMF
Civil society organisations call for consultation on the design of policies that significantly impact states and citizens.
Finance
News
IMF surcharges review: tinkering at the margins as crises deepen?
IMF’s surcharges review is resorting to incremental changes by reviewing the level and time base of penalty charges, instead of achieving meaningful reform
Gender
News
Tara Povey joins the Bretton Woods Project as new Gender Equality and Macroeconomics Project Lead
Tara will continue the work of the gender team in advocacy targeting the IMF and the World Bank.
Featured briefings
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16 October 2024
The lost call for international financial architecture reform in the G20
At the 80th anniversary of the World Bank and IMF, global civil society must maintain pressure on the Brazilian and South African G20 presidencies to ensure the forth Financing for Development Conference in 2025 results in urgently required international financial architecture reform.