FfD4 civil society feminist workstream calls for gender and race equality, human rights and systemic change in the international financial architecture, while groups plan strategic convening in Morocco.
International Monetary Fund (IMF)
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.
Knowledge
Background
Bretton Woods Project Annual Report 2024
In 2024 BWP continued to support global civil society in pushing for transformative change, advocating for a multilateral system that is democratic, inclusive, transparent, accountable and responsive to people, especially the poorest and most vulnerable.
Knowledge
Background
Recommended resources on the World Bank and the IMF 2024
BWP's collection of recommended reports, briefings, CSO letters and other resources published on the World Bank and the IMF in the past year .
Environment
Analysis
COP29 sees MDBs climate finance take centre stage, as civil society brands new climate finance goal a ‘betrayal’
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.
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.
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
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.
