As Bretton Woods Institutions fail to deliver transformative, systematic reform of deeply unequal global architecture, countries should embrace a more democratic space: the United Nations Financing for Development process
Despite pressing global issues, including a mounting debt crisis in low- and middle-income countries, the G20 failed to release a communique following the meeting of its finance ministers on 13 April at the World Bank and IMF Spring Meetings.
In the absence of transformative reform blocked by geopolitical fragmentation, the World Bank and IMF continue addressing global challenges with short-term, misguided measures of trickledown economics and private sector over reliance.
Spring Meetings unlikely to deliver structural reforms required to respond to worsening polycrisis, as Global North-driven World Bank reform set to divert attention from poverty and inequality and geopolitical tensions dampen hopes of new SDR allocation and IMF quota reform.
The World Bank Group needs to address its democratic deficit and lack of accountability. As it prepares to elect a new president and implement its “evolution roadmap”, it should use these key opportunities to embrace a profound reform.
Influence of unreformed international financial institutions and creditor interests in debt solutions in low- and middle-income countries plagued by delay and ineffective when undertaken.
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.”
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.
As IMF and World Bank tinker at margins, 50 policymakers, diplomats and academics from over 26 countries issue Havana Declaration calling for an assertion of Southern power and the building of a new "planetary bloc".
Chad has reached an agreement to restructure its nearly $3 billion of external debt, unlocking IMF financing, but the deal has been criticised for failing to reduce the country’s overall debt burden.
As the Covid-19 pandemic exacerbated and helped reveal pre-existing injustices and structural flaws in the global economy - and the IMF and World Bank proved unable to reverse course on broke policy prescriptions - calls for reforming the international financial and development architecture gained strength.
Notes from the IMF and World Bank 2019 Spring Meetings official session on 14 April on international taxation challenges in Africa.
Private creditors provided with IMF backing in Argentina negotiations as country enters into default.
Notes from the Civil Society Policy Forum event on 10 April, which looked at sustainable infrastructure from fiscal, rights and climate lenses.
152 CSOs call demand World Bank halt its aggressive support of PPPs, publicaly recognise their significant risks.
Notes from a PPP civil society strategy session taking place during the week of the World Bank/IMF annual meetings 2016.