In the absence of a G20 Communiqué or Chair statement, Brazilian minister of finance, head of the central bank and other senior officials took questions at a short press conference, with discussion focused on the impact of continued restrictive US monetary policy on the global debt and development finance and the need for more responsive and better capitalised MDBs.
Urgent BWIs reforms remain hostage to lack of political will in Global North as the G20 failed to deliver on important issues within a fragmented geopolitical situation.
At a time when transformative changes on governance and development financing are required, the World Bank and IMF have instead opted for a slimmed down Spring Meetings schedule.
Amid challenging global conditions, proposals to address liquidity issues must be urgently matched by a reformed, development-focused international financial architecture.
Civil society renews calls for an independent external evaluation of Bank policies ahead of Spring Meetings’ focus on the operationalisation of the Roadmap and a ‘historic’ IDA21 replenishment.
UN Secretary General’s New Agenda for Peace report identifies growing threats to global peace and stability, and proposes urgent reforms to the unjust economic system. World Bank and IMF resist policy and governance reform.
The Group of 20 (G20) communiqué was published on 13 October. It focused on the consequences of the evolving debt situation, reaffirmed support for the much-criticised Common Framework and was silent on debt relief. The section on MDB reform meanwhile stressed ‘bigger’ rather than ‘better’ banks.
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
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.
