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.
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.
The links between high debt burdens, lack of climate finance, austerity and the rise in political instability and fragility, conflict and violence remain largely neglected as IMF shareholders consider calls for a new SDR allocation, as proposed by the Bridgetown Agenda.
As economic conditions worsen and the Fund's legitimacy comes under increasing pressure, IMF leaders gathering for the Annual Meetings must make progress on ongoing review of IMF quotas and agree a more equitable formula and distribution of voting power.
As geopolitical tensions rise amidst worsening global economic conditions, civil society demands the democratisation of a world economic order away from the established Global North and elite capitalist hegemony.
The Development Committee communiqué was published on 15 October. It acknowledged an uneven and uncertain path to recovery, while it kept silent on the need for a TRIPS waiver of the Covid-19 vaccines and said little about the IMF’s new $650 billion allocation of SDRs.
CSOs urge the G7 to take action to support debt-distressed economies by calling for the International Monetary Fund (IMF) to immediately end its harmful surcharge policy.
Market-led policy approaches increasingly used to deal with both climate and health emergencies are failing to protect those most vulnerable.
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".