Lack of consensus over Ukraine conflict meant Development Committee once again failed to agree a communiqué, with split also emerging over sources of funding for Bank’s expanded mission.
IBRD
IFI governance
Analysis
V20 communiqué analysis Spring Meetings 2023: Climate vulnerable countries call for global financial architecture fit to tackle climate and debt emergencies
V20 called for substantive debt relief and increased concessional financing to help break vicious cycle of debt and Loss and Damage, and spur ‘climate-positive development’.
IFI governance
Analysis
Spring Meetings 2023 Wrap up: Bretton Woods Institutions fail to deliver a transformative ‘evolution’
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.
IFI governance
Analysis
Democratic deficit in World Bank presidential appointment: Where is the evolution?
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.
Finance
News
A different ‘evolution roadmap’: Havana conference calls for changes in world order hierarchy
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".
Infrastructure
Analysis
World Bank and IMF influence casts shadow over South Africa’s Just Energy Transition Partnership
World Bank’s support for fossil fuel projects, including problem-riddled Medupi coal power station, leaves its reputation in tatters with South African civil society.
Environment
News
World Bank’s update on Paris alignment fizzles at COP27 as countries demand MDBs evolve to face climate emergency
Despite continued public rhetoric about importance of civil society engagement, Bank is yet to commit to holding a public consultation period on its Paris alignment approach.
IFI governance
Background
Greening whole economies? Unpacking World Bank plans for Paris alignment by July 2023
Notes from a Civil Society Policy Forum event on 14 October titled "Greening whole economies? Unpacking World Bank plans for Paris alignment by July 2023."
IFI governance
Analysis
Annual Meetings 2022 Preamble: With risk of global recession on horizon, World Bank and IMF's ability to offer credible solutions remains in question
Economic turmoil and geopolitical fragmentation will provide the backdrop to the first in-person World Bank and IMF Annual Meetings since 2019.
Finance
Analysis
G20 review calls for increased MDB lending as World Bank ignores urgent need for policy changes
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.
Environment
Analysis
World Bank’s failure to disclose details of climate finance accounting opens its claim to be leading green financier to scrutiny
Newly released study by Oxfam finds that the Bank’s claims of climate finance for FY2020 could be off by as much as 40 per cent, or $7 billion, highlighting the urgent need for greater public disclosure.
Finance
Analysis
A new Bretton Woods for whom? Civil society calls for democratisation of global governance
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.
