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.

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.
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’.
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.
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".
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.
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.
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."
Economic turmoil and geopolitical fragmentation will provide the backdrop to the first in-person World Bank and IMF Annual Meetings since 2019.
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.
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.
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.