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.
Amid challenging global conditions, proposals to address liquidity issues must be urgently matched by a reformed, development-focused international financial architecture.
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.
Understanding the Bank’s chequered history with public, community and civil society participation is key for understanding what is at stake and what to do next.
New paper analyses the IMF 16th Quota Review and identifies key governance reforms feasible in the current economic and geopolitical context.
