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.
The Development Committee met on 12 October, with the chair issuing a statement, instead of a communiqué, reflecting the views of the majority of shareholders on the measures needed to tackle the development challenges that “have upended decades of hard-won development progress, and the development.”
As the World Bank moves toward finalising its ‘Evolution Roadmap’, and IMF shareholders struggle to agree on an outcome to the 16th Review of Quotas, the stakes in Morocco are high.
From South Africa to Tunisia, Libya and Egypt, the Bank and Fund have demonstrated they are not appropriate allies to address the scale of the crisis the world is facing, especially, given their record.
The recent BRICS enlargement creates additional pressure for IMF governance reform.
The success of the World Bank Evolution Roadmap will depend on developed countries' willingness to bridge the gap with developing countries by increasing Global South decision-making power and committing to a capital increase.
IMF’s new report looking at the impact of the $650 billion SDR allocation in 2021 talks about the benefits of the allocation for the global economy but fails to address the scale of the polycrisis.
New collection of critical essays by authors from MENA and Sub-Saharan Africa do a retrospective of the BWIs involvement in the region, and the legacy of BWIs-supported unjust and extractionist world economic order.
Briefing examines the shortcomings of the current SDRs allocation system and calls to reform SDRs to ensure their targeted, needs-based and equitable distribution.
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