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.
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.
War in Ukraine will have significant spillover effects as Global South continues to carry the burden of vaccine inequity. Debt, austerity and evolving food crisis key talking points of Meetings while unequal recovery, gender, RST and surcharges key issues at CSPF.
IMF review of institutional view on capital controls disappoints as it largely maintains the policy framework of its predecessor
Civil society rejects new Agreement arguing IMF loan will be used to pay odious debt and result in reforms damaging to human rights.
While the Bank stressed the need for a recovery based on Green, Resilient and Inclusive Development and the IMF highlighted its concerns about the divergent paths of the global recovery in 2021, both continued to support largely unreformed policies.
Doing Business scandal, likely conditions attached to SDR rechannelling and lack of Bank and Fund support for an intellectual property waiver for vaccines highlight links between undemocratic governance structures at Bank and Fund and the uneven recovery from the pandemic.
Private sector first approach intact in IDA20 replenishment despite CSO recommendations.
This Inside the Institutions looks at the IMF’s Special Drawing Rights, including their history and usage, with a focus on the latest allocation, which accounts for 69 per cent of the SDRs ever disbursed.