V20 seeks confirmation of official observer status at the Bretton Woods Institutions by COP28, as IMF quota review fails to give greater voting power to climate vulnerable countries.
Spring/Annual meetings
IFI governance
Analysis
G24 communiqué analysis Annual Meetings 2023: Scramble for 'last resort' support to struggling countries
The Annuals 2023 G24 communiqué for reiterates an urgent need for financial support from both the IMF and World Bank for indebted countries, whilst also supporting reform through quotas, a new SDR allocation & surcharge abolishment and review.
IFI governance
Analysis
G20 communiqué analysis Annual Meetings 2023: Nothing new under the sun
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.
IFI governance
Analysis
Development Committee chair’s statement analysis Annual Meetings 2023: Geopolitical fragmentation limits the ambition for reform
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.”
IFI governance
Analysis
IMFC chair’s statement analysis Annual Meetings 2023: Fine words but little of substance as critical decisions kicked down the road
Divisions once again prevented the IMFC from issuing a communiqué. The chair issued a statement that promised much but delivered little, supporting a third Sub-Saharan African chair on the IMF’s executive board, but kicking key reforms like quota realignment and a discussion on surcharges down the road.
IFI governance
Background
The B-Ready Project: A significant departure from the Doing Business Report?
Notes from the Civil Society Policy Forum on 12 October 2023 titled, "The B-Ready Project: A significant departure from the Doing Business Report?"
IFI governance
Background
African perspectives on the reforms of the international financial architecture
Notes from the Civil Society Policy Forum Session 'African perspectives on the reforms of the international financial architecture' on 11 October 2023.
IFI governance
Background
Transformative policy pathways: Lessons from feminist economics programming for the IMF
Notes from the Civil Society Policy Forum on 10 October 2023 titled "Transformative policy pathways: Lessons from feminist economics programming for the IMF."
IFI governance
Analysis
Annual Meetings 2023 Preamble: Lack of governance reform and economic transformation front and centre as World Bank and IMF meet in Africa for first time in 50 years
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.
Finance
Analysis
The IMF and World Bank talk good governance, but walk with state- capturers
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.
Featured briefings
16 October 2024
The Bretton Woods Observer: Autumn 2024
16 October 2024
The lost call for international financial architecture reform in the G20
At the 80th anniversary of the World Bank and IMF, global civil society must maintain pressure on the Brazilian and South African G20 presidencies to ensure the forth Financing for Development Conference in 2025 results in urgently required international financial architecture reform.
16 October 2024
Sustainable development requires sustainable finance: why local currency financing is part of the solution
Multilateral development banks can reduce their dependence on hard currency lending and make local currency financing a central element of their developmental mandate.