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.
East Asia & Pacific
Despite lofty rhetoric, Bank’s attempts to use scarce concessional finance to build investable project pipelines to secure power sector decarbonisation faces significant hurdles.
The IMFC again did not issue a communiqué as it could not agree on language on the war in Ukraine. A chair’s statement was issued in lieu of the communiqué and emphasised the resilience of the global safety net system, better than projected conditions and concerns about significant challenges.
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’.
Addition of cumulative carbon emissions indicator in IMF quota formula would give climate-vulnerable countries greater voice in IMF.
IMF’s new gender mainstreaming strategy makes effort to include civil society demands but falls short of transformative vision as austerity remains Fund’s raison-d’état.
The finance ministers for the Vulnerable Group of Twenty, a bloc of 58 developing country economies representing some 1.5 billion people, issued a communiqué on 16 October.
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.
The World Bank released a concept note of Doing Business report replacement, B-Ready project, ignoring civil society demands of an independent evaluation.
New CSO research alleges that IFC investments have contributed to forced displacement and labour, detention, and other human rights violations of Uyghurs and other minorities in Xinjiang, China.
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."
Notes from the Civil Society Policy Forum session on 4 October on the ways to maximise the impacts of the recent allocation of $650 billion Special Drawing Rights.
Civil society day of action rejects corporate agenda and greenwashing in World Bank and IMF Covid-19 recovery.
Civil society letter condemns World Bank statements as ‘weak’.
Notes from the virtual Civil Society Policy Forum event on 30 March.
Notes from the virtual Spring 2021 Civil Society Policy Forum on 25 March 2021.