Action plan launched by Bretton Woods Institutions and other IFIs ignores role of corporatisation of agriculture in contributing to current crisis.
Spring Meetings conclude with frantic calls for stronger multilateralism, but few advances in key issues such as Covid-19 unequal recovery, debt, inequality and climate crises, while Russia participation prevents G20, G24 and Development Committee from releasing a communique.
The IMFC issued a chair statement in place of a communiqué. It discussed a long list of challenges with focus on fallout from Ukraine invasion and climate change.
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.
The country – reeling from the Russia invasion – owes a total of $22 billion to the IMF, World Bank and other international financial institutions.
Over 250 civil society experts urge the IMF to eliminate its punitive surcharges on countries in debt distress as they undermine an equitable economic recovery and exacerbate the global debt crisis.
Egypt, Ukraine, South Africa and Ecuador have recently signed IMF loan programmes that involve severe austerity measures.
Early evidence suggests IMF programmes are maintaining long-term fiscal consolidation targets, while World Bank further continues Maximizing Finance for Development narrative amidst Covid-19 crisis.
Bank and Fund-backed land bill passed in dead of night during lockdown favouring private investors and Western agribusiness.
Ukraine passes contentious draft land reform law under pressure from World Bank, IMF and EBRD.
Alarm bells ringing as Ukraine struggles to meet IMF conditionality on fuel prices and anti-corruption approach criticised
CSOs argue DBR’s deregulation policies do not lower income inequality or promote inclusive economic growth, instead incentivising tax competition and undermining inclusive development.