Rich countries agree to provide a paltry $300 billion in public finance by 2035 including funds channelled through MDBs, as Small Island States and Least Developed Countries stage walkout.
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International
Private Sector
Commentary
The B-Ready index: the World Bank’s bluewashing of labour rights
World Bank’s new Business-Ready (B-Ready) index offers new measures but reductionist approach, ultimately rewarding countries driving down labour rights in favour of business.
Accountability
Analysis
Missing in action: accountability is noticeably absent from the World Bank Group’s new Corporate Scorecard
The Corporate Scorecard’s accountability gap is symptomatic of a broader failure on the part of the WBG to fully internalise, integrate and learn from the work of its accountability mechanisms.
Conditionality
Analysis
Who’s afraid of the grassroots? IMF policymaking in the era of social discontent
IMF proposes a grassroots communication strategy to convince the public of the need for further austerity measures as publications reveal fear that social unrest will make reforms ‘unimplementable’.
Land
News
World Bank goes full steam ahead on agribusiness, but new CAFOD report highlights gendered harms of Bank's approach
Under President Banga, the World Bank is going full steam ahead on agribusiness financing with a $9 billion annual commitment by 2030, but a CAFOD report highlights harmful gendered impacts of current approach to commercialising farming.
Environment
News
MIGA’s new guarantee for voluntary carbon markets risks shielding big polluters
CSOs warn MIGA's proposal at COP29 to de-risk carbon markets for private investors could shield polluters from accountability, leaving local communities to bear the costs.
IFI governance
News
New report debunks claims that inadequate MDB transparency results from private sector concerns
Amid underwhelming private capital mobilisation, new report underscores poor state of transparency and disclosure of private sector finance by multilateral development banks and development finance institutions.
Finance
News
IMF’s PRGT review places the burden of financing the program on low-income countries
As the IMF increases cost of lending for LICs by introducing a tiered interest mechanism to the PRGT, CSOs and V20 Group call instead for an SDR interest rate cap to reduce the cost of lending and for sale of gold reserves to address the funding gap.
Other news
Finance
News
IDA21 cobbles together $100 billion replenishment in context of wider aid cuts
Amid concerns about the policy package and in the face of global crises, IDA's 21st replenishment showed difficulty of mobilising donor finance amid elections and geopolitical tensions.
Accountability
News
CAO report adds to concerns about IFC's compliance with its own GHG emissions obligations
CAO report substantiates civil society findings about IFC’s failure to comply with its own requirements for GHG emissions measurement, alternatives analysis, mitigation and disclosure.
Finance
News
UN's Fourth Financing for Development Conference takes place at key moment for international financial architecture reform
Civil society Financing for Development (FfD) Mechanism calls for FfD4 conference to deliver meaningful reform and a true path towards democratic multilateralism.
Environment
News
Trump election may add pressure to reverse World Bank’s prohibition on support for nuclear power
Donald Trump’s election may result in a revision of World Bank’s long-standing prohibition of support to nuclear power.
Accountability
Background
Strengthening governance of development policy finance: Improving transparency, accountability, stakeholder engagement, and Paris alignment
Notes from the Civil Society Policy Forum on 24 October 2024 titled "Strengthening governance of development policy finance: Improving transparency, accountability, stakeholder engagement, and Paris alignment".
IFI governance
Background
Evidence based analysis of the implementation of anti IFFs policies in Africa- Lessons from the policy tracker project
Notes from Civil Society Policy Forum on 23 October titled "Evidence based analysis of the implementation of Anti IFFs policies in Africa- Lessons from the policy tracker project".
IFI governance
Background
Taxing the super-rich, a step closer
Notes from a Civil Society Policy Forum SPF on 22 October 22 titled "Taxing the super-rich, a step closer".
IFI governance
Background
Problematising the Bank’s reliance on financial inclusion, from the gender strategy to the corporate scorecard
Notes from a Civil Society Policy Forum panel on 22 October titled "Problematising the Bank’s Reliance on Financial Inclusion, from the Gender Strategy to the Corporate Scorecard".
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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.