Notes from the CSPF on 11 April titled "Financial flows, capital controls, and development impacts in the Global South."
International
IFI governance
Analysis
Spring Meetings 2023 Preamble: Threats to multilateral system and to achievement of development goals mount as hopes of substantive reform at World Bank and IMF wane
Spring Meetings unlikely to deliver structural reforms required to respond to worsening polycrisis, as Global North-driven World Bank reform set to divert attention from poverty and inequality and geopolitical tensions dampen hopes of new SDR allocation and IMF quota reform.
IFI governance
Analysis
Democratic deficit in World Bank presidential appointment: Where is the evolution?
The World Bank Group needs to address its democratic deficit and lack of accountability. As it prepares to elect a new president and implement its “evolution roadmap”, it should use these key opportunities to embrace a profound reform.
IFI governance
Analysis
The IMF at the 75th anniversary of the Universal Declaration of Human Rights: The need for governance reform
As the world celebrates the 75th anniversary of the Universal Declaration of Human Rights, it is time the IMF’s shareholders use the opportunities provided by the anniversary and growing calls for reforms to the international financial architecture to redesign the IMF’s governance structures and programmes to ensure they are consistent with the commitments outlined in 1948 and with international human rights law.
Finance
Analysis
The global financial architecture and the international debt crisis: An urgent call for reform
Influence of unreformed international financial institutions and creditor interests in debt solutions in low- and middle-income countries plagued by delay and ineffective when undertaken.
Finance
Analysis
Against regressive taxes and austerity: IMF and World Bank must pivot tax policies to support a just and green transition
This year, 85 per cent of the world’s population lives under austerity measures, while multinational enterprises and the wealthy have benefited from privileged tax structures and regressivity, allowing inequality to widen.
Gender
News
Lagging behind: World Bank and IMF rank poorly against other IFIs as their approach to macro is still gender-blind despite reform promises
Newly released ranking report on IFI gender and climate policies reflects mounting frustration with the gender-blindness of Bank and Fund, especially the Bank’s promised reform.
IFI governance
News
IMF and World Bank governance reform: Enabling the international system to meet the challenges of the 21st century
On April 15th 2023 a whole-day event will bring together concerned organisations and individuals from around the globe, to debate urgent reforms of the BWI’s governance structures required to support an adequate global response to the climate, inequality and debt crises, and to avoid the fragmentation of the multilateral system.
Finance
News
IMF continues to disregard UN Human Rights Commission concerns about its surcharge policy
IMF managing director continues to refuse to answer letter from UN Human Rights Council concerning the negative impact of IMF surcharges as world celebrates 75th anniversary of Universal Declaration of Human Rights.
Social services
News
Civil society calls to move away from PPPs grow, while World Bank doubles down on private finance-led approach
Civil society ramps up calls to move away from public-private partnerships (PPPs) with Santiago Declaration for Public Services.
Finance
News
A different ‘evolution roadmap’: Havana conference calls for changes in world order hierarchy
As IMF and World Bank tinker at margins, 50 policymakers, diplomats and academics from over 26 countries issue Havana Declaration calling for an assertion of Southern power and the building of a new "planetary bloc".
IFI governance
News
World Bank announces management staff changes, including key players in the ‘evolution roadmap’ process
Anna Bjerde appointed as Bank’s managing director of operations as Axel van Trotsenburg replaces Mari Pangetsu as managing director of development policy and partnerships.
Featured briefings
6 April 2023
World Bank and IMF Spring Meetings 2023
5 April 2023
The IMF at the 75th anniversary of the Universal Declaration of Human Rights: The need for governance reform
As the world celebrates the 75th anniversary of the Universal Declaration of Human Rights, it is time the IMF’s shareholders use the opportunities provided by the anniversary and growing calls for reforms to the international financial architecture to redesign the IMF’s governance structures and programmes to ensure they are consistent with the commitments outlined in 1948 and with international human rights law.
5 April 2023
The global financial architecture and the international debt crisis: An urgent call for reform
Influence of unreformed international financial institutions and creditor interests in debt solutions in low- and middle-income countries plagued by delay and ineffective when undertaken.