New research by Urgewald finds that the World Bank Group invested an estimated $3.7 billion in oil and gas developments in 2022 via trade financing.
International
Finance
News
Civil society urges governments to agree on a UN tax body as a high priority
African Group’s proposal for a UN Tax Convention moves forward as CSOs keep pressure on rich countries not to block it.
Finance
News
New book addresses shortcomings of traditional approaches to debt and economics
New book details the gendered effects of austerity and argues that the human rights of people living in debt-distressed countries must take precedence over creditors’ financial interests.
IFI governance
Background
An Evolution Roadmap responsive to development crises? Towards an external evaluation of the World Bank’s cascade
Notes from the Civil Society Policy Forum on 11 October 2023 titled, "An Evolution Roadmap responsive to development crises? Towards an external evaluation of the World Bank’s cascade."
IFI governance
Analysis
Marrakech Annual Meetings Wrap-up 2023: Bretton Woods Institutions wilt in the desert, as ‘pragmatism’ fails to resolve urgent crises
Incremental changes paper over deficiencies of status quo, as civil society calls for the radical change required to meet the moment.
IFI governance
Analysis
V20 communiqué analysis Annual Meetings 2023: Climate vulnerable countries demand more voice at Bretton Woods Institutions
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.
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.
Featured briefings
3 July 2024
The Bretton Woods Observer: Summer 2024
3 July 2024
Is the World Bank rolling back commitments to citizen engagement, again?
Understanding the Bank’s chequered history with public, community and civil society participation is key for understanding what is at stake and what to do next.
3 June 2024
A way out for IMF reform
New paper analyses the IMF 16th Quota Review and identifies key governance reforms feasible in the current economic and geopolitical context.