At the 25th anniversary of the Group’s Finance Track, the G20 communiqué’s robust language on the taxation of billionaires, including encouraging “constructive discussions” about the UN Tax Conference was contrasted by much more cautious language on MDB reform, climate finance, debt and Special Drawing Rights.
Latin America & Caribbean
IFI governance
Analysis
V20 communiqué analysis Annual Meetings 2024: climate vulnerable countries once again demand key changes to IMF’s approach, as world risks breaching climate tipping points
V20 members offered a searing indictment of rich countries’ failure to act on BWIs governance, debt relief, climate finance and SDRs.
Finance
Analysis
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.
Accountability
News
World Bank’s lack of meaningful consultation leaves Chiquitano Indigenous Peoples in Bolivia with no recourse
World Bank fails in its commitment to accountability by disregarding communities’ participation all the way through project design, implementation and resulting remedy plans.
Environment
News
Jamaica’s World Bank-brokered catastrophe bond fails to pay despite devastation of Hurricane Beryl
Bond's 'parametric criteria' were not triggered by powerful storm, despite the entire island being declared a disaster zone.
IFI governance
Analysis
G20 press conference analysis Spring Meetings 2024: Concrete actions fail to materialise despite strong Brazilian push
In the absence of a G20 Communiqué or Chair statement, Brazilian minister of finance, head of the central bank and other senior officials took questions at a short press conference, with discussion focused on the impact of continued restrictive US monetary policy on the global debt and development finance and the need for more responsive and better capitalised MDBs.
IFI governance
Analysis
V20 communiqué analysis Spring Meetings 2024: Climate vulnerable countries issue call to action, as net-negative flows result in ‘millions in, billions out’ amid growing debt burdens
V20 members are expected to pay $904.7 billion in debt service between 2022-2030, as debt, lack of financing and low projected growth hampers prospects for green economic transformation.
Environment
Analysis
Gambling with the planet’s future? World Bank Development Policy Finance, ‘green’ conditionality, and the push for a private-led energy transition
BWP's review of energy sector conditionality in World Bank Development Policy Financing from fiscal years 2018 to 2023 reveals the Bank has followed a pattern of promoting neoliberal reforms in many countries' energy sectors, with climate action increasingly being viewed as the rationale for these changes.
Other news
Trade
News
Ecuador ratifies 2008 ban on investor-state dispute settlement mechanism
Ecuador referendum reinforces the country’s decision against a mechanism criticised for being asymmetric, unjust and detrimental to citizens’ rights.
Environment
News
Civil society raises concerns about Resilience and Sustainability Trust’s green conditionality as Fund conducts interim review
CSOs and experts question the suitability of ‘green' policy conditions attached to RST loans.
IFI governance
Background
Agriculture, financialization, and gender: Exploring the World Bank’s response to interlinked phenomena
Notes from the Civil Society Policy Forum on 17 April 2024 titled "Agriculture, financialization, and gender: Exploring the World Bank’s response to interlinked phenomena"
IFI governance
Background
The future of Special Drawing Rights as a development finance tool: What's next?
Notes from the Civil Society Policy Forum session on 17 April 2024, titled "The Future of Special Drawing Rights as a Development Finance Tool: What's Next?"
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.
Finance
News
IMF acknowledges capital controls have helped Argentine economy
IMF research acknowledges measures to restrict capital outflows introduced in 2019 contributed to Argentina meeting the performance criteria for the Fund’s Extended Fund Facility.
IFI governance
Background
Voices of the Global South: Taxation and polycrisis
Notes from Civil Society Policy Forum event on April 14 2023 titled "Voices of the Global South: Taxation and polycrisis"
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.