Incremental changes paper over deficiencies of status quo, as civil society calls for the radical change required to meet the moment.
Middle East & North Africa
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.
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.
As the World Bank moves toward finalising its ‘Evolution Roadmap’, and IMF shareholders struggle to agree on an outcome to the 16th Review of Quotas, the stakes in Morocco are high.
New collection of critical essays by authors from MENA and Sub-Saharan Africa do a retrospective of the BWIs involvement in the region, and the legacy of BWIs-supported unjust and extractionist world economic order.
This briefing explains how the IMF and World Bank have driven the financialisation of MENA states, and the pervasive negative effects this has had on the region’s societies and economies.
To prevent repression and retaliation at their Annual Meetings in Marrakesh, World Bank and IMF must work proactively with MENA civil society and Moroccan authorities on safeguarding civic space and upholding free speech.
Despite continued public rhetoric about importance of civil society engagement, Bank is yet to commit to holding a public consultation period on its Paris alignment approach.
Tunisian government is attempting to renegotiate IMF loan to avoid subsidy cuts on food and fuel.
Marrakech working group calls on the BWIs to cancel the debt, stop imposing austerity and ensure a just energy transition.
Egypt’s new EFF program will likely deepen the country’s debt crisis, instead of helping improve its socioeconomic conditions.
World Bank plans to publish latest DBR in March and undertake an external review of the report’s methodology.
Notes from a Civil Society Policy Forum on 12 October titled: "Coup d'états and political instability: The roles of national, regional, and international actors."
Notes from Civil Society Policy Forum event on April 13, 2022 on "Are We Heading Towards and Austerity-Based Recovery?"
Notes from the Civil Society Policy Forum session on 29 September on fiscal measures to promote sustainable growth during the longer-term recovery phase.
Notes from the virtual Civil Society Policy Forum session on 29 March.