More debt without tackling the political sources of Egypt’s economic problems means a deepening of the crisis.
Middle East & North Africa
Environment
News
Morocco and IMF Resilience and Sustainability Trust: Balancing debt, privatisation and neocolonial dynamics
Morocco's $1.32 billion Resilience and Sustainability Trust loan comes with 'green conditions' which may facilitate neocolonial resource-grabbing and a European-led rush for ‘green’ hydrogen.
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
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
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
Analysis
Annual Meetings 2023 Preamble: Lack of governance reform and economic transformation front and centre as World Bank and IMF meet in Africa for first time in 50 years
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.
Finance
Analysis
Assessing the Bretton Woods Institutions’ legacy
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.
Private Sector
Analysis
Financialisation and human rights in the Middle East and North Africa
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.
Conditionality
News
Tunisian government resists proposed IMF austerity programme
Tunisian government is attempting to renegotiate IMF loan to avoid subsidy cuts on food and fuel.
IFI governance
News
Marrakech CSO working group launches statement ahead of 2023 Annual Meetings
Marrakech working group calls on the BWIs to cancel the debt, stop imposing austerity and ensure a just energy transition.
Rights
Commentary
Civil society calls on World Bank and IMF to safeguard civic space and prevent retaliation around Marrakesh Annual Meetings
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.
Environment
News
World Bank’s update on Paris alignment fizzles at COP27 as countries demand MDBs evolve to face climate emergency
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.
