The unfolding debt crisis threatens IDA’s support for 75 low-income countries, without replenishment of grant resources.
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North America
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
Spring Meetings 2024 Wrap Up: Despite mounting crises, persistent lack of political will to match rhetoric with action remains
Urgent BWIs reforms remain hostage to lack of political will in Global North as the G20 failed to deliver on important issues within a fragmented geopolitical situation.
IFI governance
Analysis
Spring Meetings 2024 Preamble: Bretton Woods Institutions continue to sleepwalk through crises as 80th anniversary of Bretton Woods Conference approaches
At a time when transformative changes on governance and development financing are required, the World Bank and IMF have instead opted for a slimmed down Spring Meetings schedule.
IFI governance
Analysis
IDA21: Moving beyond a focus on ‘historic’ replenishment
Calls for a ‘historic’ IDA21 replenishment risk diverting attention from the policy framework necessary for IDA to support countries to break their dependence on development finance and undertake the ecologically sustainable and just economic transformation long sought by their populations.
IFI governance
Analysis
IMFC chair's statement analysis Spring Meetings 2023: Optimism and complacency at odds with growing desperation of Global South stakeholders
The IMFC again did not issue a communiqué as it could not agree on language on the war in Ukraine. A chair’s statement was issued in lieu of the communiqué and emphasised the resilience of the global safety net system, better than projected conditions and concerns about significant challenges.
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.
Other news
Finance
News
Biden administration signals additional funding for World Bank and IMF
New financing for the IMF and World Bank proposed by the US will not fix the flawed private sector development paradigm that burdens Global South economies with debt.
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.
Finance
News
Civil society campaign urges IMF to stop using punitive surcharges
Over 250 civil society experts urge the IMF to eliminate its punitive surcharges on countries in debt distress as they undermine an equitable economic recovery and exacerbate the global debt crisis.
Infrastructure
News
New US treasury guidance introduces limits for US support for fossil fuels at World Bank
Civil society voices concern about continued support for fossil gas under the policy.
IFI governance
Background
IMF surcharges: A necessary tool or counter-productive obstacle to a just and green recovery?
Notes from the Civil Society Policy Forum session on 6 October on the governance and resourcing implications of IMF's surcharges.
IFI governance
Background
Making the Most of Special Drawing Rights: Approaches to maximise impact and create a sustainable and just recovery
Notes from the Civil Society Policy Forum session on 4 October on the ways to maximise the impacts of the recent allocation of $650 billion Special Drawing Rights.
Social services
News
Malpass makes World Bank a pariah with opposition to TRIPS waiver
World Bank President comes out against temporarily waiving intellectual property rights on Covid-19 vaccines
Accountability
News
Struggle for IFC accountability for Tata Mundra continues despite landmark immunity ruling
IFC continues to avoid responsibility for its investments in Tata Mundra coal power plant as US federal court rules that harmful acts took place outside the United States.
