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.
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.
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.
Addition of cumulative carbon emissions indicator in IMF quota formula would give climate-vulnerable countries greater voice in IMF.
Economic turmoil and geopolitical fragmentation will provide the backdrop to the first in-person World Bank and IMF Annual Meetings since 2019.
As economic conditions worsen and the Fund's legitimacy comes under increasing pressure, IMF leaders gathering for the Annual Meetings must make progress on ongoing review of IMF quotas and agree a more equitable formula and distribution of voting power.
EarthRights International examines how the Jam v. IFC case has helped to shift the landscape of accountability for international financial institutions by successfully challenging their claim to “absolute” immunity in US courts, potentially opening IFC up to further legal challenges in future.
As geopolitical tensions rise amidst worsening global economic conditions, civil society demands the democratisation of a world economic order away from the established Global North and elite capitalist hegemony.
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.
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.
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.
Civil society voices concern about continued support for fossil gas under the policy.
Notes from the Civil Society Policy Forum session on 6 October on the governance and resourcing implications of IMF's surcharges.
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.
World Bank President comes out against temporarily waiving intellectual property rights on Covid-19 vaccines
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.