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.
North America
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.
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.
IFI governance
Analysis
IMF quota review: Putting climate at the core of IMF governance reform
Addition of cumulative carbon emissions indicator in IMF quota formula would give climate-vulnerable countries greater voice in IMF.
IFI governance
Analysis
Annual Meetings 2022 Preamble: With risk of global recession on horizon, World Bank and IMF's ability to offer credible solutions remains in question
Economic turmoil and geopolitical fragmentation will provide the backdrop to the first in-person World Bank and IMF Annual Meetings since 2019.
Finance
Commentary
Quota reform needed at IMF in order to address 21st century challenges
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.
Accountability
Analysis
Ending “absolute immunity” for the International Finance Corporation: The legacy of Jam v. IFC
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.
Finance
Analysis
A new Bretton Woods for whom? Civil society calls for democratisation of global governance
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.
IFI governance
Analysis
Spring Meetings 2022 Wrap-Up: Progress on key issues side-tracked by Ukraine invasion and BWIs’ own sense of drift
Spring Meetings conclude with frantic calls for stronger multilateralism, but few advances in key issues such as Covid-19 unequal recovery, debt, inequality and climate crises, while Russia participation prevents G20, G24 and Development Committee from releasing a communique.
IFI governance
Analysis
Spring Meetings 2022 Preamble: War in Ukraine risks deepening divergent recovery as World Bank and IMF prepare for Spring Meetings
War in Ukraine will have significant spillover effects as Global South continues to carry the burden of vaccine inequity. Debt, austerity and evolving food crisis key talking points of Meetings while unequal recovery, gender, RST and surcharges key issues at CSPF.