North America

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.

4 October 2023

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.

5 April 2023

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.

19 April 2023

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.

6 April 2023

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.

5 April 2023

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.

8 December 2022 | Guest analysis

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.

6 October 2022
Protesters in Washington DC during 2021 IMF and World Bank Annual Meetings. Credit: Phi Pasqualini/ Shutterstock

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.

4 October 2022 | Guest comment

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.

21 July 2022 | At Issue

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.

21 July 2022

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.

26 April 2022

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.

14 April 2022