World Bank’s support for fossil fuel projects, including problem-riddled Medupi coal power station, leaves its reputation in tatters with South African civil society.
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Sub-Saharan Africa
Rights
News
A new SDR allocation: Combatting deepening fragility concerns
The links between high debt burdens, lack of climate finance, austerity and the rise in political instability and fragility, conflict and violence remain largely neglected as IMF shareholders consider calls for a new SDR allocation, as proposed by the Bridgetown Agenda.
IFI governance
Analysis
V20 communiqué analysis Annual Meetings 2022: Climate vulnerable countries call for debt relief and a revamped IMF
The finance ministers for the Vulnerable Group of Twenty, a bloc of 58 developing country economies representing some 1.5 billion people, issued a communiqué on 16 October.
Finance
Analysis
IMF debt sustainability analysis in times of compounding crises: Still unfit for purpose
New IMF debt sustainability framework fails to alleviate concerns over transparency and overoptimism in midst of large-scale debt crisis, as countries face severe austerity and private lenders wait for bailouts.
Environment
News
Resilience and Sustainability Trust: Will “qualifying reforms” bring long-overdue institutional shift?
Problematic track record on climate and fossil fuel finance means IMF-World Bank collaboration on the Resilience and Sustainability Trust risks repetition of failed policies.
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.
Finance
Analysis
New IMF Resilience and Sustainability Trust (RST) – how to make it work for the Global South
RST must support low- and vulnerable middle-income countries to recover from the pandemic and tackle economic and climate-related structural challenges.
Infrastructure
Analysis
World Bank announces support for CCUS in Nigeria despite criticisms it reinforces fossil fuel dependence
World Bank trust fund ESMAP will provide support for domestic market, while IFC will support private sector investment in CCUS.
Other news
Finance
News
Chad gets debt rescheduling, not relief, and is left dependent on oil revenues
Chad has reached an agreement to restructure its nearly $3 billion of external debt, unlocking IMF financing, but the deal has been criticised for failing to reduce the country’s overall debt burden.
Conditionality
News
Nigerians set for higher bills as Bank pushes for removal of ‘inefficient’ energy subsidies
Nigerians set for higher energy bills amidst deep economic crisis as Bank pushes for removal of ‘inefficient’ energy subsidies.
IFI governance
Background
Implications of financial deepening for inequality and its impact on gender, poverty, and marginalization
Notes from a Civil Society Policy Forum panel on 14 October 2022 titled "Implications of financial deepening for inequality and its impact on gender, poverty, and marginalization."
IFI governance
Background
Greening whole economies? Unpacking World Bank plans for Paris alignment by July 2023
Notes from a Civil Society Policy Forum event on 14 October titled "Greening whole economies? Unpacking World Bank plans for Paris alignment by July 2023."
IFI governance
Background
Coup d'états and political instability: The roles of national, regional, and international actors
Notes from a Civil Society Policy Forum on 12 October titled: "Coup d'états and political instability: The roles of national, regional, and international actors."
Conditionality
News
The human face of the World Bank's private sector bias: The privatisation of Kenya's healthcare
A November 2021 report by the Center for Human Rights and Global Justice at New York University highlights the human rights consequences of the World Bank’s Maximising Finance for Development approach.
Social services
News
World Bank’s IFC ends funding for fee-paying primary and secondary schools
Independent Evaluation Group report highlighted private sector education provision can exacerbate inequality and undermine the public sector school system.
Environment
News
Mozambique IMF loan moves forward amid serious sustainability and transparency concerns
Fresh $456m IMF loan to Mozambique risks adding to insecurity and debt crisis as LNG projects have fuelled conflict and likely to become stranded assets.
