8 December 2022
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.
Addition of cumulative carbon emissions indicator in IMF quota formula would give climate-vulnerable countries greater voice in IMF.
IMF’s lending instruments fail to provide swift and large-scale funding for climate transition. The Bridgeton Initiative proposes a new trust backed by $500 billion in SDRs for climate and development.
IMF’s new gender mainstreaming strategy makes effort to include civil society demands but falls short of transformative vision as austerity remains Fund’s raison-d’état.
Despite continued public rhetoric about importance of civil society engagement, Bank is yet to commit to holding a public consultation period on its Paris alignment approach.
World Bank’s newly released Social Protection and Jobs Compass guidance note creates confusion over the Bank’s definition of ‘universal’ social protection.
New reports by Financial Transparency Coalition and Eurodad highlight uneven distribution of Covid-19 stimulus spending followed by socially painful fiscal austerity.
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.
Over 60 per cent of low-income countries and more than 25 percent of emerging market economies are in or at risk of debt distress, and are in danger of being unable to fulfil their fiscal obligations.
As the world celebrates the 75th anniversary of the Universal Declaration of Human Rights, it is time the IMF’s shareholders use the opportunities provided by the anniversary and growing calls for reforms to the international financial architecture to redesign the IMF’s governance structures and programmes to ensure they are consistent with the commitments outlined in 1948 and with international human rights law.
Influence of unreformed international financial institutions and creditor interests in debt solutions in low- and middle-income countries plagued by delay and ineffective when undertaken.
