Strengthening Accountability in the Global Economy Project

About this programme

The Strengthening Accountability in the Global Economy Project works to democratise the governance of the IMF and World Bank, challenge harmful austerity policies and promote fairer development finance through the expanded use of Special Drawing Rights (SDRs). By addressing the systemic inequities built into the global financial architecture, the project aims to create a more just, resilient and inclusive international economy.

As part of the broader “New Bretton Woods” movement, this initiative led by the Bretton Woods Project responds to the intersecting crises of debt, inequality, climate change and geopolitical instability. The project’s goals are threefold:

Reforming governance: the IMF and World Bank remain dominated by high-income countries through outdated voting and leadership structures. The project calls for a new quota formula decoupled from Special Drawing Rights allocations and an end to the “gentleman’s agreement” that limits leadership to the Global North. These reforms would give the Global South – often most affected by IMF and World Bank policies – greater influence and representation.

Ending harmful austerity: in the wake of Covid-19, IMF and World Bank loan conditions continue to promote austerity measures such as public service privatisation, wage cuts and reduced social protections. These policies exacerbate poverty and inequality. The project supports the #EndAusterity coalition, which brings together civil society actors to promote human rights-based, people-centered alternatives.

Rethinking development finance: the project advocates for the long-term use of SDRs as a tool for sustainable, non-debt-based financing. By integrating SDRs more fully into the global financial system and restructuring debt frameworks, countries can reduce vulnerability and build fairer, more stable economies.

Together, these efforts challenge the status quo and work toward an international financial system that prioritises equity, accountability and shared prosperity.