The G20 released a press briefing focused on the effects of Russia's war in Ukraine and the increasing need for multilateralism amidst walkouts, rising debt levels around the world, a new World Bank pandemic preparedness model, and the approval of RST and other sustainable finance models.
The IMFC issued a chair statement in place of a communiqué. It discussed a long list of challenges with focus on fallout from Ukraine invasion and climate change.
The communiqué for the V20 highlighted multitude of crises facing climate-vulnerable developing countries, with continuing challenges posed by the Covid-19 pandemic and unequally felt climate change impacts now being exacerbated by the spillover effects from the Ukraine war.
G24 finance ministers called for urgent global action to mitigate the effects of rising debt levels in emerging economies, and rising global food, energy and commodity prices.
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.
Civil society rejects new Agreement arguing IMF loan will be used to pay odious debt and result in reforms damaging to human rights.
Concerns over excessive austerity waved away, despite IEO admission that protection of low-income and vulnerable groups had fallen short.
This Inside the Institutions looks at the IMF’s Special Drawing Rights, including their history and usage, with a focus on the latest allocation, which accounts for 69 per cent of the SDRs ever disbursed.