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.
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.
IMFC chair statement condemns Russia’s war while scrambling for new ideas to tackle inflation, debt, and climate change, as Covid response fades from attention.
G24 communiqué echoes calls for more drastic measures by international financial institutions to cushion the blow for low- and middle-income countries in the face of compounding global crises.
The Development Committee issued a chair statement instead of a communiqué, following its meeting on 14 October.
The Indonesian Minister of Finance Sri Mulyani Indrawati acknowledged the G20 faced "many challenges" and "differences in view", with "escalating geopolitical conflicts worsening the economic situation.”
Economic turmoil and geopolitical fragmentation will provide the backdrop to the first in-person World Bank and IMF Annual Meetings since 2019.
This Inside the Institutions looks at the World Bank and International Monetary Fund Annual Meetings, one of two official yearly events bringing together BWI governors, officials, civil society, academics and journalists to discuss major economic developments and global governance.