As the World Bank and IMF celebrate their 80th anniversary in 2024, on 10th July the Bretton Woods Project, together with the SOAS Centre for Sustainable Finance, were joined by a distinguished group of panellists to critically analyse the opportunities for, and challenges to, reforms of the BWIs and the international financial architecture more broadly.
The unfolding debt crisis threatens IDA’s support for 75 low-income countries, without replenishment of grant resources.
Join us on Wednesday 12th June for the webinar: A way out for IMF reform where we will be discussing the outcome of IMF’s 16th Quota Review and explore the future prospects for governance reform.
New paper analyses the IMF 16th Quota Review and identifies key governance reforms feasible in the current economic and geopolitical context.
In the absence of a G20 Communiqué or Chair statement, Brazilian minister of finance, head of the central bank and other senior officials took questions at a short press conference, with discussion focused on the impact of continued restrictive US monetary policy on the global debt and development finance and the need for more responsive and better capitalised MDBs.
V20 members are expected to pay $904.7 billion in debt service between 2022-2030, as debt, lack of financing and low projected growth hampers prospects for green economic transformation.
IMFC chair’s relatively sanguine view of the global economy does not reflect the IMF’s own projection that the five-year global economic growth forecast is “at its lowest in decades”.
The Spring 2024 G24 communiqué puts pressure on the BWIs to use their influence where it’s needed, including calls to suspend and review surcharges, offer the biggest ever IDA replenishment, suppot the UN Tax Convention, and avoid protectionist policies.
Urgent BWIs reforms remain hostage to lack of political will in Global North as the G20 failed to deliver on important issues within a fragmented geopolitical situation.
Despite the Development Committee advocating for increased international cooperation, persistent geopolitical fragmentation constrains the much-needed reforms essential for addressing 21st-century challenges.
New paper analyses the IMF 16th Quota Review and identifies key governance reforms feasible in the current economic and geopolitical context.
