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<p>CSYM HUDUMA MBUENET <img src="https://s.w.org/images/core/emoji/14.0.0/72 ...
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<title>Civil society calls for an end to the ‘gentleman’s agreement’ and a merit-based, open and transparent MD selection process</title>
<link>https://www.brettonwoodsproject.org/2024/03/civil-society-calls-for-an-end-to-the-gentlemans-agreement-and-a-merit-based-open-and-transparent-md-selection-process/</link>
<dc:creator><![CDATA[Mihaela Siritanu]]></dc:creator>
<pubDate>Tue, 26 Mar 2024 09:06:06 +0000</pubDate>
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<description><![CDATA[<p>Civil society calls for the IMF to ensure the next MD selection process is undertaken in accordance with a merit-based, open and transparent process, underpinned by criteria involving a demonstrated commitment to international human rights, feminist principles, green and equitable development, as well as publicly available shareholder votes.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2024/03/civil-society-calls-for-an-end-to-the-gentlemans-agreement-and-a-merit-based-open-and-transparent-md-selection-process/">Civil society calls for an end to the ‘gentleman’s agreement’ and a merit-based, open and transparent MD selection process</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
]]></description>
<content:encoded><![CDATA[<p style="text-align: left;">26 March 2024</p>
<p><strong>To: IMF executive directors</strong></p>
<p>With the current term of IMF Managing Director (MD) Kristalina Georgieva ending in September, and the Fund launching a formal nomination process for appointing the new MD, the undersigned organisations and individuals write to demand that the IMF use this opportunity to reform the selection process following long-standing calls from global civil society and countries from the Global South and ensure the next selection process is undertaken in accordance with a merit-based, open and transparent process, underpinned by criteria involving a demonstrated commitment to international human rights, feminist principles, green and equitable development, as well as publicly available shareholder votes.</p>
<p>The next Managing Director should enjoy the support of the Fund’s membership not only in terms of majority of votes, but also by the majority of member countries, thereby effectively ending the gentleman’s agreement. However, the EU countries’ backing of Kristalina Georgieva for a second term as IMF Managing Director before the process even began, proves yet again that the “gentleman’s agreement” is alive and well. Therefore, we call on the Fund to reform its governance by ensuring an open process that allows multiple candidates who engage with civil society and under-represented communities and outline their vision of the role and priorities of the IMF in a world mired in systemic crises.</p>
<p>The global post-pandemic outlook is increasingly dire, exacerbated by conflict, the climate crisis, inequality and the debt crisis. International development finance is urgently needed, with 60 per cent of low-income countries already at high risk of or in debt distress while finance needs to address climate change amount to $4 trillion annually by 2030. The need for concessional finance is at an all-time high with lending through the Poverty Reduction and Growth Facility increasing five-fold and more than 40 countries expressing interest in the Fund’s Resilience and Sustainability Trust since 2022. Yet, the IMF failed to agree to another general allocation of Special Drawing Rights and failed to achieve a meaningful quota reform that would boost the Fund’s lending capacity and ensure a fair representation of all member countries. Moreover, the Fund continues to prescribe austerity in its loan conditionalities, advising cuts to government spending, despite overwhelming evidence that fiscal consolidation does not reduce debt-to-GDP ratios or stimulate economic growth.</p>
<p>Amidst an extremely volatile and dynamic geopolitical environment, in which the multilateral system is under increasing danger of fragmentation, we call on the next IMF Managing Director to commit to reshaping global economic governance and prioritise policies and systems that are gender transformative, equitable, environmentally sustainable and consistent with international human rights norms, including:</p>
<ul>
<li><strong>Demonstrating leadership with shareholders by strongly advocating for a quota reform process that results in a new quota formula by 2025</strong> that accurately reflects the changes in the global economy to ensure a fair representation of all member countries and boosts IMF’s lending capacity.</li>
<li><strong>Strongly supporting and advocating for a new Special Drawing Rights allocation</strong> to help meet urgent financing needs for developing countries in ways that do not create additional debt burdens and undue policy conditionality as well as reform future allocations by using clearly defined criteria, and decoupling SDRs from quotas to ensure their targeted, needs-based and equitable distribution.</li>
<li><strong>Promoting progressive taxation, reforms to eradicate illicit financial flows, relocate public expenditures and support sustainable debt resolution</strong> instead of austerity conditionality.</li>
<li><strong>Actively advocating for the end of </strong>the Fund’s unnecessary and counterproductive <strong>surcharges</strong> policy.</li>
<li>Energetically <strong>advocate for the establishment of an IMF human rights policy</strong> and the ex ante and ex post human rights and distributional impact of all IMF policies and programmes.</li>
<li>Committing to bringing the IMF in line with other international financial institutions by <strong>establishing an IMF independent accountability mechanism</strong>.</li>
</ul>
<p><strong>Sincerely, the undersigned:</strong></p>
<p>Aalem for Orphan and Vulnerable Children, Inc.</p>
<p>Action Communautaire pour la Promotion des Défavorisés BATWA</p>
<p>Action Contre les Violations des Droits des Personnes Vulnérables (ACVDP)</p>
<p>Action Lab For Development</p>
<p>Action Solidaire de la Jeunesse pour le Développement Communautaire (ASOJEDEC)</p>
<p>Action Works Nepal</p>
<p>ActionAid International</p>
<p>Actions pour la Réinsertion Sociale de la Femme (ARSF)</p>
<p>ADAD Environmental NGO</p>
<p>Advocacy For the Rights of Women and Girls</p>
<p>Advocacy Initiative for Development (AID)</p>
<p>Affirmative Action on Gender Equality Network</p>
<p>AFPDE</p>
<p>Afrak Masst</p>
<p>Africa Development Studies Center</p>
<p>Africa Freedom of Information Centre (AFIC)</p>
<p>Africa Youth Coalition Against Hunger Sierra Leone/Economic Justice Network Sierra Leone</p>
<p>Africa Youth Growth Foundation (AYGF)</p>
<p>African Action on AIDS (AAA)</p>
<p>African Agency for Integrated Development (AAID)</p>
<p>African Center for Science and International Security (AFRICSIS)</p>
<p>African Citizen’s Empowerment Foundation</p>
<p>African Citizens Development Foundation</p>
<p>African Council on Narcotics</p>
<p>African Initiative for Mankind Progress Organization</p>
<p>African Youth Employment Initiatives (AYEI)</p>
<p>Agir en Faveur de l’Environnement (ONG AFE)</p>
<p>Agora</p>
<p>Aid for Trade Logistics</p>
<p>Aid Organization</p>
<p>Akal Développements</p>
<p>Akshar Foundation</p>
<p>Al-Shafaa Organization</p>
<p>Ali Haddad, Jordan Youth Innovation Forum</p>
<p>All Christians Welfare Association</p>
<p>All Pakistan Women’s Association (APWA)</p>
<p>Alliance des Femmes pour l’Egalité des Genres en Guinée</p>
<p>Allied Universal Security</p>
<p>Alzheimer’s Disease and Related Dementias In Zambia (ADDIZ) (Formerly Aged Care and Service Centre)</p>
<p>Amigos do Protocolo de Kyoto</p>
<p>Amis des Etrangers au Togo (ADET)</p>
<p>Anti-Corruption Trust of Southern Africa</p>
<p>ArtDialog</p>
<p>Asaba Home Diaspora Development Initiative</p>
<p>ASEAN OBOR Research Academy</p>
<p>Ash Babilun Global Venture</p>
<p>Asian Consultancy on Tobacco Control Ltd</p>
<p>Asociación civil fuerzafro movimiento social cultural</p>
<p>Asociación Colectivo Mujeres Al Derecho</p>
<p>Asociación de Trabajadoras del Hogar a Domicilio y de Maquila (ATRAHDOM)</p>
<p>Asociación Española para el Derecho Internacional de los Derechos Humanos, AEDIDH</p>
<p>Assamo Village Youth Association</p>
<p>Associação de Amizade e Solidariedade Angola-Alemanha</p>
<p>Association Agir Ensemble (AAE)</p>
<p>Association AICHA pour le développement de proximité et environnement</p>
<p>Association Aide aux Femmes et Enfants</p>
<p>Association Assistance Communautaire et Développement</p>
<p>Association Camerounaise pour la Santé des Adolescents (ACSA)</p>
<p>Association Congolaise pour le Développement Agricole (ACDA)</p>
<p>Association Cultures du Monde</p>
<p>Association de Développement Agricole Éducatif et Sanitaire de Mano</p>
<p>Association de Jeunes Visionnaires pour le Développement du Congo (AJVDC)</p>
<p>Association de Protection et de Promotion des Intérêts des Familles en Périls (APPIFAPE)</p>
<p>Association de Solidarité d’Aide et Action Enfance Mali</p>
<p>Association des Femmes Peuples et Peuples Autochtones du Tchad (AFPAT)</p>
<p>Association des Ressortissants et Amis D’Eseka</p>
<p>Association des Scouts du Niger</p>
<p>Association des Volontaires pour l’Environnement Sain</p>
<p>Association du Developpement et de la promotion de Droit de l’Homme</p>
<p>Association femme et Action pour le Développement</p>
<p>Association for Community Awareness (Ascoa)</p>
<p>Association For Promotion Sustainable Development</p>
<p>Association Gabonaise pour les Nations Unies</p>
<p>Association Liaison Universelle pour le Bien-être des Enfants et des Jeunes</p>
<p>Association Locale pour le Devéloppement Integral (ALDI)</p>
<p>Association Mali Culture</p>
<p>Association Malienne des Femmes pour la Formation Ecologie et le Developpement (AMFFED)</p>
<p>Association nationale des partenaires migrants</p>
<p>Association of African Entrepreneurs</p>
<p>Association of Afrikaan Descendants Worldwide</p>
<p>Association of Iranian Jurists Defending Human Rights</p>
<p>Association of World Citizens</p>
<p>Association pour l’Integration et le Developpement Durable au Burundi (AIDB)</p>
<p>Association pour la défense des droits de la femme mauritanienne</p>
<p>Association pour la Diffusion des Droits Humains aux Peuples Autochtones (Humanitarian Law Agency)</p>
<p>Association pour la santé et la prévention des maladies tropicales</p>
<p>ASSOCIATION POUR LE DÉVELOPPEMENT RURAL INTEGRE DE NGANDA TSUNDI</p>
<p>Association Right and Citizenships</p>
<p>Association Santé Education Démocratie (ASED)</p>
<p>Association School-NET Gabon</p>
<p>Association Sénégalaise pour la Promotion de l’Agriculture Biologique (ASPAB)</p>
<p>Association sénégalaise pour la promotion des énergies renouvelables KokkiEnergie</p>
<p>Association Tamount pour le Développement Culturel et Social</p>
<p>Association YOUTHLEAD</p>
<p>Avaaz Foundation</p>
<p>AWTAD Organization For Combating Corruption</p>
<p>Babatunde Development And Empowerment Initiative (BDEI)</p>
<p>Badabon Sangho</p>
<p>Ballerina Management Institute</p>
<p>Bangladesh NGOs Network for Radio and Communication</p>
<p>Banjara Seva Samithi</p>
<p>Barzani Charity Foundation / BCF</p>
<p>Bella Foundation for Child and Maternal Care</p>
<p>BIFERD</p>
<p>Blessed Aid</p>
<p>Bond Street Theatre</p>
<p>Brain Sluice Africa Child’s</p>
<p>Bridgers Association</p>
<p>Brigada Nacional de Formação (BRINFOR)</p>
<p>British Overseas NGOs for Development (BOND)</p>
<p>Bretton Woods Project</p>
<p>Buddhist Tzu Chi Foundation</p>
<p>Build Africa Cameroon</p>
<p>Build Green Group Albania</p>
<p>BUNYAD Literacy Community Council</p>
<p>Bureau d’Informations Formations Echanges et Recherches pour le Developpement (BIFERD)</p>
<p>Business and Professional Women Voluntary Organization</p>
<p>CADPHEF International</p>
<p>CAFSO-WRAG for Development</p>
<p>Cameroon League for Development</p>
<p>Cancer Aid Society</p>
<p>Caucasian Feminist Institute</p>
<p>Cause Première</p>
<p>Celebrity Media Foundation Inc.</p>
<p>Center for Integrated Rural and Child Development</p>
<p>Center for Trade Union and Workers Services (CTUWS)</p>
<p>Centre d’accompagnement des alternatives locales de développement</p>
<p>Centre for Human Rights and Climate Change Research</p>
<p>Centre For Legal Rights Advancement</p>
<p>Centre for Renewable Energy and Action on Climate Change</p>
<p>Centre for Social Impact Studies</p>
<p>Centre for Transformation of the Underprivileged</p>
<p>Centre for Youth Interest, Dignity and Development</p>
<p>Centre Intercommunautaire Congolais Pour Les Personnes Avec Handicap (CICPH) ONG</p>
<p>Centro de Capacitación y Promoción de la Democracia (CECADE)</p>
<p>Centro de Estudios Legales y Sociales (CELS)</p>
<p>Cercle Izran de part le monde</p>
<p>Change Human’s Life</p>
<p>Childlink Foundation</p>
<p>Children Education and Social Welfare Society (CEWS)</p>
<p>Christian Education and Development Organization (CEDO)</p>
<p>Citizen Outreach Coalition</p>
<p>City of God Foundation</p>
<p>Civil Society Action Coalition on Education for All (CSACEFA)</p>
<p>Civil Society Legislative Advocacy Centre (CISLAC)</p>
<p>CLIPSAS</p>
<p>Club Ohada Thiès</p>
<p>CNCD-11.11.11</p>
<p>Coalition des Volontaires pour la Paix et le Developpement (CVPD)</p>
<p>Cœur d’Afrique – Fondation Roger MILLA</p>
<p>Collectif Sénégalais des Africaines pour la Promotion de l’Éducation Relative à l’Environnement (COSAPERE)</p>
<p>Comité d’Action pour la Recherche et le Développement (CARD)</p>
<p>Comité/Club Unesco Universitaire pour la Lutte Contre la Drogue et autres pandémies (CLUCOD)</p>
<p>Communities Forestry and Social Development International</p>
<p>Community Agenda for Peace</p>
<p>Community Development Initiative Cape Town</p>
<p>Community Hive Organisation (CHO Uganda)</p>
<p>Community Initiatives for Development in Pakistan (CIDP)</p>
<p>Community Production & Development Centre</p>
<p>CONERELA+</p>
<p>Conseil pour l’Education et le Développement (COPED)</p>
<p>Conseil pour la Défense Environnementale par la Légalité et la Tracabilité (CODELT)</p>
<p>Construisons Ensemble le Monde</p>
<p>Coordination des Associations et des Particuliers pour la Liberté de Conscience (CAP LC)</p>
<p>Coup de Pouce</p>
<p>Credo-Action</p>
<p>CSYM HUDUMA MBUENET <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1f9-1f1ff.png" alt="🇹🇿" class="wp-smiley" style="height: 1em; max-height: 1em;" />*</p>
<p>Cybercafé Avenir Pour Tous</p>
<p>Debarasser L’environement Des Plastiques PVC</p>
<p>Dementia South Africa</p>
<p>Development Alternatives with Women for a New Era (DAWN)</p>
<p>Development Impact Pathfinders Initiative</p>
<p>Disability Empowerment Solution</p>
<p>Disabled Rehabilitation Foundation</p>
<p>Disabled Women Support Organization</p>
<p>Donum Animus</p>
<p>Dr. B.R. Ambedkar Sports Foundation</p>
<p>Dynamique Gender ONGD International</p>
<p>Earth Charter Youth Group Ethiopia</p>
<p>Earthquakes and Megacities Initiative</p>
<p>Economic Initiative for Africa</p>
<p>Edo Change Network</p>
<p>Ekens Foundation International</p>
<p>Ekta Welfare Society</p>
<p>El Derecho a No Obedecer – Otraparte Corporation</p>
<p>Elizka Relief Foundation</p>
<p>Elmostakbell pour le Développement</p>
<p>Emang Basadi Association</p>
<p>Empower India</p>
<p>Empowering Women for Excellence Initiative</p>
<p>Empowerment Initiative SA</p>
<p>Energies 2050</p>
<p>Engabu Za Tooro (Tooro Youth Platform for Action)</p>
<p>Entrepreneurship Development and Support Initiative</p>
<p>Environmental Protection and Development Association (EPDA)</p>
<p>Estonian Roundtable for Development Cooperation</p>
<p>Ethiopia Africa Black International Congress Church of Salvation (EABICCS)</p>
<p>Ethiopia Change and Development Association</p>
<p>Ethiopian Civil Service University</p>
<p>Eurodad (European Network on Debt and Development)</p>
<p>European Union of Public Relations</p>
<p>European Women’s Lobby</p>
<p>Evangelização Geral de Ajuda aos Necessitados (EGAN)</p>
<p>Excellent World Foundation LTD/GTE</p>
<p>Fastenaktion Switzerland</p>
<p>Federation of Ethiopian Associations of Persons with Disabilities</p>
<p>Feekr Organization For Dialogue and Human Rights Defense</p>
<p>Femme et Justice Economique (FEJE)</p>
<p>Fight Against Aids Guinee West Africa</p>
<p>Fin de la Esclavitud</p>
<p>Flickers of Hope Foundation</p>
<p>FOMUBISA asbl</p>
<p>Fondation Grinos Foundation</p>
<p>Fondation pour l’étude et la promotion des droitd de l’homme en Afrique (FEPDHA)</p>
<p>Food and Livestock Initiative</p>
<p>Force Juvénile pour un Avenir Rassurant</p>
<p>Forum méditerranéen pour la promotion des droits du citoyen</p>
<p>Forum of Nigerian Women In Politics (FONWIP)</p>
<p>Foundation Aid Solution For Talent Empowerment And Development (FASTED)</p>
<p>Foundation For Environmental Rights, Advocacy & Development (FENRAD)</p>
<p>Foundation for Reconciliation & Democracy (FOREDEM)</p>
<p>Free Africa Foundation</p>
<p>Freehearts Africa Reach Out Foundation (FAROF)</p>
<p>Friend of Lake Victoria (OSIENALA)</p>
<p>Friends in Need Empowerment Initiative</p>
<p>Friends of Angola</p>
<p>Friends of Ghana International Inc.</p>
<p>Fundación Cultural Asodefensa</p>
<p>Fundación Multitudes</p>
<p>Fundeps</p>
<p>Future Hope International</p>
<p>Gap Intercessors Ministry International</p>
<p>Gender and Energy Network Ghana</p>
<p>Generation Initiative for Women and Youth Network (GIWYN)</p>
<p>Geo Asia</p>
<p>Ghana United Nations Association</p>
<p>Global Alert for Defence of Youth and the Less Privileged (GADYLP)</p>
<p>Global Alliance for Development Foundation (GADEF) International</p>
<p>Global Integrated Education Volunteers Association</p>
<p>Global Peace and Development Association</p>
<p>Global Peace and Development Organization</p>
<p>Global Race Against Poverty and HIV/AIDS [GRAPH] Nigeria</p>
<p>Goodness and Mercy Missions</p>
<p>Grace Leadership Foundation Inc</p>
<p>Great Africa Youth Empowerment And Development Initiative</p>
<p>GROOTS Kenya</p>
<p>Groupe d’Action, de Paix et de Formation pour la Transformation (GAPAFOT)</p>
<p>Groupe de Découverte des Potentiels de l’Afrique (GDPA)</p>
<p>Groupe de Recherche-Action pour le Developpement Integral</p>
<p>Groupe Educatif pour le Développement Durable (GEDD-GAO)</p>
<p>Hamraah Foundation</p>
<p>Haritika</p>
<p>Harpazo Chaplain Corps International</p>
<p>HEDA Resource Centre</p>
<p>Hope Outreach Foundation</p>
<p>House of Diamond Community Initiative</p>
<p>Human Development Society The Gambia</p>
<p>Human Resource and Material Development Foundation</p>
<p>Hypatia of Alexandria Institute for Reflexion & Studies</p>
<p>ICT4Peace Foundation</p>
<p>IDPC Consortium</p>
<p>Il’Laramatak Community Concerns</p>
<p>Indian Confederation Of Indigenous And Tribal Peoples North East Zone</p>
<p>Indigenous Peoples Global Forum for Sustainable Development (IPGFforSD)</p>
<p>Initiative for African Youth Advancement Advocacy and Empowerment</p>
<p>Initiative for Youth Awareness on Climate Change</p>
<p>Institute of the Blessed Virgin Mary – Loreto Generalate</p>
<p>Instituto RIA</p>
<p>Int’l Centre for Peace Charities and Human Development</p>
<p>International Blue Crescent Relief and Development Foundation</p>
<p>International Centre for Environmental Education and Community Development (ICENECDEV)</p>
<p>International Council of the Patient Ombudsman</p>
<p>International Institute for Child Protection</p>
<p>International Islamic Youth League</p>
<p>International Medical Crisis Response Alliance</p>
<p>International Organization for the Elimination of All Forms of Racial Discrimination (EAFORD)</p>
<p>International Progress Organization</p>
<p>International Reproductive Rights Research Action Group – Nigeria</p>
<p>International Romani Union</p>
<p>International Society for Peace and Safety</p>
<p>International Society for Small and Medium Enterprises</p>
<p>International Union of Parents and Teachers Association (IUPTA)</p>
<p>International Volunteer Organisation for Women Education Development</p>
<p>International-Curricula Educators Association</p>
<p>International-Lawyers.Org</p>
<p>Internationale Gemeinschaft für die Unterstützung von Kriegsopfern e.V.</p>
<p>Iraqi Journalists Rights Defense Association</p>
<p>Jammu and Kashmir Literary and Philosophical Foundation</p>
<p>JanMitra Nyas</p>
<p>Jeunes Volontaires pour l’Environnement (YVE)</p>
<p>JFMO Servicios en Intermediación Pública</p>
<p>Kamukunji Paralegal Trust (KAPLET)</p>
<p>Kariobangi South Welfare and Slums Housing Cooperative Society</p>
<p>Kawish Resource Center</p>
<p>Kenya Community Haki Group</p>
<p>Kevoy Community Development Institute (KCDI) Jamaica Ltd.</p>
<p>Khmer National Liberation Front</p>
<p>Kikandwa Rural Communities Development Organization</p>
<p>Kilele Junior Foundation</p>
<p>Krida Vikas Sanstha</p>
<p>Kuchlak Welfare Society</p>
<p>Kuru Development Trust</p>
<p>l’Association internationale de défense des droits de l’Homme et des médias</p>
<p>La Brique</p>
<p>La Grande Puissance de Dieu</p>
<p>La ligue Marocaine pour la citoyenneté et les droits de l’homme</p>
<p>Leadership Initiative for Transformation and Empowerment (LITE) Africa</p>
<p>Leadership Watch</p>
<p>League of Women Voters of Nigeria</p>
<p>Lenient Foundation for Humanity and Togetherness</p>
<p>LGBT+ Denmark</p>
<p>Liberians United to Expose Hidden Weapons (LUEHW)</p>
<p>Lift Up Care Foundation</p>
<p>Ligue Associative pour l’Appui au Développement</p>
<p>Ligue des défenseurs des droits de l’homme au Sahara</p>
<p>Ligue pour les Droits de la Femme Congolaise (LDFC)</p>
<p>Lion Damien Club</p>
<p>Lokole International Asbl</p>
<p>LOTS Charity Foundation</p>
<p>Major Alliance Education Centre (MAEC)</p>
<p>Mandela Center International</p>
<p>Maryknoll Office for Global Concerns</p>
<p>Mathare Environmental Conservation Youth Group</p>
<p>Memory Trees Corporation</p>
<p>Mijoro Mandroso</p>
<p>Misère Option Zéro</p>
<p>Mission des Volontaires Contre la Pauvreté (MVCP)</p>
<p>Mkokoteni Aid Development Organisation</p>
<p>Montessori Model UN</p>
<p>Mouvement d’organisation des ruraux pour le développement (MORD)</p>
<p>Mouvement International d’Apostolat des Milieux Sociaux Indépendants (MIAMSI)</p>
<p>Mouvement pour la défense de l’humanité et abolition de la torture (MDHAT)</p>
<p>Munansi Green Initiative</p>
<p>Muzaffarabad Poverty Allevation Programme</p>
<p>National Association of Seadogs</p>
<p>National Foundation for Peace, Development and Human Rights</p>
<p>National Indigenous Women Forum</p>
<p>National Old Folks of Liberia, Inc.</p>
<p>Natural Initiative for Voluntary Blood Donors (NIVBLODON)</p>
<p>Nature’s Rights</p>
<p>Neighbourhood Environment Watch Foundation</p>
<p>Ngece Rinjeu Foundation</p>
<p>NGO Malachie Gabon</p>
<p>Ngoma Club</p>
<p>Nigeria-Togo Association</p>
<p>Nigerian Women Trust Fund</p>
<p>No Borders Humanity Organization (NBH)</p>
<p>NORSAAC</p>
<p>Northern Council for Global Cooperation</p>
<p>Norwegian Forum for Development and Environment</p>
<p>Nour Association for Solidarity with Rural Women</p>
<p>Nung Ikono Ufok Pioneer Fishing MPCS Ltd</p>
<p>Oikos Cooperação e Desenvolvimento</p>
<p>Olof Palme Peace Foundation International</p>
<p>ONG Action 237-Suisse</p>
<p>ONG AKARASS</p>
<p>ONG JEVEV (Jeunesse et Emplois Verts pour une Economie Verte)</p>
<p>ONG Organisation Contre la Pauvrete (OCP)</p>
<p>ONG/Association des Femmes Entreprenantes du Mali</p>
<p>ONGD Maison de Lecture-Les Amis de Lemba et de Wareme</p>
<p>Open Dreams</p>
<p>OpenSENEGAL</p>
<p>Organisation Constellée pour le Développement Économique et Social de la Commune des Gonaives</p>
<p>Organisation des Jeunes pour le Monde d’Avenir (OJMA)</p>
<p>Organisation pour le Développement International Social Solidaire Intégré (ODISSI)</p>
<p>Pak Women</p>
<p>Pakistan Development Alliance</p>
<p>Pakistan Fisherfolk Forum</p>
<p>Pakistan Rural Workers Social Welfare Organization</p>
<p>Palestinain Consultative Staff for Developing NGOs</p>
<p>Paradise Mission for Widows & Teenage Girls</p>
<p>Partners for Peace and Prosperity, Inc.</p>
<p>Pastoralist Child Foundation</p>
<p>Peace Foundation Pakistan</p>
<p>People to People International Togo</p>
<p>Peoples Federation for National Peace and Development (PEFENAP)</p>
<p>Petraville Educational Consult</p>
<p>Philanthropic Centre For Rural Development</p>
<p>Plataforma CIPÓ</p>
<p>Plateforme des Organisations de Femmes Haïtiennes pour le Developpement (POFHAD)</p>
<p>Pleaders of Children and Elderly People at Risk (PEPA)</p>
<p>Poka Health Care Foundation</p>
<p>POMAHABI Indigenous Organization</p>
<p>Positive Youth Development Organization</p>
<p>PRAHAR</p>
<p>Prime Initiative for Green Development</p>
<p>Professionals For Humanity (PROFOH)</p>
<p>Progrès Santé Sans Prix</p>
<p>Public Aid Organization</p>
<p>Public-Private Integrity</p>
<p>Puntland Peace and Development Organization (PUPEDO)</p>
<p>Raise Your Voice Saint Lucia Inc</p>
<p>Ray of Hope Community Organization</p>
<p>Reach The Youth Uganda (RTY)</p>
<p>Red Latinoamericana por Justicia Económica y Social – LATINDADD</p>
<p>Rede Brasileira de Redução de Danos e Direitos Humanos (REDUC)</p>
<p>Refugee Relief Workers International</p>
<p>Regional Centre for International Development Cooperation (RCIDC)</p>
<p>Rencontre Africaine pour la Défense des Droits de l’Homme (RADDHO)</p>
<p>REPAOC: Network of West African NGO Platforms</p>
<p>Réseau Communautaire pour le Pauvre RCP-NETWORK</p>
<p>Réseau d’Action Sur les Armes Légères en Afrique de l’Ouest Section du Burkina Faso (RASALAO)</p>
<p>Réseau de la Jeunesse Nigérienne sur les Changements Climatiques (RJNCC)</p>
<p>Respect Cameroun</p>
<p>Reyada for Capacity Building Studies & Consultations</p>
<p>RIO Rusmisbrukernes Interesseorganisasjon</p>
<p>Rural Care Ministries</p>
<p>Rural Women and Girls Rights Foundation</p>
<p>Rural Women’s Network Nepal (RUWON Nepal)</p>
<p>Rwenzogreen Associates Ltd</p>
<p>S.O.S. – CRIANÇA E DESENVOLVIMENTO INTEGRAL DE ANGOLA</p>
<p>Sahaj Sansthan</p>
<p>Sahkar Social Welfare Association</p>
<p>Sanid Organization for Relief and Development (SORD)</p>
<p>Sathi Samuha (Friends Group)</p>
<p>Save the Climat</p>
<p>Securitas Congo</p>
<p>SEDARVP Ghana</p>
<p>Serendipity Healthcare Foundation</p>
<p>SETU</p>
<p>Sewa Development Trust Sindh</p>
<p>Share and Care Charity</p>
<p>Sierra Leone Autistic Society</p>
<p>Sima Community Based Organization</p>
<p>Slum Child Foundation</p>
<p>Smiles Africa International Youth Development Initiative</p>
<p>Social Watch Benin</p>
<p>Society for the Promotion of Youth and Masses (SPYM)</p>
<p>Society for Women Development and Empowerment of Nigeria</p>
<p>Solidarité des Jeunes Filles pour l’éducation et l’intégration socioprofessionnelle (SOJFEP)</p>
<p>Solidarité Internationale Pour l’Afrique</p>
<p>Solidarité pour un Monde Meilleur</p>
<p>Somali Youth Development Foundation (SYDF)</p>
<p>Sonmaz Mashall Cultural Relations Public Union</p>
<p>SOS Urgence</p>
<p>Soulbent project</p>
<p>Southern Africa Non-Governmental Organizations Network (SANGONET)</p>
<p>SRI Welfare Foundation</p>
<p>Strength in Diversity Development Centre</p>
<p>Student Business Organization for Sustainable Development (SBOSD)</p>
<p>Student Youth Travel Org.</p>
<p>Sun Charity USA</p>
<p>Sustainable Development for Vulnerable Peoples in Bangladesh (SDVPBD)</p>
<p>Sustainable Development Policy Institute</p>
<p>Sustainable Rural Community Development Organisation (SURCOD)</p>
<p>Syndicat Chrétien de Travailleurs du Congo</p>
<p>Synergy Care Development Initiative</p>
<p>Tanzania Association of Non-Governmental Organizations (TANGO)</p>
<p>Technical Centre for Fine Art and Computer Studies CIG</p>
<p>Terra Renaissance</p>
<p>Terra-1530</p>
<p>The Bridge Foundation For Youth Leadership</p>
<p>The Bulang Foundation</p>
<p>The Environment Ameliorators</p>
<p>The Healthy Real Initiative for Valued Entrepreneurship (THRIVE)</p>
<p>The Indonesian Child Welfare Foundation</p>
<p>The Legal Resources Centre</p>
<p>The New Generation Girls and Women Development initaitive (NIGAWD)</p>
<p>The Rideau Institute on International Affairs</p>
<p>The SAFE Campaign NGO</p>
<p>The United Nations Association of Russia</p>
<p>The Yerima Balla International Education limited</p>
<p>Tiruzer Ethiopia for Africa (TEA)</p>
<p>Touch a Heart Social and Economic Rights Initiative</p>
<p>Training for Women Network</p>
<p>Transparency & Anti-Corruption Campaign in International</p>
<p>Treatment Action Group</p>
<p>Udisha</p>
<p>Uganda Harm Reduction Network (UHRN)</p>
<p>Uganda Reach the Aged Association (URAA)</p>
<p>Ulalo (formerly Centre for Youth and Development)</p>
<p>UNGH PROTECTION ORGANISATION</p>
<p>United Nations Association – UK (UNA-UK)</p>
<p>United Nations Association of Mauritius</p>
<p>United Nations Association of San Diego</p>
<p>United States Of South South Federation</p>
<p>United Towns Agency for North South Cooperation</p>
<p>United Youth for Peace, Education, Transparency and Development in Liberia</p>
<p>Universal Peace and Violence Amelioration Centre</p>
<p>Universal Versatile Society</p>
<p>Vessels of Virtue</p>
<p>Vision for Empowerment Center and Capacity Building</p>
<p>Vision GRAM-International</p>
<p>Voice of Wrongfully Imprisoned (V.O.W.I.)</p>
<p>Volunteer Partnership for West Africa</p>
<p>Wassa Karité</p>
<p>Water and Environmental sanitation Projects Maintenance Organization</p>
<p>WEED – World Economy, Ecology & Development</p>
<p>Welfare Togo</p>
<p>Wemos</p>
<p>Wemsin Investments</p>
<p>Wespak Welfare Trust (WWT)</p>
<p>Widevision and Human Rights</p>
<p>Women and Child Support Organization</p>
<p>Women and Modern World Social Charitable Center</p>
<p>Women Educationists Empowering Communities (WEEC) Ltd</p>
<p>Women Initiative for Sustainable Environment (WISE)</p>
<p>Women Initiatives For Peace & Good Governance</p>
<p>Women, Gender and Development (MuGeDe)</p>
<p>Women’s Consortium of Nigeria (WOCON)</p>
<p>Women’s Entrepreneurship Day Organization</p>
<p>Women’s Platform</p>
<p>Women’s Rights and Health Project</p>
<p>Working Fingers International Intiative</p>
<p>World Association of Early Childhood Educators (AMEI-WAECE)</p>
<p>World Changers Foundation</p>
<p>World Economy, Ecology & Development (WEED)</p>
<p>World Organization for Human Rights</p>
<p>World Organization of Building Officials (WOBO)</p>
<p>World Silambam Association (WSA)</p>
<p>Wuni Zaligu Development Association (WUZDA)</p>
<p>Yayasan Pendidikan Indonesia</p>
<p>Young Christian Education Club Of Zambia (YCECZ)</p>
<p>Young Green Women Sierra Leone</p>
<p>Young Professional Development Society Nepal (YPDSN)</p>
<p>Youngstars Development Initiative</p>
<p>Youth Alive Uganda</p>
<p>Youth and Childrens Association of Cote D’ivoire</p>
<p>Youth Association of Assamo Village</p>
<p>Youth Awareness And Guidance Organisation</p>
<p>Youth Foundation of Bangladesh</p>
<p>Youth Link Ghana</p>
<p>Youth Path Organisation</p>
<p>Youth Program For The Development Of Africa</p>
<p>Zarga Organization for Rural Ddevelopment</p>
<p>Zimbabwe Civil Liberties and Drug Network</p>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<p>The post <a href="https://www.brettonwoodsproject.org/2024/03/civil-society-calls-for-an-end-to-the-gentlemans-agreement-and-a-merit-based-open-and-transparent-md-selection-process/">Civil society calls for an end to the ‘gentleman’s agreement’ and a merit-based, open and transparent MD selection process</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<post-id xmlns="com-wordpress:feed-additions:1">49669</post-id> </item>
<item>
<title>Bretton Woods Project Annual Report 2023</title>
<link>https://www.brettonwoodsproject.org/2024/02/bretton-woods-project-annual-report-2023/</link>
<dc:creator><![CDATA[Isabel Alvarez]]></dc:creator>
<pubDate>Wed, 21 Feb 2024 11:09:45 +0000</pubDate>
<guid isPermaLink="false">https://www.brettonwoodsproject.org/?p=49393</guid>
<description><![CDATA[<p>In 2023, BWP continued its work as a watchdog of the World Bank and the IMF, supporting and amplifying the voices of critical civil society groups to capitalise on calls for substantive change, with a focus on four advocacy areas: Gender equality and macroeconomics, the environment, governance reform and accountability, and financialisation and human rights.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2024/02/bretton-woods-project-annual-report-2023/">Bretton Woods Project Annual Report 2023</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
]]></description>
<content:encoded><![CDATA[<p><a href="https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/BWP-Annual-report-2023-final-web.pdf"><img fetchpriority="high" decoding="async" class="alignright wp-image-49395 size-medium" src="https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-214x300.png" alt="Cover of BWPs' Annual Report 2023" width="214" height="300" srcset="https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-214x300.png 214w, https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-729x1024.png 729w, https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-107x150.png 107w, https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-768x1079.png 768w, https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-1093x1536.png 1093w, https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-351x493.png 351w, https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-554x778.png 554w, https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-166x233.png 166w, https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-125x176.png 125w, https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover-236x332.png 236w, https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/AR-2023-cover.png 1126w" sizes="(max-width: 214px) 100vw, 214px" /></a>Despite hopes that social movements and global civil society efforts would bring about a more equitable global financial architecture, 2023 proved yet another difficult year: Once more, a US national, Ajay Banga, won the leadership race to the World Bank, running unopposed, while the Bank’s Evolution Roadmap process conspicuously avoided civil society calls for a review of World Bank policies’ development effectiveness and the introduction of a human rights policy. Calls for a bigger, not better, Bank seemed to prevail. On the Fund’s side, reports showed the IMF’s continued support for austerity measures that disproportionally disadvantage the poorest, and women and girls in particular, while the outcome of the 16th quota review proved the Fund’s unwillingness to engage in structural and equitable reform.</p>
<p>With the aim to address these challenges, in 2023 BWP continued its work as a watchdog of the World Bank and the IMF, supporting and amplifying the voices of critical civil society groups to capitalise on calls for substantive change. The Project focused its work on four key advocacy areas: <a href="https://www.brettonwoodsproject.org/gender-equality-macroeconomics-project/">Gender equality and macroeconomics</a>, the <a href="https://www.brettonwoodsproject.org/bretton-woods-project-environmental-advocacy/">environment</a>, <a href="https://www.brettonwoodsproject.org/strengthening-accountability-in-the-global-economy-project/">governance reform and accountability</a>, and <a href="https://www.brettonwoodsproject.org/financialisation-and-human-rights-project/">financialisation and human rights.</a></p>
<p>See our Annual Report <a href="https://www.brettonwoodsproject.org/wp-content/uploads/2024/02/BWP-Annual-report-2023-final-web.pdf">here</a>.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2024/02/bretton-woods-project-annual-report-2023/">Bretton Woods Project Annual Report 2023</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
]]></content:encoded>
<post-id xmlns="com-wordpress:feed-additions:1">49393</post-id> </item>
<item>
<title>Recommended Resources on the World Bank and the IMF 2023</title>
<link>https://www.brettonwoodsproject.org/2024/02/recommended-resources-on-the-world-bank-and-the-imf-2023/</link>
<dc:creator><![CDATA[Isabel Alvarez]]></dc:creator>
<pubDate>Mon, 19 Feb 2024 17:26:05 +0000</pubDate>
<guid isPermaLink="false">https://www.brettonwoodsproject.org/?p=49378</guid>
<description><![CDATA[<p>As every year, BWP published its collection of reports, briefings, CSO letters and other resources with a critical angle published in the past year on the World Bank and the IMF.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2024/02/recommended-resources-on-the-world-bank-and-the-imf-2023/">Recommended Resources on the World Bank and the IMF 2023</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
]]></description>
<content:encoded><![CDATA[<h2>Reports</h2>
<ul>
<li><a href="https://csopartnership.org/resource/private-sector-watch-global-synthesis-report-2023/">Private sector watch: Global synthesis report 2023</a><br />
CSO Partnership in Development Effectiveness, 1 December 2023<br />
This report interrogates the role of the private sector in development, and the risks posed to marginalised communities due to the increasing involvement of such actors in this arena.</li>
</ul>
<ul>
<li><a href="https://re-course.org/wp-content/uploads/2023/11/Tread-lightly-1.pdf">Thread lightly: Why IFIs should put people and the environment at the centre of the transition mineral supply chain</a><br />
Recourse and Trend Asia, 27 November 2023<br />
This report explores the reality for mining and supply chains of transition minerals needed for renewable energy expansion in coming decades. It questions how International Finance Institutions (IFIs) can play a role in ensuring human rights and environmental justice are at the heart of the transition mineral supply chain, so that mineral rich communities and countries can benefit from their natural resources, and not be harmed.</li>
</ul>
<ul>
<li><a href="https://debtjustice.org.uk/news/new-report-the-colonial-roots-of-global-south-debt">The colonial roots of Global South deb</a><br />
Debt Justice, 27 November 2023<br />
This report exposes how current global south debt is both a colonial legacy, and a neo-colonial tool used by global north governments, institutions and corporations to plunder the wealth of, and extend their control over, global south countries and communities.</li>
</ul>
<ul>
<li><a href="https://www.bu.edu/gdp/2023/10/05/counting-on-the-international-monetary-fund-aligning-the-imf-quota-system-with-global-need/">Counting on the International Monetary Fund: Aligning the IMF Quota System with Global Need</a><br />
Global Development Policy Center, 5 October 2023<br />
The report outlines concrete steps for IMF shareholders to ensure that the IMF remains a legitimate, quota-based anchor of the Global Financial Safety Net (GFSN), the collection of global, regional and bilateral institutions designed to help provide short-term crisis finance.</li>
</ul>
<ul>
<li><a href="https://www.inclusivedevelopment.net/wp-content/uploads/2023/09/Blowing-Smoke.pdf">Blowing Smoke: How coal finance is flowing through the IFC’s Paris Alignment loopholes</a><br />
Inclusive Development International, 4 October 2023<br />
This investigation reveals that despite promises to halt financing for coal development and align with the Paris Agreement on Climate Change, the World Bank continues to indirectly support a sector that experts say is one of the most significant contributors to carbon emissions and the devastation of the planet through climate change.</li>
</ul>
<ul>
<li><a href="https://re-course.org/newsupdates/new-report-shows-that-imf-and-wbgs-policy-support-is-undermining-climate-and-development-goals-in-developing-countries/">How are the IMF and the World Bank shaping climate policy? Lessons from Pakistan</a><br />
Recourse, 3 October 2023<br />
The report examines the limitations of WBG’s Climate Change Action Plan and the IMF’s Climate Change Strategy and assesses the negative impacts of climate-related interventions in Pakistan in the last decades.</li>
</ul>
<ul>
<li><a href="https://www.hrw.org/news/2023/09/25/imf-austerity-loan-conditions-risk-undermining-rights">Bandage on a Bullet Wound: IMF Social Spending Floors and the Covid-19 Pandemic</a><br />
Human Rights Watch, 23 September 2023<br />
This report analyses IMF loans approved from March 2020 until March 2023 to 38 countries, and finds that the vast majority are conditioned on austerity policies, which reduce government spending or increase regressive taxes in ways likely to harm rights. It also finds that recent IMF initiatives, announced at the beginning of the pandemic, to mitigate these impacts such as social spending floors are flawed and ineffective in addressing the harms caused by the policies.</li>
</ul>
<ul>
<li><a href="https://www.latindadd.org/2023/09/05/uso-de-derechos-especiales-de-giro-los-casos-de-argentina-ecuador-y-paraguay/#englishnote">Use of Special Drawing Rights: The cases of Argentina, Ecuador and Paraguay</a><br />
Latindadd, 5 September 2023<br />
This report identifies the use of Special Drawing Rights in three Latin American countries: Argentina, Ecuador and Uruguay; with different mechanisms, benefits and lessons learned.</li>
</ul>
<ul>
<li><a href="https://policy-practice.oxfam.org/resources/radical-pathways-beyond-gdp-621532/">Radical Pathways Beyond GDP: Why and how we need to pursue feminist and decolonial alternatives urgently</a><br />
Oxfam, 3 August 2023<br />
There is growing consensus among policymakers, institutions and movements that GDP is not fit for purpose as the pre-eminent economic metric. Alternatives are urgently needed to facilitate the transition to a new economic model that supports a radically more equal, kinder, greener and feminist world in the present, while offering redress for historical damage and inequalities.</li>
</ul>
<ul>
<li><a href="https://re-course.org/newsupdates/new-imf-condemned-for-short-term-thinking-as-new-research-shows-fund-failing-to-mainstream-climate/">IMF Lending and the Road to Green Transition: One Step Forward, One Step Back</a><br />
Change Initiative, Environmental Governance Institute, Centre for Citizens Conserving Environment & Management (CECIC), the Southern and Eastern Africa Trade Information and Negotiations Institute (SEATINI) and the Initiative for Social and Economic Rights (ISER), 20 June 2023<br />
This report highlights the impact of recent International Monetary Fund (IMF) lending programs on the phase-out of fossil fuels and the likelihood of achieving green and just transitions in Bangladesh and Uganda.</li>
</ul>
<ul>
<li><a href="https://www.latindadd.org/2023/05/23/report-reveals-the-challenges-and-risks-of-the-growing-indebtedness-in-global-south-countries/">Southern Debt Report: Characteristics and challenges</a><br />
Latindadd and Afrodad, 23 May 2023<br />
The report highlights the concerning levels of debt faced by countries in the Global South and warns of the adverse consequences for the most vulnerable individuals. The study, conducted in three regions of the South—Latin America, Africa, and Asia—analyses the debt composition, associated risks, and proposes global policies aimed at transforming the international financial architecture with fairness.</li>
</ul>
<ul>
<li><a href="https://cafod.org.uk/about-us/policy-and-research/food-systems-and-agriculture/how-the-world-bank-harms-poor-farmers">Sowing the seeds of poverty: How the World Bank harms poor farmers</a><br />
CAFOD, 26 April 2023<br />
This report shows how the World Bank is failing in its duty to tackle poverty by promoting a model of agricultural development that benefits large-scale agribusiness at the expense of some of the world’s poorest smallholder farmers.</li>
<li><a href="https://www.oaklandinstitute.org/war-theft-takeover-ukraine-agricultural-land">War and Theft: The Takeover of Ukraine’s Agricultural Land</a><br />
Oakland Institute, 21 February 2023<br />
This report exposes the financial interests and the dynamics at play leading to further concentration of land and finance.</li>
</ul>
<h2>Briefings & Policy Papers</h2>
<ul>
<li><a href="https://www.eurodad.org/miracle_or_mirage?utm_campaign=debt_swaps_report_out&utm_medium=email&utm_source=eurodad">Miracle or mirage: are debt swaps really a silver bullet?</a><br />
Eurodad, 4 December 2023<br />
This briefing aims to inform the discussions on debt swaps among civil society, academics and policy makers.</li>
</ul>
<ul>
<li><a href="https://re-course.org/wp-content/uploads/2023/11/Technical-Assistance-for-Gas-Paper-1.pdf">The technical assistance paradox: How the World Bank and ADB advisory services are ‘assisting’ dependency on fossil fuels</a><br />
Recourse, 30 November 2023<br />
This paper analyses MDBs’ alignment with the Paris Agreement, focusing on WBG and ADB technical assistance for fossil gas-related sectors.</li>
</ul>
<ul>
<li><a href="https://wedo.org/gender-just-transition-a-path-to-system-change/?blm_aid=515225891">Gender just transition: A path to system change</a><br />
WEDO, 28 November 2023<br />
This briefing aims to enhance understanding of what a “gender just transition”. It offers a guidance to policymakers and government officials at the national level responsible for designing and implementing just transition policies and programs, and support</li>
</ul>
<ul>
<li><a href="https://www.eurodad.org/gender_responsive_climate_finance_the_key_to_just_climate_action_and_tackling_inequalities?utm_campaign=newsletter_16_11_2023&utm_medium=email&utm_source=eurodad">Gender-responsive climate finance: The key to just climate action and tackling inequalities</a><br />
Eurodad, 13 November 2023<br />
This paper looks at the gendered impacts of national and personal debt, and how this exacerbates inequalities, poverty and human rights.</li>
</ul>
<ul>
<li><a href="https://afrodad.org/debt-service-watch-the-worst-debt-crisis-ever/">Debt Service Watch: the worst debt crisis ever</a><br />
Afrodad, 11 October 2023<br />
Based on a new global debt service database covering 139 countries which borrow from the World Bank, this policy briefing shows that the citizens of the Global South now face the worst debt crisis since global records began.</li>
</ul>
<ul>
<li><a href="https://debtjustice.org.uk/wp-content/uploads/2023/08/Debt-Fossil-Fuel-Trap-Report_2023.pdf">The debt-fossil fuel trap: Why debt is a barrier to fossil fuel phase-out and what we can do about it</a><br />
Debt Justice, 21 August 2023<br />
This briefing explores the links between debt and fossil fuel production in global south countries, and presents a number of solutions for addressing high debt burdens as a contribution towards efforts for a fossil fuel phase-out.</li>
</ul>
<ul>
<li><a href="https://www.bu.edu/gdp/2023/07/31/closing-the-global-crisis-finance-gap-why-and-how-the-imf-should-address-weaknesses-in-the-global-financial-safety-net/?utm_content=258768007&utm_medium=social&utm_source=twitter&hss_channel=tw-905477617775771654">Closing the Global Crisis Finance Gap: Why and How the IMF Should Address Weaknesses in the Global Financial Safety Net</a><br />
Global Development Policy Center, 31 July 2023<br />
This policy brief explores the status of Global Financial Safety Net (GFSN) and demonstrate how structural inequalities in the GFSN could be reduced by reforming facilities and funding of the International Monetary Fund.</li>
</ul>
<ul>
<li><a href="https://www.brettonwoodsproject.org/2023/07/civil-society-calls-for-rethink-of-world-banks-evolution-roadmap-as-part-of-wider-reforms-to-highly-unequal-global-financial-architecture/">Civil Society calls for rethink of World Bank’s ‘evolution roadmap’ as part of wider reforms to highly unequal global financial architecture</a><br />
CSO briefing, 3 July 2023<br />
Joint civil society briefing, endorsed by more than 70 organisations and individuals around the world, highlights concerns with the World Bank’s Evolution Roadmap, and provides a series of recommendations for a Roadmap that prioritises people, participation and the planet over profit and economic growth.</li>
</ul>
<ul>
<li><a href="https://www.oxfam.org/en/research/sick-development">Sick Development: How rich-country government and World Bank funding to for-profit private hospitals causes harm, and why it should be stopped</a><br />
Oxfam, 26 June 2023<br />
In this paper, Oxfam calls on rich-country governments and the World Bank Group to immediately halt their spending on for-profit private healthcare, and for urgent independent investigation to be concluded into all active and historic investments.</li>
</ul>
<ul>
<li><a href="https://www.banktrack.org/article/civil_society_calls_on_both_public_and_private_financial_institutions_to_align_with_the_global_biodiversity_framework">Civil society calls on both public and private financial institutions to align with the Global Biodiversity Framework</a><br />
Bank Information Centre, BankTrack, Friends of the Earth US and Rainforest Action Network, 6 June 2023<br />
This civil society briefing calls on financial institutions to take responsibility for their role in driving the biodiversity crisis and commit to five key principles to align their activities with the Global Biodiversity Framework.</li>
</ul>
<ul>
<li><a href="https://www.actionaidusa.org/wp-content/uploads/2023/04/The_vicious_cycle.pdf">The Vicious Cycle: Connections Between the Debt Crisis and Climate Crisis</a><br />
Action Aid International, 1 June 2023<br />
This analysis finds that, where data is available, 93 per cent of the countries most vulnerable to the climate crisis are in debt distress, or at significant risk of debt distress.</li>
</ul>
<ul>
<li><a href="https://www.actionaid.org.uk/publications/stand-inclusive-public-services">Stand up for inclusive public services</a><br />
Action Aid Malawi, Ghana, Kenya, South Africa and UK, 24 May 2023<br />
This illustrated guide on Gender-Responsive Public Services (GRPS) sets out how women and girls’ rights are impacted when public services are poor quality, privatised or cut, particularly in situations such as the current intersecting crises – inequality, climate, health, education, conflict and debt – alongside the Covid-19 pandemic. It also highlights how the policies and approaches pushed by international financial institutions (IFIs) such as the IMF and World Bank are undermining access.</li>
</ul>
<ul>
<li><a href="https://gadnetwork.org/gadn-resources/reparations-as-a-pathway-to-decolonisation">Reparations as a pathway to decolonisation</a><br />
Gender & Development Network, 18 May 2023<br />
This briefing explores different ‘reparations approaches’ and their value in ensuring transformative responses where former colonisers acknowledge, remedy and redress the legacies of European colonialism and slavery.</li>
</ul>
<ul>
<li><a href="https://kvinnatillkvinna.org/wp-content/uploads/2023/04/The-Kvinna-till-Kvinna-Foundation-Bretton-Woods-Project-World-Bank-position-paper-gender-lens.pdf">A gender lens must be at the heart of World Bank Group reform</a><br />
CSO position paper, April 2023<br />
This position paper, written by the CSO group convening on the World Bank’s new 2024-30 gender strategy, stresses the importance of applying a gender lens to Bank processes such at the Evolution Roadmap.</li>
</ul>
<ul>
<li><a href="https://cepr.net/report/the-growing-burden-of-imf-surcharges-an-updated-estimate/">The Growing Burden of IMF Surcharges: An Updated Estimate</a><br />
CEPR, 13 April 2023<br />
This brief seeks to provide an updated estimate of the costs of the IMF’s surcharge policy for impacted countries.</li>
</ul>
<ul>
<li><a href="https://oxfamilibrary.openrepository.com/bitstream/handle/10546/621495/bp-imf-social-spending-floors-130423-en.pdf?sequence=4">IMF social spending floors: A fig leaf for austerity?</a><br />
Oxfam, 13 April 2023<br />
By analysing 17 IMF loans, this briefing found that while an improvement, social spending floors nevertheless are failing to do what they are intended to do.</li>
</ul>
<ul>
<li><a href="https://www.oxfam.org/en/press-releases/oxfam-warns-rich-country-financial-wizardry-puts-their-own-interests-ahead-worlds">Oxfam warns of rich country financial wizardry that puts their own interests ahead of the world’s poorest people</a><br />
Oxfam, 10 April 2023<br />
This analysis describes a $27 trillion black hole – accumulating at around $3.9 trillion a year to 2030 – that low- and middle-income countries face to meet climate-related loss and damages, adaption, and mitigation measures, along with their health, education and social protection needs.</li>
</ul>
<ul>
<li><a href="https://www.bu.edu/gdp/2023/03/24/world-bank-evolution-as-if-development-and-climate-change-really-mattered-four-foundations-for-successful-reform/">World Bank Evolution as if Development and Climate Change Really Mattered: Four Foundations for Successful Reform</a><br />
Global Development Policy Center, 24 March 2023<br />
This paper advances four foundations of a development-centered evolution of the World Bank: A mission-driven approach; a better operational model; a stepwise increase in the scale of World Bank capital and lending capacity; and increased voice, representation and accountability to developing countries and their citizens.</li>
</ul>
<ul>
<li><a href="https://www.bu.edu/gdp/2023/03/24/the-international-monetary-fund-climate-and-development-a-preliminary-assessment/?_hsmi=252239756&_hsenc=p2ANqtz-_AW_hlYgRD_gQKTgXPfpflruKHjiq_32o2CHLaWt_JGBUwP9cCKVe1hgqZmcPVY7nwwGFFih8VtggCPtkOFckBmt3Bohhx6kSymJrDr9lDzlrZUno">The International Monetary Fund, Climate Change and Development: A Preliminary Assessment</a><br />
Task Force on Climate, Development and the International Monetary Fund, 24 March 2023<br />
This briefing provides an independent, preliminary assessment of the IMF’s efforts to mainstream climate change.</li>
<li><a href="https://policy-practice.oxfam.org/resources/from-stunt-to-substance-an-assessment-of-imf-engagement-with-civil-society-621479/">From stunt to substance: An assessment of IMF engagement with civil society</a><br />
Oxfam, 9 January 2023<br />
This paper presents case study research from Pakistan, Tunisia, Egypt, Ecuador, Argentina, Zambia and Ghana to assess the extent and meaningfulness of IMF engagement with civil society. It makes the case for significantly improved engagement, and recommends how to do so systematically, meaningfully and safely.</li>
</ul>
<h2>Journal articles, books & blogs</h2>
<ul>
<li><a href="https://www.ciel.org/the-world-bank-needs-a-remedy-framework-to-deliver-on-loss-and-damage/">The World Bank Needs a Remedy Framework to Deliver on Loss and Damage</a><br />
Aubrey Manahan, CIEL, 18 December 2023<br />
The blog urges the World Bank to live up to its mandate and align itself with international human rights law and the global shift toward accountability and remedy.</li>
</ul>
<ul>
<li><a href="https://www.cgdev.org/blog/whats-not-about-ida-private-sector-window">What’s not to like about the IDA Private Sector Window</a><br />
Center for Global Development, 9 November 2023<br />
This blog argues IDA21 negotiators should take a hard look at the PSW before considering more funding for it, because the window is distorted, opaque, and doesn’t let very much of anything through.</li>
</ul>
<ul>
<li><a href="https://thetricontinental.org/south-africa/najjuko-simeoni-interventions-3/">Love or labour? The invisible wheel that turns the world</a><br />
Joanita Najjuko and Crystal Simeoni, <em>Interventions</em>, lssue 3, 6 November 2023<br />
The authors argue for greater inclusion of the perspectives of women and girls as well as better recognition of their needs in macro-level economic decision-making. They demand feminist economic justice, show how unpaid care work is central to our economies and encourage resistance against the co-option of gender-based initiatives by neoliberalism.</li>
</ul>
<ul>
<li><a href="https://www.cadtm.org/The-World-Bank-A-Critical-History">The World Bank A Critical History</a><br />
Eric Toussaint, Ed. Pluto, July 2023<br />
Seven international case studies illustrate the impact of World Bank policy. The author also explores the political, economic and strategic motives of the US government with regard to the World Bank. The book concludes with a proposal for replacing the World Bank, IMF and WTO with new, multilateral and democratic institutions.</li>
</ul>
<ul>
<li><a href="https://re-course.org/newsupdates/an-unbelievable-truth-the-world-bank-approves-us-nominated-ajay-banga-as-president-of-world-bank/">An unbelievable truth: The World Bank approves US nominated Ajay Banga as President of World Bank</a><br />
Recourse, 4 May 2023<br />
The statement reacts to Ajay Banga’s election as World Bank President and notes that with Banga at the helm of the institution what is more likely is a “business as usual” roadmap that focuses heavily on de-risking private capital, while failing to put governance reforms, energy access and a just energy transition at its core.</li>
</ul>
<ul>
<li><a href="https://www.project-syndicate.org/commentary/new-economic-paradigm-common-good-market-shaping-by-mariana-mazzucato-2023-05">Financing the common good</a><br />
Marianna Mazzucato, Project Syndicate, 1 May 2023<br />
The United Nations has warned that “cascading and interlinked crises” are jeopardizing not just the 2030 Agenda for Sustainable Development, but “humanity’s very survival.” Mitigating the threat requires a radical reform of international finance, based on a market-shaping paradigm that advances the common good.</li>
</ul>
<ul>
<li><a href="https://gh.bmj.com/content/8/2/e011620">The return of austerity imperils global health</a><br />
Thomas Stubb, Alexandros Kentikelenis, Daniela Gabor, Jayati Ghosh and Martin McKee, <em>BMJ Global Health</em>, 20 February 2023<br />
This article examines the prospects of national health budgets increasing in such a context, drawing on new International Monetary Fund projections on public spending around the world.</li>
</ul>
<ul>
<li><a href="https://arabwatchcoalition.org/2023/02/02/the-urgent-need-for-imf-reform-illustrations-from-the-middle-east-and-north-africa/">The Urgent Need for IMF Reform: Illustrations from the Middle East and North Africa</a><br />
Shereen Talaat and Leila Oulhaj, 1 February 2023<br />
This blog questions the interventions of international financial institutions in the region over the past decades, particularly the International Monetary Fund (IMF).</li>
</ul>
<ul>
<li><a href="https://www.nrdc.org/bio/jake-schmidt/world-bank-needs-get-serious-about-reform">The World Bank needs to get serious about reform</a><br />
Jake Smith and Joe Thwaites, NRDC, 9 January 2023<br />
This blog argues that the World Bank needs to seriously up its game to help tackle the multiple crises the world is facing, with addressing climate change prime among them.</li>
</ul>
<h2>Open letters, statements and press releases</h2>
<ul>
<li><a href="https://cepr.net/press-release/ahead-of-cop28-civil-society-groups-call-for-end-to-imf-surcharges-so-that-heavily-indebted-countries-can-better-respond-to-climate-crisis/">Ahead of COP28, civil society groups call for end to IMF surcharges so that heavily indebted countries can better respond to climate crisis</a><br />
CEPR, 28 November 2023<br />
Ahead of COP28, various civil society groups urged the International Monetary Fund to end its policy of levying billions of dollars in unnecessary and counterproductive surcharges so that heavily indebted countries will have more funds available to respond to the climate crisis.</li>
</ul>
<ul>
<li><a href="https://www.publishwhatyoufund.org/app/uploads/dlm_uploads/2023/11/Publish-What-You-Fund_World-Bank-Gender-Strategy-Submission.pdf">Evidence submission for the World Bank’s draft Gender Strategy (2024-2030) consultation</a><br />
Publish What You Found, 26 November 2023<br />
The submission draw attention to some of the key ways the World Bank must address gaps in disclosure of project and financial information related to its gender investments.</li>
</ul>
<ul>
<li><a href="https://realityofaid.org/rethink-wbg-evolution/">Civil society demands the World Bank Group to rethink the direction of its Evolution</a><br />
Reality of Aid, 20 October 2023<br />
CSOs sound the alarm on the continuing dominance of private sector-led development, lack of climate funding, lack of proper accountability and transparency mechanisms, and the downplaying of the need for a CSO enabling environment.</li>
</ul>
<ul>
<li><a href="https://debtgwa.net/globalweekofaction2023">An urgent call for debt, climate and economic justice</a><br />
Global Action for Debt Cancellation, 8 October 2023<br />
The letter calls on the IMF and World Bank, all governments North and South, and private financial actors to act now to ensure urgently needed and real reform of the international financial architecture alongside undertaking systemic solutions that include building post-carbon societies and economies where financial, food and energy sovereignty are a reality.</li>
</ul>
<ul>
<li><a href="https://www.socialprotectionfloorscoalition.org/social-security-for-all/">Social Security for All: Key Pillar for New Eco-Social Contract</a><br />
Global Coalition for Social Protection Floors, 3 October 2023<br />
This joint statement urges the IMF and the World Bank, pivotal actors in financing and shaping social security policies in low- and middle-income countries, to take measures that could improve the lives of hundreds of millions of people such as committing to realizing the right to social security, and cease austerity measures.</li>
</ul>
<ul>
<li><a href="https://www.arab-reform.net/publication/a-joint-statement-on-the-imfs-article-iv-report/">A joint statement on the IMF’s Article IV report</a><br />
Arab Reform Initiative, 28 July 2023<br />
Regional civil society analyses IMF’s Article 4 on Lebanon and urges the IMF to: maintain vigilance to prevent the dilution of reforms and ensure the proper adoption and implementation of legislation; solidify the principles of equality and accountability as fundamental pillars in addressing the losses in the financial sector; and continue to broaden its consultations with civil society actors and other stakeholders, given the political resistance to reform within formal political institutions.</li>
</ul>
<ul>
<li><a href="https://arabwatchcoalition.org/2023/06/25/9042/">Marrakech Working Group first statement</a><br />
Marrakech Working Group, 25 June 2023<br />
More than 70 organizations from the MENA region and the world launch a statement today calling the IMF and the World Bank to cancel the debt and End austerity policies. This statement is issued by the Marrakech Working Group, composed of individuals and organizations from the MENA region.</li>
</ul>
<ul>
<li><a href="https://csoforffd.org/2023/06/19/statement-concerns-on-the-summit-for-a-new-global-financing-pact-and-its-governance-and-policy-implications/">Statement: Concerns on the Summit for a New Global Financing Pact and its governance and policy implications</a><br />
Civil Society Financing for Development Mechanism, 19 June 2023<br />
The statement expresses the Mechanism deep concerns on the Summit for a New Global Financing Pact and its governance and policy implications, nothing that this is another initiative of powers in the Global North to strengthen their undemocratic governance and political hegemony by usurping roles and functions of legitimate intergovernmental institutions.</li>
</ul>
<ul>
<li><a href="https://priceofoil.org/2023/06/19/open-letter-global-north-governments-can-redirect-trillions-in-fossil-debt-and-super-rich-harms-to-fix-global-crises-the-paris-summit-must-be-about-building-the-roadmap-to-do-so/">Global North leaders must redirect trillions from fossils, debt, and the 1% to address global crises</a><br />
Oil Change international, 19 June 2023<br />
This letter from 150+ economists and policy experts calls on Global North leaders to put real global financial system transformation on the agenda at the June 22-23 Paris “Summit for a New Financing Pact” — starting by redirecting funds from three parts of our economies that are driving climate change and inequality: fossil fuels, unfair colonial debts, and the super rich.</li>
</ul>
<ul>
<li><a href="https://www.fightinequality.org/africa-liberation-day-2023-statement">We reject the IMF & World Bank Meeting on our continent</a><br />
Africa Liberation Day 2023 Statement, 24 May 2023<br />
The statement demands that African leaders wake up at last to their responsibility of leadership, articulate our interests and promote and implement the myriad African counter proposals to IMF and World Bank policies.</li>
</ul>
<ul>
<li><a href="https://www.ituc-csi.org/imf-world-bank-spring-meetings-2023">IMF/World Bank spring meetings: Bold action for sustainable recovery needed</a><br />
ITUC, 6 April 2023<br />
In a statement to the Spring Meetings of the International Monetary Fund (IMF) and the World Bank, the ITUC and its Global Unions partners are calling for the International Financial Institutions (IFIs) to overhaul the multilateral system and take bold action to ensure a new social contract for a sustainable recovery.</li>
</ul>
<ul>
<li><a href="https://re-course.org/newsupdates/media-release-world-bank-still-fuelling-the-fire-of-climate-chaos-campaigners-say/">World Bank still “fuelling the fire” of climate chaos, campaigners say</a><br />
Recourse, 20 March 2023<br />
Climate and human rights campaigners condemn the World Bank’s plan for aligning its investments with the Paris Agreement, as “fuelling the fire” of climate chaos and failing to shift finance away from fossil fuels.</li>
<li><a href="https://worldbankpresident.org/wbprez/take-action/strongcivil-society-demands-the-end-of-the-gentlemens-agreement">Civil society demands the end of the ‘gentlemen’s agreement’ and calls for merit-based, open and transparent World Bank presidential selection process</a><br />
CSO letter, 7 March 2023<br />
CSOs and individuals write to demand that the World Bank use the opportunity of the resignation of President David Malpass to heed long-standing calls from global civil society and countries from the Global South and ensure the next World Bank president is selected in accordance with a merit-based, open and transparent process, underpinned by well-defined and publicly available selection criteria and civil society engagement with the candidates.</li>
</ul>
<p>The post <a href="https://www.brettonwoodsproject.org/2024/02/recommended-resources-on-the-world-bank-and-the-imf-2023/">Recommended Resources on the World Bank and the IMF 2023</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<title>(CLOSED) Gender Equality and Macroeconomics (GEM) Project Lead</title>
<link>https://www.brettonwoodsproject.org/2024/01/gender-equality-and-macroeconomics-gem-project-lead/</link>
<dc:creator><![CDATA[Isabel Alvarez]]></dc:creator>
<pubDate>Thu, 11 Jan 2024 09:32:39 +0000</pubDate>
<guid isPermaLink="false">https://www.brettonwoodsproject.org/?p=49257</guid>
<description><![CDATA[<p>BWP is seeking a Gender Equality and Macroeconomics (GEM) Project Lead to manage BWP’s ongoing GEM Project and lead BWP’s work on gender equality and women’s rights.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2024/01/gender-equality-and-macroeconomics-gem-project-lead/">(CLOSED) Gender Equality and Macroeconomics (GEM) Project Lead</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
]]></description>
<content:encoded><![CDATA[<p>The Bretton Woods Project envisions a global economic system that operates on the primary principles of justice, equity, gender equality, human rights and environmental sustainability, with international institutions that are democratic, inclusive, transparent, accountable, and responsive to citizens, especially the poorest and most vulnerable.</p>
<p>We are seeking a Gender Equality and Macroeconomics (GEM) Project Lead to manage BWP’s ongoing <a href="https://www.brettonwoodsproject.org/gender-equality-macroeconomics-project/">GEM Project</a> and lead BWP’s work on gender equality and women’s rights.</p>
<p>The Bretton Woods Project focuses on the World Bank and the IMF to challenge their power and open space for civil society and social movements to contribute to the development of policies that are gender transformative, equitable, environmentally sustainable and consistent with international human rights norms. We do this because the Bank and Fund remain global opinion formers, funders and influential proponents and enforcers of economic and development policies.</p>
<p>We act as a watchdog by monitoring the Bretton Woods Institutions (BWIs, the World Bank and IMF), with a particular focus on the impact of Bank and Fund policies and activities on the environment, human rights and democratic governance. We build and maintain an information and evidence base and are a credible critical voice on the work of the Bank and Fund and on their role in the broader international finance landscape. We amplify the voices of marginalised communities, social movements and civil society partners and act as interlocutors amongst international financial institutions and government officials and civil society partners. BWP’s Gender Equality and Macroeconomics (GEM) Project challenges the ways in which macroeconomic policies promoted by international financial institutions, in particular the IMF and World Bank, undermine women’s rights and gender equality.</p>
<hr />
<p>As the Bretton Woods Project is hosted by ActionAid, please apply on <a href="https://www.actionaid.org.uk/jobs/permanent/gender-equality-project-lead">ActionAid’s recruitment portal</a>.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2024/01/gender-equality-and-macroeconomics-gem-project-lead/">(CLOSED) Gender Equality and Macroeconomics (GEM) Project Lead</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<title>Civil society calls for a meaningful Quota Reform that accurately reflects the changes in the global economy to ensure a fair representation of all member countries</title>
<link>https://www.brettonwoodsproject.org/2023/12/civil-society-calls-for-a-meaningful-quota-reform-that-accurately-reflects-the-changes-in-the-global-economy-to-ensure-a-fair-representation-of-all-member-countries/</link>
<dc:creator><![CDATA[Isabel Alvarez]]></dc:creator>
<pubDate>Mon, 18 Dec 2023 13:15:18 +0000</pubDate>
<guid isPermaLink="false">https://www.brettonwoodsproject.org/?p=49235</guid>
<description><![CDATA[<p>Civil society calls upon the IMF to implement a meaningful quota reform by June 2025 and prioritise realignment of shares to reflect more accurately the changes in the global economy and address representation issues</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/civil-society-calls-for-a-meaningful-quota-reform-that-accurately-reflects-the-changes-in-the-global-economy-to-ensure-a-fair-representation-of-all-member-countries/">Civil society calls for a meaningful Quota Reform that accurately reflects the changes in the global economy to ensure a fair representation of all member countries</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
]]></description>
<content:encoded><![CDATA[<p><span style="font-weight: 400;">To: IMF executive directors</span></p>
<p><span style="font-weight: 400;">With the conclusion of the 16th Quota Review, the undersigned organisations and individuals call upon the IMF to implement a meaningful quota reform by June 2025 and prioritise realignment of shares to reflect more accurately the changes in the global economy and address representation issues.</span><span style="font-weight: 400;"> This expectation was clearly articulated by Southern leaders throughout the 16th review, via </span><a href="https://brics2023.gov.za/wp-content/uploads/2023/08/Jhb-II-Declaration-24-August-2023-1.pdf"><span style="font-weight: 400;">BRICS group declarations</span></a><span style="font-weight: 400;">, numerous </span><a href="https://meetings.imf.org/en/2023/Spring/Statements"><span style="font-weight: 400;">ministerial statements</span></a><span style="font-weight: 400;">, even by the </span><a href="https://www.bloomberg.com/news/articles/2023-09-07/us-calls-for-imf-quota-reform-to-support-vulnerable-nations?leadSource=uverify%20wall"><span style="font-weight: 400;">IMF Managing Director.</span></a></p>
<p><span style="font-weight: 400;">The proposal presented by the IMF Executive Board recommends an equiproportional increase in IMF quotas by 50%, but reduces Bilateral Borrowing Agreements and New Arrangements to Borrow to the same amount, doing nothing to boost the IMF’s overall lending capacity at a time of a </span><a href="https://www.imf.org/en/News/Articles/2023/04/14/pr23119-sub-saharan-africa-regional-economic-outlook-the-big-funding-squeeze"><span style="font-weight: 400;">systemic fiscal squeeze</span></a><span style="font-weight: 400;"> in the Global South and projected increased liquidity needs. In addition, the proposal does nothing to realign vote shares during the 16th review breaking historical precedent to ensure a selective quota increase, relying only on an equiproportional increase. Moreover, the proposal actually undermines future realignment efforts, because selective increases distribute quota shares according to a weighted average of current and newly calculated quota shares based on the percentage point increase in total quotas, i.e. more quotas will need to be created in future to counteract the effect of this increase.</span></p>
<p><span style="font-weight: 400;">The Fund’s quota system as a single tool aimed to fulfil three different purposes – determine voting weight, set the potential for contribution to the Fund’s lending and define access limits to resources by borrowers – cannot effectively or efficiently fulfil all three of these goals, especially as it does not allow for equitable representation of the Fund’s membership, with the US and European countries holding 16.5 and 29.4 % respectively of the voting power, whereas the low- and middle-income countries, which are most likely to borrow from the IMF, </span><a href="https://www.brettonwoodsproject.org/2019/06/what-are-the-main-criticisms-of-the-world-bank-and-the-imf/#_Toc10127389"><span style="font-weight: 400;">have</span></a><span style="font-weight: 400;"> limited influence on the IMF’s decisions.</span></p>
<p><span style="font-weight: 400;"> As a result, we call for the following reforms to improve the governance of the IMF:</span></p>
<ol>
<li><span style="font-weight: 400;">Increase IMF’s resource capacity and reform its governance to tackle the existing polycrises.</span> <span style="font-weight: 400;">The Fund’s total resources </span><a href="https://www.imf.org/en/About/Factsheets/Where-the-IMF-Gets-Its-Money"><span style="font-weight: 400;">amount</span></a><span style="font-weight: 400;"> to approximately $1 trillion, or 1.67 % of global GDP. This may be enough to provide financing for one or several country</span> <span style="font-weight: 400;">crises, but it’s not sufficient to tackle the current polycrisis, where inflationary pressures, food</span> <span style="font-weight: 400;">insecurity triggered by the Russian war in Ukraine, stagnating economic growth and global warming all overlap and have compounding effects. The </span><span style="font-weight: 400;">IMF requires a quota realignment that accurately reflects the changes in the global economy and an </span><a href="https://www.bu.edu/gdp/2023/07/31/closing-the-global-crisis-finance-gap-why-and-how-the-imf-should-address-weaknesses-in-the-global-financial-safety-net/"><span style="font-weight: 400;">equiproportional increase</span></a> <span style="font-weight: 400;">in quotas by as much as 267 %, or US$1.16 trillion to cover the gross external financing needs of the most vulnerable countries through quota-based resources, while at the time reform its SDRs allocation to increase access to conditionality free finance and reform its governance to ensure countries have a more equal representation in the decision-making process. </span></li>
<li><span style="font-weight: 400;">Increase the proportion of basic votes in calculating the voting shares for a more equal representation of countries.</span><span style="font-weight: 400;"> Voting rights at the IMF represent the sum of its basic votes (equally distributed among all members) and quota-based votes. Following the 2008 quota review the proportion of basic votes represents 5.5 % from the total voting share, a decrease compared to the initial proportion of 11.3 %. We call on the IMF to increase basic votes at least to the proportion of 20% following the model of the Asian Development Bank, to account for the lack of proportional increase over the past decades and move towards more</span><a href="https://unctad.org/system/files/official-document/gdsmdpbg2420077_en.pdf"><span style="font-weight: 400;"> democratic </span></a><span style="font-weight: 400;">principles of governance and increase legitimacy of the IMF.</span></li>
<li><span style="font-weight: 400;">Decouple Special Drawing Rights from Quotas</span><span style="font-weight: 400;">. As long as Special Drawing Rights continue to be linked to the Quota system, they will be unequally </span><a href="https://repositorio.cepal.org/server/api/core/bitstreams/a4d76467-4802-421e-bb51-207cdb91bccf/content"><span style="font-weight: 400;">distributed</span></a> <span style="font-weight: 400;">based on the relative size of countries’ economies instead of financing needs. The 2021 SDR allocation demonstrated that countries which needed the most financial support receiving the lowest SDR allocation – just 2.4 % going to least developed countries (LDCs) and 35.6 % going to middle-income countries (US$ 231.4 billion). The </span><a href="https://repositorio.cepal.org/server/api/core/bitstreams/a4d76467-4802-421e-bb51-207cdb91bccf/content"><span style="font-weight: 400;">discrepancy</span></a><span style="font-weight: 400;"> between the SDR allocation and the financing needs of countries is further visible in the use of SDRs, with developing countries having a median utilisation rate of SDRs of 42 per cent. On the other hand, advanced economies have barely used their SDRs – a rate of only 5.9 per cent, due to their greater unlimited access to reserve currencies and greater fiscal space to respond to shocks such as the COVID-19 pandemic. While the G20 </span><a href="http://www.g20.utoronto.ca/2021/G20ROMELEADERSDECLARATION.pdf"><span style="font-weight: 400;">pledged</span></a> <span style="font-weight: 400;">to re-channel $100 billion SDRs for the benefit of vulnerable countries in Oct 2021, some contributions were </span><a href="https://home.treasury.gov/news/press-releases/jy1715"><span style="font-weight: 400;">delayed</span></a> <span style="font-weight: 400;">by domestic legal frameworks. Despite aiming to correct SDR allocation shortcomings, IMF’s re-channelling mechanisms create additional negative externalities by transforming SDRs into debt, creating access barriers and involving policy </span><a href="https://www.brettonwoodsproject.org/2021/09/opportunity-lost-imf-approach-to-special-drawing-rights-channelling-risks-wasting-golden-chance-to-support-global-recovery/"><span style="font-weight: 400;">conditionality</span></a><span style="font-weight: 400;">.</span><span style="font-weight: 400;"> In this context, we call on the IMF to support UNCTAD’s </span><a href="https://unctad.org/system/files/official-document/gdsmdpbg2420077_en.pdf"><span style="font-weight: 400;">proposal</span></a> <span style="font-weight: 400;">to decouple SDRs from the quota system to ensure funding is released on a need basis in order to manage crises more effectively. </span></li>
</ol>
<h3>Sincerely, the undersigned:</h3>
<p><span style="font-weight: 400;">Action Corps (USA)</span></p>
<p><span style="font-weight: 400;">Alliance Sud</span></p>
<p><span style="font-weight: 400;">Alternative Law Collective</span></p>
<p><span style="font-weight: 400;">Bretton Woods Project</span></p>
<p><span style="font-weight: 400;">ChristianAid</span></p>
<p><span style="font-weight: 400;">CNCD-11.11.11</span></p>
<p><span style="font-weight: 400;">Debt Justice Norway</span></p>
<p><span style="font-weight: 400;">Eurodad</span></p>
<p><span style="font-weight: 400;">MenaFemMovement for Economic, Development and Ecological Justice</span></p>
<p><span style="font-weight: 400;">Oxfam International</span></p>
<p><span style="font-weight: 400;">Partners In Health</span></p>
<p><span style="font-weight: 400;">Red Latinoamericana por Justicia Económica y Social – LATINDADD</span></p>
<p><span style="font-weight: 400;">Tax and Fiscal Justice, Nepal</span></p>
<p><span style="font-weight: 400;">The Sentry</span></p>
<p><span style="font-weight: 400;">WEED – World Economy, Ecology & Development</span></p>
<p><span style="font-weight: 400;">Wemos</span></p>
<p><span style="font-weight: 400;">Womanifesto 2019 Diaspora</span></p>
<p> </p>
<p><span style="font-weight: 400;">Andreas Missbach</span></p>
<p><span style="font-weight: 400;">Anrike Visser</span></p>
<p><span style="font-weight: 400;">Ausi Kibowa</span></p>
<p><span style="font-weight: 400;">Dr. Aderonke Adesanya</span></p>
<p><span style="font-weight: 400;">Dario Zuddu</span></p>
<p><span style="font-weight: 400;">Julie Rødje</span></p>
<p><span style="font-weight: 400;">Shereen Talaat </span></p>
<p><span style="font-weight: 400;">Keshab Khadka</span></p>
<p><span style="font-weight: 400;">Mojubaolu Olufunke Okome</span></p>
<p><span style="font-weight: 400;">OLu Toluhi </span></p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/civil-society-calls-for-a-meaningful-quota-reform-that-accurately-reflects-the-changes-in-the-global-economy-to-ensure-a-fair-representation-of-all-member-countries/">Civil society calls for a meaningful Quota Reform that accurately reflects the changes in the global economy to ensure a fair representation of all member countries</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<title>A proposal for Ajay: No evolution without remedy</title>
<link>https://www.brettonwoodsproject.org/2023/12/a-proposal-for-ajay-no-evolution-without-remedy/</link>
<dc:creator><![CDATA[Luiz Vieira]]></dc:creator>
<pubDate>Wed, 13 Dec 2023 10:28:44 +0000</pubDate>
<guid isPermaLink="false">https://www.brettonwoodsproject.org/?p=48821</guid>
<description><![CDATA[<p>While World Bank President declares the benefits of a “bigger and better” Bank, the scandal of alleged child sexual abuse and cover up relating to IFC investments in Bridge Academies demonstrates the urgent need for the Bank to establish a robust remedy framework.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/a-proposal-for-ajay-no-evolution-without-remedy/">A proposal for Ajay: No evolution without remedy</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<content:encoded><![CDATA[<p>At this October’s World Bank and IMF Annual Meetings in Marrakech, we <a href="https://www.worldbank.org/en/news/speech/2023/10/13/remarks-by-world-bank-group-president-ajay-banga-at-the-2023-annual-meetings-plenary">heard</a> from the Bank’s President Ajay Banga, who prefers to be addressed by his first name, that the World Bank needs to evolve into a “better” and “bigger” Bank that operates at greater speed and scale. This raised concerns among civil society organisations (CSOs), like the two we represent, that have repeatedly witnessed environmental and social harms caused by World Bank projects. and experienced how difficult it is for affected people to secure redress for those harms. Despite our well-founded fears that a bigger Bank functioning at a quicker pace will cause more harm, we are prepared to offer Ajay a deal.</p>
<p>So, Ajay, here is the proposal: We can accept that the Bank must <a href="https://www.devcommittee.org/content/dam/sites/devcommittee/doc/documents/2023/Final%20Updated%20Evolution%20Paper%20DC2023-0003.pdf">evolve</a> and that “ending poverty on a livable planet” requires bold actions. In return, we ask that the Bank accept and bear the risks of those actions.</p>
<p>In other words, the Bank needs to add remedy to its Evolution Playbook.</p>
<p>Put simply, “remedy” means taking action to ensure that adverse human rights impacts caused by development projects are addressed and rectified. Absent a commitment to remedy, even with the best of intent, the Bank will fund projects that externalise costs to project-affected people and the environment. Adding remedy to its Playbook need not slow the Bank or make it more risk averse. On the contrary, embracing remedy will enable it to move more quickly on bolder initiatives, secure in the knowledge that it has the tools to course correct if things go wrong (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2022/07/why-the-ifc-cant-afford-to-squander-this-opportunity-to-get-remedy-right/">Summer 2022</a>).</p>
<p>Yet, we’ve seen intense resistance from the Bank. Earlier this year, the International Finance Corporation (IFC), the Bank’s private sector arm, opened a public consultation on a proposed approach to <a href="https://www.ifc.org/en/about/accountability/consultation-on-the-proposed-ifc-miga-approach-to-remedial-action">remedy</a>. In 2020, an independent expert <a href="https://www.worldbank.org/en/about/leadership/brief/external-review-of-ifc-miga-es-accountability">review</a>, led by former IFC CEO Peter Woicke, made pointed recommendations regarding the need for a remedy framework. Rather than addressing Woicke’s recommendations, however, the IFC threw up a smokescreen, proposing a pilot of undefined measures seemingly designed to distract from its unwillingness to remediate harms caused by its projects. Global civil society gave the paper a <a href="https://www.business-humanrights.org/en/latest-news/thousands-of-individuals-urge-the-international-finance-corporation-to-guarantee-justice-for-communities-harmed-by-development-projects/">resounding fail</a>, urging the IFC to go back to the drawing board and draft an approach that accords with international standards.</p>
<p>Per the United Nations Guiding Principles on Business and Human Rights (<a href="https://www.ohchr.org/sites/default/files/documents/publications/guidingprinciplesbusinesshr_en.pdf">UNGPs</a>), if a project’s financier contributes to harm, it must also contribute to remedy. A financier contributes to harm if it: (a) has knowledge of, or should have known of, potential or actual adverse human rights impacts caused by a client or investee; and (b) fails to take reasonable steps to prevent or mitigate such impacts through its due diligence and supervision processes.</p>
<h2>Bridge Academies scandal points to acute need for IFC remedy fund</h2>
<p>Shocking <a href="https://theintercept.com/2023/03/28/deconstructed-bridge-international-africa-schools/">news</a> of child sexual abuse by teachers at schools run by an IFC client, Bridge International Academies, provides an opportunity for the World Bank Group to show that it understands its responsibility to contribute to remedy when it has contributed to harm. The IFC <a href="https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=24971">invested</a> in Bridge in 2013 to help it scale up a chain of for-profit private schools in Kenya and beyond. But according to a <a href="https://www.devex.com/news/ifc-slammed-by-its-own-watchdog-for-ignoring-child-sex-abuse-allegations-106439">leaked investigation</a> by IFC’s internal watchdog, the Compliance Advisor Ombudsman (CAO), the IFC failed to identify or mitigate the obvious child protection risks that emerged from its client’s cost-cutting business model. Worse, it is <a href="https://theintercept.com/2023/10/17/world-bank-whistleblower-bridge-international/">reported</a> that when evidence of sexual abuse at Bridge schools emerged, the IFC ignored it, instead hatching a plan to “neutralise” CAO’s lead investigator and delay revelation of the abuse, lest the news “spook investors”. In March 2022, IFC <a href="https://www.ei-ie.org/en/item/26362:world-bank-to-exit-investment-in-for-profit-school-chain-bridge-international-academies">exited</a> the investment without taking any steps to ensure that the Bridge child sexual abuse survivors received remedy (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2022/07/world-banks-ifc-ends-funding-for-fee-paying-primary-and-secondary-schools/">Summer 2022</a>). This is a clearcut example of the IFC contributing to egregious harm.</p>
<p>That’s why we join US Senators <a href="https://www.warren.senate.gov/oversight/letters/warren-welch-ask-treasury-and-world-bank-for-answers-on-allegations-of-child-sexual-abuse-in-world-bank-funded-schools">Elizabeth Warren and Peter Welch</a> and <a href="https://www.inclusivedevelopment.net/ifc-campaigns/demanding-accountability-response-to-reports-of-a-child-sexual-abuse-cover-up-at-the-world-bank/">civil society groups</a> around the world in calling on IFC to contribute to a remedy fund for Bridge child sexual abuse survivors. The IFC should do this together with Bridge and its other investors, which include an array of other development finance institutions from the UK’s Commonwealth Development Corporation to the US’s Development Finance Corporation. In November, the IFC <a href="https://www.inclusivedevelopment.net/wp-content/uploads/2023/11/IFC-response-to-Bridge-Child-Abuse-Cover-Up-Statement.pdf">responded</a> to our letter saying that it had already “worked with Bridge to address gender-based and child safety issues” and claiming that its exit from Bridge was “responsible”, but did not commit to remediating the harm.</p>
<p>We’ve heard skeptics say that it would create a “moral hazard” for financiers to contribute to remedy. This is backward thinking. Moral hazard exists where a company takes on excess risk because it knows someone else will pay the price. Following this definition, it is the ability to externalise environmental and social costs onto project-affected communities that creates a moral hazard, as this incentivises financiers and their clients to take on projects without fully accounting for – and indeed being accountable for – their impacts. Sure, hypothetically financiers could create a moral hazard for their clients if they were to regularly accept too much responsibility for remedy. But they can avoid this exposure by ensuring that investment agreements require clients to address environmental and social harm and incorporate sanctions if they fail to do so.</p>
<p>Embracing a new remedy approach in line with the UNGPs will support the Bank to tackle the crises of our time without externalising risk onto the poor communities it is committed to serve. The alternative is grim: A bigger Bank, externalisng the costs of development on the poor, with greater speed and at greater scale than ever. That is why we say there can be no evolution without remedy and ask Ajay to accept our proposal.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/a-proposal-for-ajay-no-evolution-without-remedy/">A proposal for Ajay: No evolution without remedy</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<title>Coal not yet confined to the “old days” by World Bank Group</title>
<link>https://www.brettonwoodsproject.org/2023/12/coal-not-yet-not-confined-to-the-old-days-by-world-bank-group/</link>
<dc:creator><![CDATA[Isabel Alvarez]]></dc:creator>
<pubDate>Wed, 13 Dec 2023 10:28:32 +0000</pubDate>
<guid isPermaLink="false">https://www.brettonwoodsproject.org/?p=49064</guid>
<description><![CDATA[<p>Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects. </p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/coal-not-yet-not-confined-to-the-old-days-by-world-bank-group/">Coal not yet confined to the “old days” by World Bank Group</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<content:encoded><![CDATA[<p>See fully formatted version <a href="https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/IFC-Paris-alignment-loopholes-FINAL-5.pdf"><em>here</em></a>.</p>
<hr />
<p><a href="https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/IFC-Paris-alignment-loopholes-FINAL-5.pdf"><img decoding="async" class="alignright wp-image-49209 size-medium" src="https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-212x300.jpg" alt="" width="212" height="300" srcset="https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-212x300.jpg 212w, https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-724x1024.jpg 724w, https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-106x150.jpg 106w, https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-768x1086.jpg 768w, https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-1086x1536.jpg 1086w, https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-scaled.jpg 1448w, https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-351x496.jpg 351w, https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-554x783.jpg 554w, https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-166x235.jpg 166w, https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-125x177.jpg 125w, https://www.brettonwoodsproject.org/wp-content/uploads/2023/12/Cover_Page_1-236x334.jpg 236w" sizes="(max-width: 212px) 100vw, 212px" /></a>During a <a href="https://live.worldbank.org/en/event/2023/2023-annual-meetings-civil-society#tabs-a7d50a2c60-item-3fd3b7a4f0-tab">speech</a> at the recent World Bank and IMF Annual Meetings in Marrakech, Morocco, World Bank President Ajay Banga discussed the Bank’s support for energy infrastructure in developing countries, including “God forbid, coal, in the old days.” Yet, while the Bank imposed a moratorium on direct funding for coal projects in 2013 (see <em>Bulletin</em> <a href="https://www.brettonwoodsproject.org/2013/12/bank-courts-controversial-coal-india-indonesia/">December 2013</a>), it has failed to ensure that its financial inter- mediary clients stop funding new coal. This coal funding not only contributes to significant greenhouse gas emissions, exacerbating already disastrous levels of global warming, but also has significant deleterious impacts on the lives and livelihoods of communities in the immediate vicinity of coal projects, as seen with the huge new Java 9 and 10 coal power plants in Indonesia (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2021/09/world-banks-plans-for-indonesia-delayed-action-on-climate-and-continued-coal-and-gas-support/">Summer 2021</a>).</p>
<p>The World Bank continues to fund coal despite an emerging consensus that this is incompatible with limiting global warming to 1.5oC. Recent years have seen a series of global commitments to cut down on coal made at <a href="https://www.bbc.co.uk/news/science-environment-59159018">COP26</a>, by governments in <a href="https://www.reuters.com/world/china/xi-says-china-aims-provide-2-bln-vaccine-doses-by-year-end-2021-09-21/">China</a>, <a href="https://www.reuters.com/business/energy/india-amends-power-policy-draft-halt-new-coal-fired-capacity-sources-2023-05-04/">India</a> and <a href="https://www.reuters.com/business/cop/indonesias-green-step-not-yet-leap-mankind-2022-11-18/">Indonesia</a>, and by over 200 public and private financial institutions <a href="https://ieefa.org/resources/200-and-counting-global-financial-institutions-are-exiting-coal">globally</a>. Other Multilateral Development Banks (MDBs), including the European Investment Bank, Asian Development Bank and Asian Infrastructure Investment Bank (AIIB), all rule out support for coal power.</p>
<h2>What are the IFC’s financial intermediary investments?</h2>
<p>Financial intermediary (FI) lending is a specific type of investment by development finance institutions (DFIs) in a financial institution, commonly a commercial bank or private fund. The FI then lends or invests on behalf of the DFI to companies, other financial institutions, or consumers in a specific country or region where the DFI aims to make an impact. DFIs often argue that FI lending allows them to achieve a broader reach and impact compared to direct investments in companies alone. Indeed, FI lending has become increasingly popular with DFIs since the 2008 financial crisis, representing just <a href="https://www.ifc.org/content/dam/ifc/doc/2023/ifc-annual-report-2023-building-a-better-future.pdf">over half</a> of the portfolio of the International Financial Corporation (IFC), the World Bank’s private investment arm, and around <a href="https://www.inclusivedevelopment.net/wp-content/uploads/2023/09/Roadblocks-to-Accountability.pdf">a quarter</a> of the AIIB’s investments.</p>
<p>However, critics argue that FI lending is an ‘<a href="https://www.inclusivedevelopment.net/policy-advocacy/outsourcing-development-campaigning-for-transparency-and-accountability-in-financial-intermediary-lending/">outsourced</a>’ form of development that <a href="https://www.globaljustice.org.uk/resource/doing-more-harm-good-why-cdc-must-reform-people-and-planet/">delegates</a> decisions to private sector financiers, more motivated by, and knowledgeable about, turning a profit than supporting sustainable development. Often, DFI funds may pass through more than one intermediary before eventually supporting a specific ‘subproject’ (e.g. a power plant or a private hospital). Not only is this bad for transparency (subprojects supported by FI investments are in most cases not disclosed on DFI websites and, crucially, to communities), but it also dilutes environmental and social protections as the investment chain gets longer. Furthermore, this type of lending can act as a roadblock to accountability, as communities adversely affected by FI-backed projects rarely know they have the right to file a complaint for redress to the DFI’s accountability mechanism, as they are unaware of its links with the projects.</p>
<p>FI lending therefore poses several challenges to MDBs’ efforts to align with the Paris Agreement. While DFIs suggest FIs are essential for developing markets and for creating the type of finance-based solutions for funding renewable energy that are central to the so-called “Wall Street Consensus” (<a href="https://ideas.repec.org/p/osf/socarx/wab8m.html">described</a> by Professor Daniela Gabor as an “effort to reorganise development interventions around selling development finance to the market”), FI investments are by their very nature more opaque and less accountable to the communities they impact. DFIs need to implement strong environmental and social safeguards, with clear exclusions for fossil fuels and other harmful projects, to shift FIs onto a more sustainable investment path that does not violate human rights norms and laws. However, ensuring that such policies are enforced throughout the investment chain is another challenge, requiring a level of detailed supervision that DFIs lack the capacity to implement.</p>
<h2>Commitments to shift public finance out of fossil fuels undermined by loopholes</h2>
<p>Reforming how DFIs approach FI lending, and raising standards across the board, has therefore become a crucial consideration as DFIs seek to reduce the climate risk in their portfolios. As civil society has <a href="https://www.brettonwoodsproject.org/issues/fossil-fuels/">documented</a> in detail, the World Bank and other MDBs have come under increased pressure in recent years to stop financing fossil fuel projects (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2021/12/world-bank-accused-of-being-ongoing-underperformer-at-cop26-as-key-bank-shareholders-commit-to-fossil-fuel-finance-phaseout/">Winter 2021</a>). While the Bank <a href="http://www.worldbank.org/en/news/feature/2013/07/16/world-bank-group-direction-for-energy-sector">committed</a> to stop financing new coal projects from July 2013 onward – in most circumstances – subsequent developments such as the Paris Agreement in 2015 and repeated reports by the United Nations Framework Convention on Climate Change and the International Energy Agency calling for a rapid phase out of fossil fuels have pushed public finance institutions to go further.</p>
<p>At COP26 in Glasgow in 2021, 39 national governments and public finance institutions <a href="https://webarchive.nationalarchives.gov.uk/ukgwa/20230313124743/https://ukcop26.org/statement-on-international-public-support-for-the-clean-energy-transition/">committed</a> to “end new direct public support” for fossil fuels, except in limited circumstances, within a year. The statement applies to government signatories’ ‘voice and vote’ at the World Bank and other MDBs, meaning that shareholders should not circumvent or contravene their national commitments by supporting more fossil fuels at multilateral institutions. While valid concerns have been raised about the wording of this commitment, which does not apply to indirect fossil fuel support, and its <a href="https://priceofoil.org/2023/03/15/promise-breakers-assessing-the-impact-of-compliance-with-the-glasgow-statement-commitment-to-end-international-public-finance-for-fossil-fuels/">implementation</a>, the resulting Clean Energy Transition Partnership further ramped up pressure on the World Bank to implement a similar policy (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2021/12/world-bank-accused-of-being-ongoing-underperformer-at-cop26-as-key-bank-shareholders-commit-to-fossil-fuel-finance-phaseout/">Winter 2021</a>).</p>
<p>Indeed, some change at the Bank was already underway. As well as the Bank participating in the Joint MDB Working Group on Paris alignment since 2017, the IFC <a href="https://www.devex.com/news/opinion-a-new-ifc-vision-for-greening-banks-in-emerging-markets-93599">changed</a> its approach to investing through financial intermediaries in 2018 to reduce the IFC’s exposure to coal projects (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2018/12/as-climate-crisis-bites-world-bank-further-distances-itself-from-coal/">Winter 2018</a>). This was prompted, to a significant extent, by the work of civil society organisations (CSOs), including Recourse, Inclusive Development International and the Philippine Movement for Climate Justice, to document the IFC’s <a href="https://www.re-course.org/old/wp-content/uploads/2018/04/Broken-Promises-The-World-Bank-International-Investors-and-the-Fight-for-Climate.pdf">exposure</a> to 76 coal power projects via financial intermediaries, which resulted in the filing of a mass complaint to the IFC’s independent accountability mechanism, the Compliance Advisor Ombudsman (CAO), regarding the IFC’s funding of coal plants in the Philippines via its FI client, Rizal Commercial Banking Corporation (RCBC).</p>
<p>Under pressure, then-CEO Philippe Le Houérou introduced the <a href="https://www.devex.com/news/opinion-a-new-ifc-vision-for-greening-banks-in-emerging-markets-93599">Green Equity Approach</a> (GEA) in 2018 at the IFC, which encouraged intermediary clients like RCBC to phase coal out of their portfolios by 2030. Despite this, the GEA did not prevent intermediaries from continuing to invest in new coal power projects as long as they reduced their overall exposure to near zero by 2030 – a loophole that would have significant consequences less than a year after the GEA was introduced (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2020/12/ifcs-first-green-equity-approach-client-backs-indonesian-coal-plant-expansion/">Winter 2020</a>).</p>
<h2>IFC adding fuel to the coal fire in Suralaya</h2>
<p>In September of this year, CSOs in Indonesia, PENA Masyarakat and Trend Asia, alongside international CSOs Recourse and Inclusive Development International, filed a <a href="https://re-course.org/newsupdates/world-bank-under-fire-for-backing-toxic-and-unnecessary-java-9-10-coal-project-in-indonesia/">complaint</a> to the CAO regarding IFC’s indirect financing of two new coal plants in Indonesia. The complaint alleges that the IFC has funded two massive new coal power plants, known as Java 9 and 10, in the Suralaya coal complex in Banten province via its intermediary client Hana Bank Indonesia. Less than a year after the IFC began piloting the GEA with Hana Bank Indonesia as its first client, Hana Bank provided a $56m loan to the developer of Java 9 and 10, PT Indo Raya Tenaga.</p>
<p>While the climate impacts of two new coal plants of this size, representing 1,000 MW of new coal capacity each, would be disastrous enough on their own, the results are catastrophic when they are combined with the eight existing units in the Suralaya coal complex. A key element of the <a href="https://re-course.org/wp-content/uploads/2023/09/Java-9-and-10_CAO-complaint.pdf">complaint</a> is that developers failed to take into account the cumulative impacts of Java 9 and 10 alongside the other Suralaya units – the majority of which were funded by the World Bank and Asian Development Bank in previous decades.</p>
<p>The construction phase of Java 9 and 10 is already having significant impacts on local communities and wildlife, and these will get far worse when the plant is fully operational. The development is <a href="https://trendasia.org/en/java-9-10/">expected</a> to contribute to worsening air pollution as far away as Jakarta, with nearby communities likely to suffer from increased <a href="https://re-course.org/newsupdates/world-bank-under-fire-for-backing-toxic-and-unnecessary-java-9-10-coal-project-in-indonesia/">respiratory infections</a> and diseases. Project documents are unclear as to how toxic waste and coal ash will be safely disposed of. Meanwhile, pollution and coal ash from the existing coal plants have already significantly damaged local fish populations, coral reefs and, by extension, the livelihoods of fisherfolk. Alongside the local impacts, which Greenpeace has <a href="https://www.greenpeace.to/greenpeace/?p=3262">estimated</a> could lead to up to 7,000 premature deaths over 30 years, Java 9 and 10 will also contribute to significant greenhouse gas emissions, exacerbating the already severe and unprecedented climate impacts being felt across Indonesia.</p>
<p>Despite the lack of political space in Suralaya, where the project holds national significance, affected communities and local CSOs are fighting back. Trend Asia and PENA Masyarakat continue to highlight the egregious impacts Java 9 and 10 will have on local communities and biodiversity, as well as the completely unnecessary nature of the project (as the complaint details, the Java-Bali grid already has excess capacity). One of the parties that will benefit from this project is the coal miners, as Java 9 and 10 are projected to require an average of 7,360,000 tonnes of coal per year. This will prolong the life of coal and will release significant greenhouse gases. The CAO has determined that the complaint is eligible for investigation and is now assessing how to proceed with the case.</p>
<h2>Porous policy and weak implementation leave a series of channels for continued coal financing</h2>
<p>One major step forward has already been taken by the IFC. In April of this year, it <a href="https://re-course.org/newsupdates/ifc-announces-it-will-stop-clients-funding-new-coal-projects/">announced</a> that it would no longer allow its new financial intermediary clients to fund new coal projects. This is a significant step that CSOs have been requesting for years, but particularly since the Java 9 and 10 case exposed the loophole in the GEA. Had such a commitment been made as part of the original GEA, it probably would have prevented Hana Bank Indonesia from funding Java 9 and 10.</p>
<p>However, significant gaps remain that will continue to allow IFC finance to leak to coal. As the original GEA documents <a href="https://www.ifc.org/content/dam/ifc/doc/2023-delta/ifc-approach-to-greening-equity-investments-in-financial-institutions.pdf">state</a>, the IFC does not include captive coal power (coal units that support industrial facilities rather than feeding power into the main grid) within its definition of coal-related projects. <a href="https://news.mongabay.com/2023/08/captive-to-coal-indonesia-to-burn-even-more-fossil-fuel-for-green-tech/">Captive coal</a> is currently expanding rapidly in Indonesia, representing two-thirds of Indonesia’s coal expansion plans in the coming decade, as units are constructed to power smelters to support the growing transition metals industry (particularly nickel). Significantly, Hana Bank Indonesia is itself exposed to captive coal, having funded a unit that supports a nickel smelter in the Obi Island industrial park. There is therefore an urgent need for the IFC to remove this loophole for captive coal and prevent its FI clients from funding its expansion.</p>
<p>Both the GEA and the Joint MDB Paris alignment approach also fall down by only applying to long-term project finance. This therefore fails to exclude the coal finance being provided by FI clients in the forms of general corporate finance or underwriting, which accounts for <a href="https://www.bankingonclimatechaos.org/wp-content/uploads/2023/08/BOCC_2023_vF.pdf">33 per cent</a> of fossil fuel finance globally.</p>
<p>Clarification is also needed on how the IFC is enforcing the ‘no new coal’ commitment with its existing clients. The <a href="https://www.ifc.org/content/dam/ifc/doc/2023-delta/gea-2023-update-1.pdf">updated</a> GEA from April this year says that existing equity clients will be required to stop funding new coal – but <a href="https://re-course.org/newsupdates/new-evidence-world-bank-is-backing-dozens-of-new-coal-projects-despite-climate-pledges/">research</a> published in October by Recourse, Trend Asia and Inclusive Development International demonstrated that IFC’s existing clients are funding 68 GW of new coal across Southeast Asia – more than Germany and Poland’s coal capacity combined.</p>
<p>It is therefore fair to say that reports of the death of coal financing by the World Bank Group are, contrary to Banga’s claims, exaggerated. Porous policy and weak implementation are leaving a series of channels for continued coal financing to leak from the IFC.</p>
<p>Addressing this issue must be an urgent priority for the IFC and the wider World Bank Group. For the IFC, the continued financing of coal is an embarrassment while peer institutions, like the AIIB and ADB, have come out with clearer and more robust coal exclusions. These loopholes severely undermine the World Bank’s aspirations set out in the Evolution Playbook to become a ‘better Bank’. WBG management cannot claim to be focused on supporting positive development outcomes, or to be ready to oversee ever-increasing and accelerating financial flows, if it cannot get its own house in order on coal.</p>
<p>But there is an opportunity here also, not just to prevent further problematic investments but also to contribute to a broader global transition away from coal. The IFC should assume responsibility for the role it plays as a global standard setter. It must escape its status as a laggard on coal by instituting a robust ‘no new coal’ policy. Only by doing so will the IFC be able to play a positive standard-setting role by demonstrating for other public financial institutions and commercial banks how to shift investments from coal to sustainable renewable energy projects that go beyond ‘do no harm’ and actually protect and enhance human rights.</p>
<hr />
<p><em><strong>Daniel Willis</strong> is a finance campaigner at Recourse, tracking MDB investments in coal via financial intermediaries. He has previous experience in climate and development policy, including tracking investments made by British International Investment in fossil fuels<br />
and private healthcare, while at Global Justice Now. Daniel holds a PhD in History and Latin American Studies. <strong>Novita Indri</strong> is an Energy Cam.paigner at Trend Asia, working closely with communities im.pacted by coal power plants. She has experience in the climate movement in Indonesia and holds a degree in Environmental Engineering.</em></p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/coal-not-yet-not-confined-to-the-old-days-by-world-bank-group/">Coal not yet confined to the “old days” by World Bank Group</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<title>Decolonising the global economic architecture: The prerequisite for a just transition</title>
<link>https://www.brettonwoodsproject.org/2023/12/decolonising-the-global-economic-architecture-the-prerequisite-for-a-just-transition/</link>
<dc:creator><![CDATA[Jon Sward]]></dc:creator>
<pubDate>Wed, 13 Dec 2023 10:27:08 +0000</pubDate>
<guid isPermaLink="false">https://www.brettonwoodsproject.org/?p=48910</guid>
<description><![CDATA[<p>Global South faces severe structural deficiencies that weaken its economic sovereignty and put it at the mercy of a neo-colonial global financial architecture.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/decolonising-the-global-economic-architecture-the-prerequisite-for-a-just-transition/">Decolonising the global economic architecture: The prerequisite for a just transition</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<content:encoded><![CDATA[<p>The World Bank Group and International Monetary Fund (WBG and IMF) were created in 1944 when most of Africa was still colonised. No fundamental changes were made to these institutions when they first held their Annual Meetings on the African continent in Nairobi 50 years ago, and no such changes were announced at the second Africa-based Annual Meetings in Marrakech, Morocco, in October 2023 that would lead to a decolonised global financial architecture any time soon (see <em>Dispatch</em> <a href="https://www.brettonwoodsproject.org/2023/10/marrakech-annual-meetings-wrap-up-2023-bretton-woods-institutions-wilt-in-the-desert-as-pragmatism-fails-to-resolve-urgent-crises/">Annuals 2023</a>).</p>
<p>The Global South faces severe structural economic deficiencies that weaken its economic sovereignty and put it at the mercy of a neo-colonial international trade, finance and investment architecture, as discussed in the May <a href="https://justtransitionafrica.org/">report</a> titled <em>Just Transition: A Climate, Energy and Development Vision for Africa</em>, which I co-authored as part of the Independent Expert Group on Just Transition and Development. This is illustrated with one simple statistic: The global economic architecture annually <a href="http://www.gfintegrity.org/wp-content/uploads/2016/12/Financial_Flows-final.pdf">extracts</a> $2 trillion of net financial flows from the Global South to the Global North.</p>
<p>These negative net financial flows are the direct result of the role that was historically imposed on the Global South as the place: 1) where the industrialised world can acquire cheap raw materials; 2) where industrial output from the Global North can be dumped in a large consumer market; 3) for low-cost tourist destinations; and 4) for outsourcing obsolete technologies, and low-tech, low labour-cost, assembly-line manufacturing in the name of “development” and “cooperation”, guaranteeing the Global South remains <a href="https://globalsouthperspectives.substack.com/p/a-comprehensive-and-coherent-global">locked</a> at the bottom of the global value chain.</p>
<h2>New Global South-led development paradigm sorely needed</h2>
<p>If the Global South does not articulate a forward-looking vision for a just, equitable and sustainable 21st century, this will ensure that we fall prey to the strategic vision of other major economic powers that are comfortable seeing us play the same role we played in the past (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2023/04/a-different-evolution-roadmap-havana-conference-calls-for-changes-in-world-order-hierarchy/">Spring 2023</a>). The good news is that this polycrisis is a reminder that neither the Global South nor the Global North can afford to ignore these major imbalances in terms of financial, social and ecological stability.</p>
<p>The Global South’s response to the 21st century polycrisis requires structural transformation to repair three major economic deficiencies: 1) food sovereignty; 2) energy sovereignty; and 3) excessive reliance on low value-added manufacturing and purely extractive industries. These deficiencies amount to structural trade deficits, depreciating Global South currencies, and increasing costs for critical imports such as food, fuel and medicine. These force Global South governments to increase food and fuel subsidies to protect their most vulnerable and borrow dollars in a desperate attempt to artificially stabilise their exchange rate. This dynamic brings the Global South into the vicious circle of growing external debt that culminates in sovereign debt crises, reducing fiscal capacities to invest in national priorities, strengthening the grip of global financial institutions, and further weakening economic sovereignty (see <em>Observer</em> <a href="http://tinyurl.com/GSDebtCrisis">Winter 2023</a>).</p>
<p>While the focus on the external debt crisis is important, it is crucial that we recognise it as a symptom of the three economic deficiencies outlined. So when we speak of debt restructuring, concessional finance and even debt cancellation, we must acknowledge that without addressing the root causes of external debt, we guarantee that new sovereign debt crises will continue to emerge and global imbalances will persist.</p>
<p>The Global South must continue to demand a just global financial architecture, for new Special Drawing Rights (SDRs) allocations to go to developing countries (see Briefing, <a href="https://www.brettonwoodsproject.org/2023/10/reconceptualising-special-drawing-rights-as-a-tool-for-development-finance/"><em>Reconceptualising Special Drawing Rights as a tool for development finance</em></a>), for the $100 billion in climate finance pledged to be fulfilled, for more favourable terms of finance, for scaling up funding for the Green Climate Fund, and for immediate financing at scale for the Loss and Damage Fund. However, none of this can replace the need for the strategic structural transformation of the Global South. The Global South has the opportunity to put forward a united front with an unbreakable commitment to collective action on debt, climate finance, financial architecture negotiations, and, most importantly, on access and use of strategic minerals that are under the sovereign control of Southern nations. These should be leveraged for South-South industrial policies rather than exported as raw materials to secure the economic hegemony of the Global North.</p>
<p>Finally, it is vital that the Global South rejects false solutions that have been imposed on us. Policies that encourage exports end up leading to more imports of fuel, capital equipment and intermediate inputs. Policies that promote foreign direct investment end up increasing imports of fuel for energy production and transportation. Policies that promote the liberalisation of financial services end up hurting domestic investors and inviting speculative attacks from abroad. All of these policies masquerade as solutions, when they are in fact structural traps.</p>
<p>After decades of “leadership” by international financial institutions via development finance, loans, and technical “assistance” and “cooperation”, the fact that the Global South is stuck in a vicious debt cycle means one of two things: a) incompetence, or b) intentional entrapment. The WBG and IMF have no vision for decolonising African economies or addressing the roots of our external debt problems. This should galvanise efforts across the Global South to build alternative financial institutions that would challenge the hegemony of the global trade, investment, finance, and taxation architectures, and would render the World Bank and IMF redundant institutions that must either be radically transformed or dismantled.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/decolonising-the-global-economic-architecture-the-prerequisite-for-a-just-transition/">Decolonising the global economic architecture: The prerequisite for a just transition</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<title>World Bank and IMF promoting private finance and fiscal consolidation despite mounting evidence of harmful impacts</title>
<link>https://www.brettonwoodsproject.org/2023/12/world-bank-and-imf-promoting-private-finance-and-fiscal-consolidation-despite-mounting-evidence-of-harmful-impacts/</link>
<dc:creator><![CDATA[Amy McShane]]></dc:creator>
<pubDate>Wed, 13 Dec 2023 10:22:59 +0000</pubDate>
<guid isPermaLink="false">https://www.brettonwoodsproject.org/?p=48902</guid>
<description><![CDATA[<p>Civil society research documents clear harms from privatisation and fiscal consolidation on public services and human rights, as Bank and Fund push for their deepening.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/world-bank-and-imf-promoting-private-finance-and-fiscal-consolidation-despite-mounting-evidence-of-harmful-impacts/">World Bank and IMF promoting private finance and fiscal consolidation despite mounting evidence of harmful impacts</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<content:encoded><![CDATA[<p>As global cost of living, inflation and inequality spike, austerity measures are sweeping across the world at <a href="https://www.eurodad.org/end_austerity_a_global_report">record levels</a> and public services face cutbacks, with dire consequences. In this context, pre-existing concerns are growing about the World Bank and IMF’s focus on market-based solutions, including its impact on accountability at the World Bank.</p>
<p>October’s World Bank and IMF Annual Meetings in Morocco were an opportunity for the Bretton Woods Institutions (BWIs) the World Bank and IMF, to respond to warnings from civil society organisations (CSOs) and other critics about the impact of austerity measures on the provision of essential basic public services to billions of people. Despite evidence, testimonies and viable alternatives being offered, World Bank President Ajay Banga and IMF Managing Director Kristalina Georgieva remained adamant during the meetings that private finance is essential to bridge what they stress is a significant financing gap (see <em>Dispatch</em> <a href="https://www.brettonwoodsproject.org/2023/10/marrakech-annual-meetings-wrap-up-2023-bretton-woods-institutions-wilt-in-the-desert-as-pragmatism-fails-to-resolve-urgent-crises/">Annuals 2023</a>). Solutions such as increases in public finance, tax reform and tackling illicit financial flows, donor compliance with Official Development Assistance targets, climate finance and debt cancellation were glossed over, with the BWIs instead focusing on ‘crowding in’ private finance with the likes of a <a href="https://www.devex.com/news/banga-vows-to-improve-world-bank-before-asking-for-a-capital-increase-106366">Private Sector Investment Lab</a> at the Bank.</p>
<h2>Privatised public services fraught with equity and quality challenges</h2>
<p>The International Finance Corporation (IFC), the World Bank’s private sector arm, faces particular scrutiny as evidence of harmful practices under IFC-funded projects mounts, including the recent Bridge International Academies <a href="https://theintercept.com/2023/10/17/world-bank-whistleblower-bridge-international/">scandal</a> (see <em>Observer</em> <a href="http://tinyurl.com/EvolutionRemedy">Winter 2023</a>). The 2023 Annual Meetings offered fresh evidence of IFC-backed harm, in this case to healthcare services, following a damning June report by Oxfam International titled <a href="https://policy-practice.oxfam.org/resources/sick-development-how-rich-country-government-and-world-bank-funding-to-for-prof-621529/"><em>Sick Development</em></a>. The report maps financing flows between development finance institutions (DFIs), including the World Bank to for-profit private healthcare providers in the Global South. Illustrated by in-depth case studies in India and Kenya, Oxfam found that DFI promises to advance universal health coverage and protect rights were not fulfilled. Instead, taxpayers’ money earmarked for fighting poverty and achieving development goals, given DFIs are publicly financed, is being used to back expensive, for-profit private hospitals that deny service to, bankrupt, or even detain patients who cannot pay. Noting that the Bank has a mandate to help deliver the Sustainable Development Goals, reduce poverty and support inclusive growth, the report exposes serious harm to patients in IFC-funded hospitals, a lack of transparency of investments, questionable flows of taxpayer money into tax havens, and the ultimate failure of IFC healthcare investments to provide adequate support to those who need it most, i.e. the poorest and most vulnerable.</p>
<p>The report noted that the “IFC has been at the vanguard of the drive to use public funds to maximize the role of both private finance and commercial providers in healthcare systems in the Global South,” adding, “what is lacking is a clear and evidenced theory of change as to how DFI investments in for-profit private healthcare providers will succeed in advancing pro-poor and gender-equitable access to quality healthcare without financial hardship.”</p>
<p>In a Civil Society Policy Forum (CSPF) event at this year’s Annual Meetings titled <em>Development finance to for-profit private healthcare: What implications for uhc, human rights and gender equality?</em>, IFC representative Charles Dalton responded to a presentation from the report’s lead author, Anna Marriott of Oxfam, by noting the IFC accepts such findings are unacceptable and will investigate them fully. Yet, he stressed, a solution to healthcare needs must be found and unfortunately fiscal consolidation is an inevitability. Dalton responded that he was “personally upset and annoyed by the stories” and admitted that IFC “could do better. The private sector doesn’t have all the solutions and IFC doesn’t say this. But the demand to supply is so big and we have to think outside the box.”</p>
<p>Yet, leading global institutions disagree that private finance is the missing piece in healthcare and other <a href="https://press.un.org/en/2018/gashc4239.doc.htm">public services</a>. The World Health Organisation (WHO) <a href="https://www.who.int/health-topics/health-financing#tab=tab_2">guidance</a> on achieving universal healthcare, for instance, states that “countries should reduce their reliance on private financing and instead progress towards primarily publicly funded healthcare, because it leads to better efficiency, effectiveness and equity.”</p>
<h2>Fiscal consolidation, austerity’s partner in crime</h2>
<p>Human Rights Watch has also published other critical research exploring the IMF’s approach to tackling inequality. A September paper, <em>Bandage on a Bullet Wound</em>, analysed 39 IMF loan programmes from the beginning of the Covid-19 pandemic to March 2023 to assess the Fund’s response to crises through a human rights lens. It found an overwhelming preference for fiscal consolidation and stressed that this is the case despite the fact that the IMF’s own 2023 <a href="https://www.imf.org/en/Publications/WEO/Issues/2023/10/10/world-economic-outlook-october-2023#:~:text=Global%20recovery%20remains%20slow%2C%20with,19)%20average%20of%203.8%20percent."><i>World Economic Outlook </i></a>concluded that, “On average, fiscal consolidations do not reduce debt-to-GDP ratios.”</p>
<p>An Autumn 2023 paper by Barry Herman of Germany-based CSO Social Justice in Global Development, titled <em>IMF has a new policy on social spending: How should the Fund implement it?</em>, <a href="https://www.socialprotectionfloorscoalition.org/wp-content/uploads/2023/11/2023-IMF-guidance-on-social-spending-policy-Barry-Herman.pdf">analysed</a> how the IMF offers advice and determines policy requirements for IMF loans under its new social spending strategy. The paper noted “recent country programs and recent advice in Article IV consultations still embody an unwarranted degree of austerity, negatively impacting the poor and vulnerable citizens in affected countries.” Herman noted that the Fund identifies key criteria for assessing social spending programmes: adequacy, efficiency and fiscal sustainability. Herman commented, “Good, and now the Fund should hear civil society calls for universal support of mothers and children, the disabled and the elderly, funded through sufficient progressive taxation, supplemented with international assistance in the poorest countries and during catastrophes.”</p>
<p>Amid ongoing discussions about global governance and increasing concerns about peace and stability (see <em>Observer</em> <a href="http://tinyurl.com/Agenda4Peace">Winter 2023</a>), the reports foretell a harsh future for borrowing countries: Crumbling public services and state capacity and related loss of trust in public institutions, little debt reduction and negative human rights impacts on billions.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/world-bank-and-imf-promoting-private-finance-and-fiscal-consolidation-despite-mounting-evidence-of-harmful-impacts/">World Bank and IMF promoting private finance and fiscal consolidation despite mounting evidence of harmful impacts</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<title>UN Secretary General’s New Agenda for Peace calls for urgent financial architecture and policy reform</title>
<link>https://www.brettonwoodsproject.org/2023/12/un-secretary-general-new-agenda-for-peace-calls-for-urgent-financial-architecture-and-policy-reform/</link>
<dc:creator><![CDATA[Luiz Vieira]]></dc:creator>
<pubDate>Wed, 13 Dec 2023 10:20:34 +0000</pubDate>
<guid isPermaLink="false">https://www.brettonwoodsproject.org/?p=48864</guid>
<description><![CDATA[<p>UN Secretary General’s <em>New Agenda for Peace</em> report identifies growing threats to global peace and stability, and proposes urgent reforms to the unjust economic system. World Bank and IMF resist policy and governance reform.</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/un-secretary-general-new-agenda-for-peace-calls-for-urgent-financial-architecture-and-policy-reform/">UN Secretary General’s <em>New Agenda for Peace</em> calls for urgent financial architecture and policy reform</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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<content:encoded><![CDATA[<p>In July, on the eve of the 75th anniversary of the <a href="https://www.un.org/en/about-us/universal-declaration-of-human-rights">Universal Declaration of Human Rights</a> (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2023/07/udhr-and-ipn-anniversaries-underscore-urgent-need-human-rights-policy-at-all-ifis/">Summer 2023</a>, <a href="https://www.brettonwoodsproject.org/2023/04/the-imf-at-the-75th-anniversary-of-the-universal-declaration-of-human-rights-an-urgent-call-for-governance-reform/">Spring 2023</a>), the UN Secretary General, António Guterres, released a <a href="https://www.un.org/sites/un2.un.org/files/our-common-agenda-policy-brief-new-agenda-for-peace-en.pdf">report</a> titled <em>A New Agenda for Peace</em> (NAP) calling for immediate actions to address growing threats to peace and stability. The report argues that challenges to peace and the multilateral order are rooted in questions of trust, cooperation and solidarity among and within nations, and go beyond the dynamics in individual situations of fragility, conflict and violence (FCV). The NAP is an important addition to calls for a ‘new multilateralism’, as it stresses the implications for peace and security of the current unjust international system, of which the Bretton Woods Institutions (BWIs) – the World Bank and IMF – are key components. The report gives important prominence to longstanding civil society calls for the establishment of a more just and environmentally sustainable economic order that enhances the social contract (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2022/07/a-new-bretton-woods-for-whom-civil-society-calls-for-democratisation-of-global-governance/">Summer 2022</a>).</p>
<h2>Many trees, not a forest in sight: BWI’s myopic view ignores austerity and privatisation’s impacts on fragility</h2>
<p>The <a href="https://www.imf.org/en/Topics/fragile-and-conflict-affected-states">IMF</a> and the <a href="https://au.int/sites/default/files/documents/39234-doc-184._world_development_report_2011.pdf">World Bank</a> have long been concerned with the negative consequences of FCV. In March 2022, the IMF <a href="https://www.imf.org/en/Publications/Policy-Papers/Issues/2022/03/14/The-IMF-Strategy-for-Fragile-and-Conflict-Affected-States-515129">released</a> its <em>Strategy for Fragile and Conflict-Affected States</em> (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2022/10/will-imf-strategy-for-fragile-and-conflict-affected-states-escape-traditional-focus-on-austerity/">Autumn 2022</a>), which followed the 2019 <a href="https://documents1.worldbank.org/curated/en/844591582815510521/pdf/World-Bank-Group-Strategy-for-Fragility-Conflict-and-Violence-2020-2025.pdf">launch</a> of the World Bank’s <em>Strategy for Fragility, Conflict, and Violence 2020 – 2025</em> (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2019/10/critical-reflections-on-world-banks-draft-fragility-conflict-and-violence-strategy/">Autumn 2019</a>). The strategies are welcome adaptations to the approaches of both institutions in fragile and conflict-affected situations (FCS). They rightly detail the negative impacts of FCV on poverty, food insecurity and the attainment of the <a href="https://sdgs.un.org/goals">Sustainable Development Goals</a> (SDGs), recognise their damaging spill-over effects, and note that weak governance and administrative capacity, lack of trust in institutions and weak human resource development contribute to FCV.</p>
<p>However, both strategies are limited to interventions <em>in</em> FCS and treat them as if they existed in a political and historical vacuum, disregarding the relationship between the position of FCS in an unequal global economy and the local drivers of FCV. They fail to consider the extent to which the BWIs have contributed to what the World Bank acknowledges is a ‘<a href="https://www.brettonwoodsproject.org/2023/07/civil-society-calls-for-rethink-of-world-banks-evolution-roadmap-as-part-of-wider-reforms-to-highly-unequal-global-financial-architecture/">crisis of development</a>’ and what the Fund <a href="https://www.imf.org/en/Blogs/Articles/2022/05/20/social-unrest-is-rising-adding-to-risks-for-global-economy">recognises</a> is a rise in social unrest (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2022/12/a-new-sdr-allocation-combatting-deepening-fragility-concerns/">Winter 2022</a>) through, <em>inter alia,</em> their <a href="https://www.oxfam.org/en/press-releases/every-1-imf-encouraged-set-poor-countries-spend-public-goods-it-has-told-them-cut#:~:text=In%20a%20new%20report%20today,It%20found%20inconsistencies%20between%20countries.">support</a> of austerity, privatisation of social services, and cuts in public sector wage bills, including for the provision of health and education (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2022/04/how-imf-and-world-bank-support-for-financialisation-undermines-human-rights/">Spring 2022</a>, <a href="https://www.brettonwoodsproject.org/2019/10/tunisia-commission-seeks-reparations-for-human-rights-violations-from-imf-and-world-bank/">Autumn 2019</a>). These policies act as drivers of FCV by contributing to the erosion of the <a href="https://www.hrw.org/news/2023/10/03/global-demand-universal-social-security">social contract</a> and distrust of public institutions locally and globally.</p>
<h2>Failure of governance and policy reforms at Bank and Fund threatens peace and stability</h2>
<p>In contrast to the narrow scope of the Bank and Fund’s approach to FCV, the NAP identifies reforms to the global order as essential to peace and security. It asserts that, “redressing the pervasive historical imbalances that characterize the international system – from the legacies of colonialism and slavery to the deeply unjust global financial architecture and anachronistic peace and security structures of today – must be a priority.” The document makes a clear link between the unequal distribution of gains from the current system and increasing distrust in institutions, domestically and globally.</p>
<p>Challenging the financing gap narrative of key Bank and Fund shareholders and management, the NAP highlights that adequately financing the SDGs is not charity, but “eminently fair to redress past and current injustices, in particular those in international trade and the global financial system.” It notes the impact of debt on states’ capacity to finance development needs, the high cost of capital for developing states and unequal distribution of IMF Special Drawing Rights (SDRs; see Briefing, <em><a href="https://www.brettonwoodsproject.org/2023/10/reconceptualising-special-drawing-rights-as-a-tool-for-development-finance/">Reconceptualising Special Drawing Rights as a tool for development finance</a></em>) and the unequal global tax system. The report stresses, “It is in the interest of all developed and developing countries to reform the international financial architecture in order to rebuild trust in the system and prevent a further drifting apart and eventual fragmentation of inter-national financial and economic relations.”</p>
<p>Alas, recent developments at the BWIs are inauspicious. The failure to agree a long-delayed quota realignment in the IMF’s 16th quota review, coupled with the unwillingness to act on the UN Secretary General’s <a href="https://www.un.org/sustainabledevelopment/wp-content/uploads/2023/02/SDG-Stimulus-to-Deliver-Agenda-2030.pdf">call</a> for a SDR-based SDGs stimulus and continued use of its counter-productive and unnecessary surcharges policy (see <em>Observer </em><a href="https://www.brettonwoodsproject.org/2023/04/imf-continues-to-disregard-un-human-rights-commission-concerns-about-its-surcharge-policy/">Spring 2023</a>), point to an unwillingness of the IMF’s key shareholders to grasp the nature of the threats outlined in the NAP.</p>
<p>Similarly, the Bank’s resistance to use the Evolution Roadmap process to evaluate its contribution to the ‘crisis of development’ it rightly <a href="https://documents1.worldbank.org/curated/en/099845101112322078/pdf/SECBOS0f51975e0e809b7605d7b690ebd20.pdf">identifies</a> is highly problematic, particularly given concerns about the negative impact of its private sector-led approach on inequality, the equitable delivery of essential social services (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2023/12/world-bank-and-imf-promoting-private-finance-and-fiscal-consolidation-despite-mounting-evidence-of-harmful-impacts/">Winter 2023</a>), erosion of <a href="https://library.fes.de/pdf-files/gurn/00171.pdf">labour rights</a>, and fiscal impacts of public-private partnerships (see <em>Observer</em> <a href="https://www.brettonwoodsproject.org/2023/04/civil-society-calls-to-move-away-from-ppps-grow-while-world-bank-doubles-down-on-private-finance-led-approach/">Spring 2023</a>).</p>
<p>To a significant degree, the effectiveness of the <em>New Agenda for Peace</em> rests on the willingness of BWIs’ management and key shareholders to broaden their understanding of fragility, and to actively support the NAP’s recommendations to reform their outdated and unjust governance structures and counter-productive policies. As Professor Erin McCandless of the University of Witswatersrand stresses, “this will require acknowledging the varying root causes of fragility – some of which arise in the making and execution of Bretton Woods policy approaches. Transformative measures towards greater peace in the world will need to start here, and are unlikely to take root with business as usual reforms.”</p>
<p>The post <a href="https://www.brettonwoodsproject.org/2023/12/un-secretary-general-new-agenda-for-peace-calls-for-urgent-financial-architecture-and-policy-reform/">UN Secretary General’s <em>New Agenda for Peace</em> calls for urgent financial architecture and policy reform</a> appeared first on <a href="https://www.brettonwoodsproject.org">Bretton Woods Project</a>.</p>
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