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Challenges rise fast, reforms proceed slowly as political blockades remain an issue – Spring Meetings round-up

Finance ministers from around the world gathered in Washington DC last week for the IMF and World Bank spring meetings. Held amid an economic downturn and emerging risks of a new round of debt crises, the key task was to discuss how the two organisations can be made more effective to address these challenges, which threaten to affect people’s lives and derail progress toward development goals.  A gloomy scene for development A dramatic scene was set by the IMF’s flagship publication, the World Economic Outlook, which underlined rising inequality, while revising projections for the global economy down. Economic growth is now expected to slow to 3.3 per cent in 2019, a reduction of 0.4 per cent as compared to their overoptimistic projections from last year.  When economic growth ...

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World Economic Outlook: Eurodad warns that new debt crises could derail the sustainable development goals

Washington DC, 9 April 2019 - The new World Economic Outlook released today indicates that the world economic situation is deteriorating. Many poor countries have already been struck by debt crises. Eurodad, a major network of European civil society organisations working on development finance, warns that progress against the sustainable development goals could be derailed or even reversed. Poverty and inequality could rise, if no counter measures are taken.“High debt levels became a key constraint ...

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Trade Unions and campaigners around the world accuse the World Bank of encouraging dangerous hidden debts, boycott consultation on Public Private Partnerships (PPPs)

• The boycott was launched after the World Bank ignored repeated calls for the Bank to stop promoting PPPs that contain dangerous hidden debts. • Most governments leave these costs out of the accounting books, which can lead to crippling hidden debt – especially damaging for world’s poorest countries. • See ‘Notes to Editors’ for examples of disastrous PPPs. 27 February 2017 Trade unions and campaigners from around the world are boycotting the latest World Bank consultation on PPPs, ...
Eleven years ago, the international community adopted the Paris Declaration on Aid Effectiveness that led to the adoption of several principles to improve the effectiveness of international aid. Reflecting on the widely criticised fact that creditors ...
In a submission this week, Eurodad together with more than 50 members and partners from the North and South commented on the draft framework suggested by the World Bank Group on disclosure in public-private partnerships (PPPs).  Read the full submission ...
The watchdog of the International Finance Corporation (IFC), the World Bank’s private sector lending arm, has released a new report into the IFC’s lending to banks and equity funds, prompting civil society to renew calls for urgent reforms. ...
This year’s annual meeting of the World Bank (WB) and the International Monetary Fund (IMF), on October 10-12, coincided with the 70th anniversary of both institutions. But it was not a happy party with global economic storm clouds looming, a growing ...

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MEDIA RELEASE-Reforms to World Bank’s flagship Doing Business report are off track and undermine World Bank’s credibility

MEDIA RELEASE Reforms to World Bank’s flagship Doing Business report are off track and undermine World Bank’s credibility Campaigners demand urgent action from World Bank President Dr Jim Yong Kim Tuesday 26th August A global coalition of Civil society organisations (CSOs) are demanding World Bank president Dr Jim Yong Kim implements significant changes to the Bank’s flagship Doing Business report, as recommended by independent experts. The report ranks nations on the quality of their ...