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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 ...

press
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 ...

blog
IMF and World Bank Spring Meetings: drifting off course as multilateralism faces headwinds.

Bodo Ellmers, Maria Romero

25 Apr 2017 09:05:58

The 2017 spring meetings of the IMF and World Bank, which also included the second edition of the Global Infrastructure Forum, took place against the uncertainty generated by geopolitical changes such as the election of President Trump in the US and the formalisation of the UK’s exit from the European Union. A draft budget proposal by President Trump, released in the run-up to the Spring Meetings, overshadowed last week's discussions as it suggests that instead of getting a capital increase, the World Bank will experience a substantial cut in its funding from its main shareholder. Meanwhile, civil society organisations (CSOs) voiced their concerns about how far the Bretton Woods Institutions are from serving development objectives. Systematic and concerned focus on private finance. ...
The IMF and World Bank spring meetings, which used to be a major forum for global economic decision making, end today with few concrete outcomes, the Bank under fire for its human rights and environmental record, and the IMF still unable to make any progress ...