- The World Bank and International Monetary Fund (IMF) Annual Meetings, a gathering of Finance and Development Ministers and officials from around the world, run from October 9-15 in Marrakech, Morocco.
- This year’s Annual Meetings come as political pressure ramps up for the global financial system to evolve to tackle the development and climate crisis at hand.
- The Annual Meetings are a chance to drive some urgent changes in how the World Bank and IMF evolve, shaping the global consensus for reform to accelerate this evolution.
Story
Leaders have been calling for the transformation of the global financial system for many years. The Bridgetown Initiative and G20 Leaders Summit have sparked real hopes for change. However, despite the evolution of the World Bank and IMF being in motion, much more is needed to deal with big economic shocks from the climate and other crises and to navigate the transition. At the Annual Meetings, the leaders of the global economic system can answer these calls by setting out ways to address debt crises, promoting economic resilience, and providing additional financial resources and structures to address these challenges.
The IMF can play a vital role in supporting fragile economies that are increasingly at risk from climate change, as it did providing hope for many during the COVID-19 crisis, injecting liquidity into the global system, and setting up the Resilience and Sustainability Trust. However, despite the vision of Kristalina Georgieva, its inspiring leader, much is still to be done. The Annuals will be a chance to see how the IMF can step forward and be the guardian of global financial and climate resilience.
The World Bank and the broader MDB ecosystem should be ready to catalyze the necessary financing into those economies. The World Bank Evolution Roadmap, the recommendations from the G20 Expert Review Panel on MDB reform, and fresh injections of capital into the MDB system are needed to ensure that these institutions can support the world to deliver climate mitigation, support adaptation and fund loss and damage from climate change, as well as drive progress on development challenges. The initial steps taken by the World Bank this year were helpful, but the Annual Meetings are a chance to scale ambition further.
Quotes
Sonia Dunlop, Programme Lead at E3G said:
“As the one true global multi-lateral development bank, the World Bank needs to lead the reform process for all public banks. The 2023 Annual Meetings in Marrakech is the time to show renewed efforts and increased ambition on its evolution roadmap. Climate change and other global challenges demand action now.”
Danny Scull, Policy Advisor at E3G said:
“The World Bank made initial strides and technical tweaks to kick off its Evolution back in the Spring. Now in Marrakech, shareholders need to make the money flow.”
Available for comment
Sonia Dunlop (EN, FR, IT), Programme Lead, (Public banks, MDBs)
m: +44 7970 795 278 | sonia.dunlop@e3g.org
Danny Scull (EN), Policy Advisor, (Evolution Roadmap, World Bank Group)
m: +1 (301) 787 0942 | danny.scull@e3g.org
Ronan Palmer (EN), Associate Director, (Financing the clean economy, Bridgetown Initiative, debt, fiscal space, public banks, international development)
m: +353 89 491 7948 | ronan.palmer@e3g.org
Kate Levick (EN), Associate Director and Co-Head of the Transition Plan Taskforce Secretariat, (Sustainable finance, climate disclosure, transition plans, regulation)
m: + 44 7983 484 573 | kate.levick@e3g.org
Dileimy Orozco (EN, ES), Senior Policy Advisor, (Development banks and private finance, green recovery, IFA reforms)
m: +44 7876 301 615 | dile.orozco@e3g.org
Alex Scott (EN), Programme Lead, (Climate diplomacy, climate finance, adaptation finance, road to COP28)
m: +44 7482 750760 | alex.scott@e3g.org
Frank Schroeder (EN, DE), Senior Policy Advisor, (Global transition finance, Global financial reform, Governance of multilateral institutions, private finance mobilization, innovative financial mechanisms)
frank.schroeder@e3g.org
Franklin Steves (EN, FR, ES, RU), Senior Policy Advisor, (Global financial reform, debt burdens, Bridgetown Initiative, climate finance)
m: +44 7484 815 434 | franklin.steves@e3g.org
Notes to Editors
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