- The World Bank and International Monetary Fund (IMF) Spring Meetings, a gathering of Finance and Development Ministers and officials from around the world, run from 10-16 April in Washington, DC.
- This year’s Spring Meetings come as political pressure ramps up for the global financial system to evolve to tackle the development and climate crisis at hand.
- The Spring 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.
Leaders have been calling for the transformation of the global financial system for many years. The evolution of the World Bank and IMF has started. The Bridgetown Initiative has sparked real hopes for change. However much more is needed to deal with big economic shocks from the climate and other crises that are affecting us (the “polycrisis”) and to navigate the transition. At the Spring 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 to address these challenges.
The IMF can play a vital role in supporting fragile economies that are increasingly at risk from climate change, and provided hope for many during the Covid 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 Springs 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 deliver the necessary financing into those economies. The World Bank Evolution Roadmap, the recommendations from the G20’s Capital Adequacy Framework review, 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. But the current Evolution Roadmap proposal is insufficient. The World Bank and IMF Spring Meetings are a chance to drive ambition.
Available for comment
Sonia Dunlop (EN, FR, IT), (Public banks, MDBs)
+44 7970 795 278, firstname.lastname@example.org
Dileimy Orozco (EN, SP), (Macroeconomic policy and IMF)
+44 7876 301 615, email@example.com
Danny Scull (EN), (Evolution Roadmap, World Bank Group)
+1 (301) 787 0942, firstname.lastname@example.org
Franklin Steves (EN, RU, ES, FR), (Bridgetown Initiative and CAF reform)
+44 7484 815 434, email@example.com
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