|
||
|
TWN
Info Service on Finance and Development (Nov23/03) New briefing on IMF-World Bank meetings On 9-15 October the International Monetary Fund (IMF) and the World Bank held their Annual Meetings in Marrakech, Morocco. It was the first meeting of the Bretton Woods institutions on the African continent since 1973, and only the second such meeting in their entire history. Given the pernicious effects of IMF and World Bank policies and programmes, from structural adjustment and fiscal consolidation to privatization of schools and healthcare, the African context had a significance. The meetings were also contextualized by the World Bank revealing that current increases in global inequality and poverty are the greatest since World War II, while debt distress deepens across the developing world to historic levels. Unlike in many previous years, neither of the two decision-making bodies – the International Monetary and Financial Committee, focusing on the IMF, and the Development Committee, focusing on the World Bank – could adopt a communique by consensus, due to the war between Russia and Ukraine. The summary of the chair of each body outlined a few actions and adoptions, and otherwise reiterated past commitments. A new Third World Network Briefing Paper, “IMF and World Bank deliver many statements but little substance at Marrakech meetings” by Bhumika Muchhala, looks at what emerged (or failed to emerge) from the discussions in such areas as governance reform, sovereign debt and the World Bank’s “Evolution Roadmap.” The paper is available here. With best wishes, Third World Network
|
||
