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Code red for humanity: time for a just and adequate response is running out!

The remaining months of 2021 are crucial for the future of our humanity. The multiple and interrelated crises that we face call for an even greater level of unprecedented and truly multilateral action. Our director, Jean Saldanha, explains why in this blog.

News

European Investment Bank creates a "development branch"

The European Investment Bank has announced the creation of a "development branch." Eurodad and its partners have been calling for the EIB to first implement fundamental reforms so it can become a responsible and development-focused lender. Here are our recent submissions:

• Open letter and joint CSO statement on the EIB Environmental and Social Sustainability Framework
• Eurodad submission to the EIB Environmental and Social Sustainability Framework consultation: Standard 5 Climate Change
• A joint-briefing titled Reflecting the duality of gender and climate in the EIB’s Environmental and Social Sustainability Framework’s Standard 5 on Climate Change

Blogs & analysis

A wrong turn for World Bank concessional lending

If the World Bank's International Development Association is to be an important source of recovery funds for the poorest economies, then the "Private Sector Window" designed to mobilise private investment in recipient countries must be closed. Farwa Sial and Prof. Jayati Ghosh set out why in this OpEd published by Project Syndicate

Eurodad reports

Who is really at the table when global tax rules get decided?

Non-inclusiveness and illegitimacy continue to be key concerns in relation to the negotiation of global tax rules. But which countries are really at the table when new rules get negotiated? And what are the risks associated with non-inclusive decision-making?

Why mandatory public country by country reporting is good for business

Corporate tax avoidance costs countries around the world an estimated US$ 500 billion every year. Transparency through public CBCR can help to support a level playing field, to inspire investor confidence and to help sustain public trust – all of which will in turn support business.

Reports by members & partners

Development, the State and the role of business

By ANND

The role of the business sector and foreign direct investment are critical for economic growth and developmental processes. Nonetheless, for the link to positive for development, it requires deliberate intervention by the State at multiple levels of the policy and legal framework.

Adding Fuel to Fire: How IMF demands for austerity will drive up inequality worldwide

By Oxfam

This briefing paper lays out the case against the IMF’s push for austerity and makes recommendations on how to support a fair recovery through progressive fiscal policies and advancing universal social protection, among others.

IMF Surveillance and Climate Change Transition Risks: Reforming IMF policy advice to support a just energy transition

By ActionAid USA and the Bretton Woods Project

This report is based on analysis of all 595 Article IV reports conducted in the IMF’s 190 member countries between the signing of the Paris Agreement in December 2015 and March this year. Article IV reports contain policy advice to countries that shapes their economies for years to come.

Useful resources

A debt pandemic: Impact of the crisis in developing countries

This series of infograms and charts highlights the increasing impact of debt and the Covid-19 pandemic in the global south.

Special Drawing Rights

In August, the IMF allocated US$650 billion in SDRs to 190 countries. Catch up with two webinars that you may have missed:

• Open Dialogue Series on leveraging the Special Drawing Rights (SDRs) for Covid-19 recovery
• Special Drawing Rights: For spending or saving?

Civil20 Policy Pack 2021: Building a sustainable future for all

In the second year of an extremely devastating pandemic that is already amplifying existing unacceptable inequalities and injustices, this Policy Pack brings together policy proposals from the Working Groups of the Civil20 ahead of the G20 Summit led by Italy in late October.

Upcoming events

16 September | What solutions for the countries of the south crushed by the burden of the debt?

Faced with the distress of their populations, we must urgently act for debt cancellation for countries in the global south! But how? This is the question this online discussion featuring experts from the global south and global north will answer. Part of CADTM Summer University 2021

22 September | Financing for Development: Global Economic Solutions Now!

Powerful forces are at play to use the current crisis to further consolidate already skewed concentrations of economic and political power. As part of the virtual Global People's Assembly, this event will feature presentations on upcoming civil society campaigns on global economic solutions to mobilise jointly around structural transformation.

29 Sep-7 Oct | Eurodad at the WBG/ IMF Annual Meetings and Civil Society Policy Forum

Eurodad and our partners will be participating in the virtual WBG/ IMF Annual meetings and CSPF side events this October. A full list of all the events is available on our website.

This newsletter has been produced with co-funding from the European Union, Bread for the World and Norad. The contents of this publication are the sole responsibility of Eurodad and can under no circumstances be regarded as reflecting the position of the funders.