Join Eurodad and partners at the WBG-IMF Annual Meetings

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Join Eurodad and partners at the WBG-IMF Annual Meetings

Next week Eurodad staff will be at the World Bank-IMF Annual Meetings, taking place in person in Washington, DC for the first time in three years.

We will be focusing on some of the most pressing issues of the day: namely the cost-of-living, debt and climate crises, and the wave of austerity currently surging across the world. Countries have to deal with these issues at a time when they are still struggling to recover from the Covid-19 pandemic.

In the link below you will find a range of events co-organised by Eurodad. During the week we will also be publishing new research, joining colleagues across the world in actions calling for debt cancellation and reacting to emerging issues. Follow us on Twitter at @eurodad.

See the list of events here.

News & analysis

End Austerity Campaign

Approximately 85 per cent of the world’s population will live in the grip of austerity measures by 2023. Last week, activists and campaigners from across the world kicked off the End Austerity Campaign calling on leaders to put people and the planet first. A series of virtual events brought together high-profile academics along with the launch of two important reports. 

Read the press release here.

Read the report by Isabel Ortiz and Matthew Cummins on global austerity here.

Read the report by the Financial Transparency Coalition on Covid-19 funds here.

Rewatch the sessions of the End Austerity Festival here.

Call to the IMF for new issuance of SDRs for global crisis relief

Eurodad has joined 140+ organisations urging the world’s wealthiest IMF members to vote for a new issuance of Special Drawing Rights (SDR). This would quickly alleviate countries suffering amid multiple historic, overlapping, and worsening crises. The 2021 SDRs allocation was a fundamental lifeline to many low- and middle-income countries struggling with the Covid-19 pandemic, but it was insufficient. The need for a new allocation is greater than ever.

Read the letter in English, Spanish and Arabic

Rewatch the Global People's Assembly

The Global People's Assembly was a self-organised space during the United Nations General Assembly high-level week that took place during 20-22 September. The aim was to bring the voices of the people to the forefront at a time when decision-makers engage in high-level debate without the people's involvement.

Rewatch the Assembly here.

Lower-income country borrowing costs rise at three times the rate of the US

By Debt Justice

A new analysis by Debt Justice finds that average interest rates on new borrowing by lower-income countries have increased by 5.7 percentage points this year, almost three times the rate of increase in US government borrowing costs. In two-thirds of lower-income countries where there is data, interest rates are so high they are probably unable to take out new loans from external private lenders.

Read the press release here.

33 CSOs submit recommendations to improve quality and integrity of ODA reporting ahead of OECD DAC Development Finance Statistics meeting

A coalition of 33 CSOs expressed their concerns about the quality and integrity of ODA statistics ahead of the DAC Working Party on Development Finance Statistics (WP STAT) meeting on 26-28 September.

Read the letter here. 

CSOs sent letter to G7 finance ministers to express concern regarding the worsening debt situation in African countries

Ahead of next week's G7 and African finance ministers’ meeting alongside the IMF and World Bank meetings in Washington, 47 civil society organisations sent a letter to G7 Finance Minsters to express their concerns regarding the highly challenging debt vulnerabilities and fiscal conditions in many African countries in the face of multiple crises and the lack of decisive political action to address inefficiencies in the resolution of debt crises.

Read the letter here.


PPPs in energy infrastructure: regional experiences in light of the global energy crisis

This executive summary report by Eurodad is part of a joint publication coordinated by Bread for the World and the Heinrich Böll Stiftung (Washington DC Office) which includes regional reports from Cameroon, Ghana, Kenya, Zimbabwe, India, Indonesia, The Philippines and Peru. It presents the state of play of public-private partnerships in the energy sector and demonstrates why they are a risky business.

Read the report here.

Useful resources

Unaccountable Accounting: The World Bank’s unreliable climate finance reporting

by Oxfam 

Despite being the largest multilateral provider of climate finance, the World Bank supplies very little evidence to support its claims about the amount of climate finance it provides. A new report by Oxfam found that the Bank’s current claimed levels of climate finance cannot be independently verified and could be off by as much as 40 per cent or US$7 billion.

Read the report here.


Operations Intern

Eurodad | Brussels | Deadline: 6 October 


7 October | Twitter space with CONCORD

Join the Twitter Space of CONCORD today at 10am to join the discussion on "Where are we now on EU ODA?".

Join the Twitter Space here.

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.