Latest ODA data/ IMF-World Bank Group Spring Meetings
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Poorest countries continue to lose out as wealthy donors pocket their own aid, according to latest OECD data
New figures published on 10 April by the OECD show that despite a small increase in total aid spent in 2023, wealthy countries are still spending record amounts on hosting refugees in their own countries, and the poorest countries continue to lose out.
The figures, published by the Development Assistance Committee (OECD-DAC), reveals that even though levels of official development assistance (ODA, or aid) increased globally in 2023, totalling US$ 223.7 billion, only 37 billion reached the world’s Least Developed Countries (LDCs), meaning the target of 0.15-0.2 per cent GNI is no closer to being met.
In spite of a small rise in ODA across all wealthy countries in 2023, in the EU aid fell by a shocking 7.7 per cent, with only a few members reporting increases.
Read the press release | Read the joint statement by the DAC Civil Society Reference Group
News
Support public investments for a stronger, more resilient and sustainable economy
Seventy civil society organisations, think tanks, trade unions and academics call upon the European Council to take 'bold and decisive action' and support the creation of a post-2026 long-term green and social investment fund.
IMF/World Bank Group Spring Meetings
This week we are at the Spring Meetings of the the International Monetary Fund and the World Bank Group. Here you can see all the events we are involved in and below you will find some reports and outputs from members and partners.
Global sovereign debt monitor 2023
Report by Erlassjahr.de and Misereor
The Global Sovereign Debt Monitor 2023 analyses the debt situation of countries in the Global South as well as Germany’s role in international debt relief policy and presents concrete recommendations and options for political action.
Read the report | (German version)
Defaulting on development and climate – debt sustainability and the race for the 2030 Agenda and Paris Agreement
Report by Debt Relief for a Green and Inclusive Recovery
This report performs an enhanced global external debt sustainability analysis (DSA) to estimate the extent to which emerging market and developing economies can mobilise the G20 Independent Expert Group recommended levels of external financing without jeopardising debt sustainability.
Read the report | Read the article (via Reuters)
The IMF talks about climate change but it pushes Argentina into more and more fracking
Report by Recourse and Periodistas por el Planeta
The International Monetary Fund (IMF) claims to have added the fight against climate change to its mandated work, but when designing plans to help countries restore economic stability, it pushes them to deepen their dependence on fossil fuels. This is exactly what is happening in Argentina, its largest debtor, with a liability of more than 44 billion dollars.
Read the report | Read a joint press release on the same topic (Spanish)
Fossil fuel debts are illegitimate and must be cancelled
Opinion piece by Lidy Nacpil (APMDD)
Owning up to their co-responsibility for fossil fuel projects and their impacts, and consistent with their avowed commitments to combat climate change, governments and public financial institutions, including international financial institutions, should cancel all outstanding public debts that arose from fossil fuel projects. These outstanding debts may be transformed into grants for renewable energy systems.
Read the opinion piece published in Climate Home News
IDA21: Moving beyond a focus on ‘historic’ replenishment
Article by Maria José Romero (Eurodad)
The 21st IDA replenishment will take place in 2024. While discussions to date have revolved around calls for a ‘historic’ IDA21 replenishment, a focus on size must not detract from calls for urgently needed policy reforms to support ecologically sustainable and just economic transformation.
Adapting our financial architecture in a crisis-prone world: a civil society proposal for Special Drawing Rights reform
Report by ActionAid USA and Bretton Woods Project
While not a silver bullet, Special Drawing Rights (SDRs) have the potential to act as a buffer against some of the worse impacts of the current grossly unequal international financial architecture (IFA) on the fiscal and policy space of low- and middle-income countries. However, key reforms to the SDRs system are necessary in order to fulfil that potential.
Greening IMF lending: Elusive prospects, mixed evidence
Report by LSD Sénégal and Recourse
Despite IMF claims to increase climate ambition, an initial assessment of the IMF’s Resilience and Sustainability Trust (RST) shows little room for optimism. This report analyses the policy conditionalities included in the first 17 arrangements and takes a deep dive in those in Kenya and Senegal.
Gambling with the planet’s future? World Bank Development Policy Finance, ‘green’ conditionality, and the push for a private-led energy transition
Report by Bretton Woods Project
A review of the energy sector conditionality in the World Bank Development Policy Financing (DPF) from fiscal years 2018 to 2023 reveals a pattern of promoting neoliberal reforms in many countries' energy sectors. This report's findings raise questions about the alignment of the WB's approach with climate justice principles.
Vacancies
Senior Policy and Advocacy Officer - Debt Justice
Eurodad | Brussels | Deadline: 28 April
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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. |
