IMF and World Bank double down on private finance model as debt crisis reaches historic levels
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Top story
IMF and World Bank double down on private finance model as debt crisis reaches historic levels
Amidst geopolitical tensions and uncertainty, and the worsening debt crisis in many Global South countries, the World Bank and IMF Annual Meetings outcomes show the institutions are moving in the wrong direction - favouring fiscal consolidation and private sector interests over timely and fair solutions.
Read our reaction to the IMF/World Bank's Annual Meetings
Rewatch the Civil Society Policy Forum's sessions co-organised by Eurodad and partners
Click here to read a wrap-up article by the Bretton Woods Project and here for a feminist analysis by MENAFem
News
G20 statement falls short as debt crisis deepens
Across the Global South - and most acutely in Africa - countries are facing sky-high borrowing costs, with debt servicing now outstripping spending on critical needs such as health, education, and care. The G20 Ministerial Declaration on Debt Sustainability, led by the South African Presidency, is the latest illustration that the non-inclusive, non democratic G20 is the wrong space to advance on real solutions for debt.
Read our press release | Read the letter signed by 164 CSOs
Civil Society Statement to the UNCTAD16 Quadrennial Conference
Nearly 100 CSOs, included Eurodad, endorsed a statement ahead of the UNCTAD16 Quadrennial Conference. The statement takes a strong stand against the same false solutions and political dynamics which squandered the 4th International Conference on Financing for Development. It urges UN Member States to deliver an Outcome Document that responds to the current challenges and ensures a strong mandate for UNCTAD.
CSOs' recommendations to the European Investment Bank's Board of Directors
Ahead of the annual Board Seminar with Civil Society, CSOs - including Eurodad - called on the EIB to open a structured and inclusive consultation process in the countries in which it operates, and to reaffirm its commitment to genuine partnership, transparency and sustainable development.
Debt is stealing girls’ futures — Join the call for action
by Malala Fund
As the G20 approaches, girls, feminists, and allies from every region demand bold and fair reform to end the broken debt system that denies girls the power to shape their futures.
Blogs
The DAC says it's ready to change - but can self-review really lead to reform?
by Stephanie Derlich (Eurodad)
Last week the OECD’s Development Assistance Committee (DAC), – the group of rich countries that monitor and report on their own aid commitments – met with civil society in Paris for their annual dialogue. Top of the agenda was the DAC review which includes an internal evaluation of its own governance structures and ways of working. This blog outlines CSOs' concerns about the upcoming process.
Reports
The real debt crisis: the deadly combination of IMF austerity and paying debts
by Debt Justice UK
Lower-income countries that have been refused the opportunity to seek debt relief by the IMF have instead cut health and education spending by a sixth. The IMF is breaking its own policies by finding external debts in these countries to be sustainable, when paying debts in full is leading to large cuts in spending on key social services, and trapping countries in low economic growth. This new research is being released ahead of crucial IMF decisions on whether countries including Kenya and Senegal need debt relief.
Aid Watch 2025: ending short-sightedness, restoring ODA's purpose
by CONCORD Europe
While ODA has been long considered resilient in responding to crises, human-generated problems (economic, social, climate-related) and political decisions continue to weaken the global multilateral system and the global cooperation landscape. After 5 years of consecutive growth in ODA volumes, countries are increasingly prioritising national interests while cutting their ODA budgets. These cuts will be particularly detrimental to the most marginalised populations and countries.
An SDR playbook for the IMF
by LATINDADD and CESR
This research demonstrates that emerging and developing countries have consistently been the primary driver of reform regarding Special Drawing Rights. Civil society groups, as well as governments, have consistently pushed for new issuances and structural reforms, highlighting the critical role SDRs can play in addressing multiple crises, from climate change to debt burdens. This sustained ambition from emerging and developing countries and their advocates lays the foundation for a more equitable and effective international financial system.
Useful resources
Webinar - "Climate and tax justice: why one couldn’t go without the other"
As youth advocates prepare for COP30 and the next round of negotiations for a UN Tax Convention, this webinar aims to connect the dots between climate and tax justice. If the Nairobi negotiations succeed in creating a truly inclusive, transparent, and equitable Tax Convention, they can provide the stable, predictable public revenues that climate finance has so far failed to deliver. Conversely, a strong outcome at COP30 that embeds justice and accountability into global climate finance can strengthen the call for tax reforms that make polluters and profiteers pay.
Online Forum - "Debt justice is climate justice: advancing the call for a UN Framework Convention"
Part of the 2025 Global Week of Action, this session examined how policy decisions by International Financial Institutions (IFIs) like the IMF and the World Bank contribute to deepening debt distress and climate crises, and explore the resulting impacts on people and the planet. It aims to build a common understanding across economic justice and climate groups to support the call for the UN Framework Convention on Sovereign Debt.
Panel - "Tackling the triple crisis of debt, climate, and development"
In the run-up to the AU-EU summit in Luanda, this panel highlighted the economic and public finance situation of African economies and consider options for new initiatives to address the debt crisis.
Events
30 Oct | Online | The international financial architecture and climate finance at COP30: what to expect?
What can we expect from COP30 on climate finance? Join the webinar to take stock of how recent global processes, the turbulent geopolitical context, aid cuts and the influence of institutions like the World Bank, IMF and G20 can impact expectations for this year's climate COP.
30 Oct | Online | Land, territories and financial justice dialogues
A cross-cutting dialogue bringing together insights from the economic justice, food, land and climate agendas. This will be the first in a series of cross-sectoral reflections aiming to build convergence across the food sovereignty and right to land, economic justice and climate justice movements. Interpretation available in English, Spanish and French.
5 Nov | Online | Exposing false and distracting finance solutions ahead of COP30
The debt and climate crises are deeply connected, but false finance 'solutions' risk delaying real change. This webinar will give you the evidence, talking points, and tools to push back and promote genuine, lasting solutions to the debt and climate crises.
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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. |
