One year ago, at the time of the Annual Meetings in Marrakech, WBG President Ajay Banga said “I don’t subscribe easily to buzzwords about how to do things”. This was in response to CSO concerns about the use of the ‘cascade approach’ to development – a phrase coined by the WBG seven years ago. In plainer English it means the WBG seeks to leverage private finance in support of development and climate projects. Today, ahead of the 2024 Annual Meetings, which mark the 80th anniversary of the institution, the World Bank Group says it aims “to create a future-ready World Bank Group.” This sounds like yet another buzzword to us.

On the eightieth anniversary of the World Bank and the International Monetary Fund, it is time for a change of course. In this blog, our experts on the Bretton Woods Institutions explain why the world is in urgent need of more responsive, democratic, accountable and development-orientated. global economic governance. 

This blog analyses the World Bank’s 'Evolution Roadmap' and is written by Bhumika Muchhala, from the Third World Network and Eurodad's Maria Jose Romero.

Read the full opinion piece on IPS News

Drawing on the specific case of IMF and World Bank’s response to the multiple crisis triggered by the pandemic, a journal article shows that there is a discourse-practice disjuncture in the Bretton Woods institutions approach to public services as they continue to favour austerity and market-oriented solutions for the delivery of public services. The article therefore seeks to demystify the institutions rhetoric and demand the adoption of a different way of understanding public services, and social policy more broadly.

COP27 only delivered one part of the climate finance puzzle, namely a Loss and Damage Fund. Developed countries need to step up their efforts to repay the climate debt so all countries are able to pursue sustainable development.

Last week’s meetings proved yet again that without fundamental reform to how both the World Bank and IMF are governed, and how they ultimately operate, the same mistakes will be repeated again and again. And that is unacceptable.

Business as usual prevailed over the need for genuine reform during the Annual Meetings of the Bretton Woods Institutions earlier this month. This is the third of a three-blog series dealing with the Doing Business Report scandal, allocation of rich countries unused Special Drawing Rights and the debt crisis.

Business as usual prevailed over the need for genuine reform during the Annual Meetings of the Bretton Woods Institutions earlier this month. This is the first of a three-blog series dealing with the Doing Business Report scandal, allocation of rich countries unused Special Drawing Rights and the debt crisis.

Business as usual prevailed over the need for genuine reform during the Annual Meetings of the Bretton Woods Institutions earlier this month. This is the second of a three-blog series dealing with the Doing Business Report scandal, allocation of rich countries unused Special Drawing Rights and the debt crisis.