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UN Financing for Development Forum 2023: The road towards global economic solutions

At the end of April, the annual four-day United Nations Forum on Financing for Development (FfD) took place in New York. Amidst multiple intersecting crises, escalating global debt problems, increasing inequalities, billion-dollar shortfalls in financing for development and environmental action, as well as a new wave of austerity, the UN FfD process has a vital role to play. And there are a number of important reasons why this process is uniquely placed to provide truly global solutions to global economic problems. 

Positive outcomes from this year's forum include the welcoming of intergovernmental discussions on tax in the outcome document. 

Read the analysis here. 

See also the Useful Resources section in this newsletter.

News & analysis

Former Mastercard chief Ajay Banga is confirmed as the World Bank's new President

Yesterday (Wednesday) former Mastercard chief Ajay Banga was confirmed as the World Bank's new President, taking over from David Malpass. At the time of Mr Banga's nomination, Eurodad Director Jean Saldanha and Policy and Advocacy Manager Iolanda Fresnillo wrote in a blog:
"The next leader of the World Bank must break with the past and have a vision for the future. The President must understand that the Bank has at best been floundering, and at worst completely failing to achieve its objectives - and it must change. It must play its part in implementing rather than undermining the global agenda on development, inequality, climate change, and social justice. It needs to earn the trust of the communities and countries where the World Bank does - or should - provide finance. Human rights must be at the centre of its policy and democracy and inclusiveness at the heart of its governance model. And it is high time that a woman - a feminist - a heterodox economist - a person truly representing the global south, is given the job.

Instead with Banga it will be more of the same. (...) Banga’s rapid nomination also continues the archaic and deeply neocolonial ‘gentlemen’s agreement’ whereby the US gets to choose the head of the World Bank and Europe, the head of the IMF."

Read the full blog again here.

Read an open letter signed by more than 100 CSOs and individuals, including Eurodad, calling for a merit-based, open and transparent World Bank presidential selection process here.

Read "World Bank reform? A view from the global South" by IBON here. 

Reports

The Vicious Cycle - Connections Between the Debt Crisis and Climate Crisis

by ActionAid

The countries that are most vulnerable to the climate crisis are also facing a debt crisis – and the need to service external debt in foreign currency has become a major accelerator of the climate crisis. There is a vicious cycle between the debt and climate crises, each reinforcing the other. It is thus profoundly contradictory that more than two-thirds of climate finance arrives in the form of loans that serve to exacerbate this debt crisis, forcing countries into actions that entrench the climate crisis.

Read the report here.

Useful resources

FfD Forum 2023 - United Nations score success

by Bodo Ellmers, Global Policy Forum

The increased participation in the Financing for Development (FfD) Forum compared to previous years demonstrates the global community’s growing interest in this area of the UN’s work. In contrast to recent G20 and Interna­tional Monetary Fund (IMF) meetings, the FfD Forum succeeded in adopting an outcome document by consensus that exceeds those from previous years in terms of substance. This raises expectations for the Fourth International Conference on Financing for Development (FfD4) to be held in 2025.

Read the briefing here.

Panel discussion - "Germany's Debt Got Canceled, Why not the Global South's?"

by Debt for Climate International and Degrowth in Action

This panel discussion, which features Eurodad's Iolanda Fresnillo, was prompted by the 70th anniversary of the London Agreement. In 1953, countries - including many from the Global South - agreed to cancel over half of the debt accumulated by Germany during, and after, World War II because they knew that this would prevent Germany from prospering. Yet, demands for debt cancellations by political leaders from the Global South have been denied for decades. The panel explored a common understanding of debt (in)justice and practical steps that individuals and organisations can take to join the struggle for unconditional debt cancellations led by activists from the Global South.

Watch the recording of the discussion here.

Vacancies

Senior Policy and Advocacy Officer - Debt Justice Team

Eurodad | Brussels | Deadline: 28 May

Coordinator for the Tax and Education Alliance

ActionAid | Multiple locations | Deadline: 8 May 

Project Monitoring, Evaluation and Learning (MEL) Officer - Economic Justice & Public Services

ActionAid | Multiple locations | Deadline: 8 May

Events

Rebranding or reshaping the global financial architecture? MDBs reform, Bridgetown Initiative and the New Global Financial Pact

This panel aims to be an explanatory primer for the CSO network to explore the World Bank’s recent ‘Evolution Roadmap’, and the ‘Bridgetown Agenda’ proposals. The focus of the panel will be an analysis of the current impetus for change and reform at the MDBs- also considering the upcoming Macron’s Financial Pact Summit which will materialise next month.

Register for the event here. 

15 May - 1 June | It’s raining green… Hallelujah? - Webinars about the green transition

by The Debt Observatory in Globalisation

The Debt Observatory in Globalisation presents a series of webinars to take a critical look at the European green and digital transition, which will take place on 15 May, 22 May, and 1 June.

Register for the webinars here.

Save the Date | Eurodad Policy Forum 2023 

Eurodad will hold its biannual Policy Forum on 13-14 June 2023. Keep an eye on our social media and website. Registrations opening soon. 

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.