The IMF and World Bank's Development Committee, a major policymaking body for the institutions, met in Washington, DC in the context of the IMF and World Bank Annual meetings. The Development Committee and the IMF and World Bank meetings focused on growth, debt, inflation, expanding development bank finance and aid, responses to pandemics, climate and food crises.
Eric LeCompte, Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who has monitored IMF and World Bank Meetings since 2010, releases the following statement on the Annual Meetings and the Development Committee meeting:
“While reports this week noted the global economy’s resilience, incomes in the poorest countries are still 14% lower than before the pandemic.
“World Bank members are looking hard at what its role should be in supporting the investments needed to reduce poverty.
“Since many countries are mired in debt, they have limited capacity to protect their most vulnerable in the face of multiple crises.
“For the second year in a row, development bank finance is essentially going to pay debts held by private creditors.
“This year donors to the International Development Association are negotiating new pledges. The pledges so far are disappointing."
Read Jubilee USA's statement on the IMFC meeting here.
Find information on Jubilee USA's IMF/World Bank Annual Meetings events here.
Read Jubilee USA's statement on the G20 ministerial meeting here.
Read Jubilee USA's statement on the World Economic Outlook report here.
Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain-raiser speech here.