Finance Ministers, Central Bank Governors and leaders of the World Bank and International Monetary Fund (IMF) are heading to Washington for the Annual Meetings, to discuss how to respond to the grim forecast captured in the latest outlook for the global economy.
The IMF and the World Bank emerged from a pact between world leaders in the aftermath of another international catastrophe – World War II. Many other multilateral development banks have been created since then. Our research has shown that these banks are providing valued assistance to low- and middle-income countries around the world. They are also a critical tool for meeting our climate finance commitments.
But the effectiveness and the relevance of this system has long been challenged by member states. The Annual Meetings come just after the UN General Assembly, where this year the calls to reform the so-called Bretton Woods institutions were louder than ever before.
There are no simple solutions and the stakes are high.
How should economies protect themselves from the continuing impacts of the pandemic and the global supply chain crisis, while they fight the longer-term battle against climate change? Are the tools we have at our disposal fit for purpose, and if not – what should be done?
- Sara Pantuliano (host), Chief Executive, ODI
- José Antonio Ocampo, Minister of Finance, Colombia
- Rania Al-Mashat, Minister of International Cooperation, Egypt
- Alexia Latortue, Assistant Secretary for International Trade and Development, US Treasury
- Annalisa Prizzon, Senior Research Fellow, ODI