This year, David Miliband wrote that World Bank and International Monetary Fund (IMF) summits “have little of the drama of peace negotiations” but that “for the poorest people in the world, the decisions made at these meetings are matters of life and death.”
Miliband’s words hold true as the institutions prepare for their annual meetings in Washington this week. As two finance experts recently put it, nearly 80 countries are at risk of or in debt distress, and “one global institution is absolutely crucial to making debt relief viable in the short term: the IMF.” Meanwhile, global poverty reduction—the World Bank’s stated goal—has stalled amid the COVID-19 pandemic, conflicts, and low growth.
This year, David Miliband wrote that World Bank and International Monetary Fund (IMF) summits “have little of the drama of peace negotiations” but that “for the poorest people in the world, the decisions made at these meetings are matters of life and death.”
Miliband’s words hold true as the institutions prepare for their annual meetings in Washington this week. As two finance experts recently put it, nearly 80 countries are at risk of or in debt distress, and “one global institution is absolutely crucial to making debt relief viable in the short term: the IMF.” Meanwhile, global poverty reduction—the World Bank’s stated goal—has stalled amid the COVID-19 pandemic, conflicts, and low growth.
This edition of Flash Points features essential reads on the twin Bretton Woods institutions, with suggestions for possible paths to reform, ahead of this week’s meetings.
The IMF Has Lost Its Way
Andrés Arauz and Ivana Vasic-Lalovic have five ideas for getting it back on track.
The World Bank Is Failing and Needs a Restart
Global poverty and income divergence are set to rise again—a brutal indictment of the institution’s work, Paul Collier writes.
African Lending Needs a Better World Bank
The Bretton Woods institutions are due a revamp from their colonial roots, Hannah Ryder writes.
Solving the Global Fiscal Policy Trilemma
Governments everywhere are facing a seemingly impossible choice, Vitor Gaspar writes.
Jamaica’s IMF Success Story
How the Caribbean country went from “rock bottom” to poster child for the fund, according to FP’s Catherine Osborn.
The post Can the IMF and World Bank Get Back on Track? appeared first on Foreign Policy.
