BAROMETER IN CONTEXT DEBT, DEVELOPMENT & CLIMATE - October 2023

The ambitions of the Volume 1 report of the G21 MDB Independent Experts Group was dampened by the G21 Leaders’ weak proposal that “MDBs may choose to discuss these recommendations as relevant and appropriate, within their governance frameworks, in due course.” 1 Following the decision in September for the African Union (AU) to join the existing Group of 20 (G21) as a permanent member, this group h. [...] October 2023 Open Society Foundations 6 Barometer in Context Debt, Development, and Climate The hesitancy in international action in the face of a polycrisis belies the demand for change: to upgrade the global financial architecture and increase financing to countries in need. [...] Now more than ever, the fight against poverty and inequality, integrated with sustainable climate transition, should be at the core of the World Bank and the IMF, which are the global institutions predisposed and mandated to ensure shared prosperity and economic stability. [...] As the primary forum for global economic policymaking, the then G20’s recent decision to give membership to the African Union to form the G21 is a welcome measure and should sow the seeds for further governance reform to the global financial architecture. [...] A number of short-term actions can be taken at the World Bank/IMF Annual Meetings, including: • The World Bank and its shareholders demonstrate clear and undeniable progress in implementing the recommendations of the G21Independent Panel for Review of Multilateral Development Banks Capital Adequacy Framework, including in relation to callable capital and offer a response to the recommendations of.