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IMF-World Bank annual meetings 2023

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  • Published
    31st Oct, 2023


Recently, the annual meetings of the world’s most influential multilateral financial institutions, the World Bank (WB) and the International Monetary Fund (IMF), concluded in Marrakech, Morocco.

Key takeaways of the meet:

  • World Bank’s say:
    • As per World Bank estimates, approximately 60% of the global poor are expected to reside in fragile and conflict-affected nations.
    • It highlights challenges faced by countries lacking fiscal buffers to absorb economic shocks, calling for responsive financial models.
  • World Bank outlines strategies:
    • Implementing contingencies for countries with budget constraints due to debt servicing and disaster relief, to prevent a financial squeeze during crises.
    • Harmonizing global macroeconomic standards and procedures for increased partnerships.
    • Mobilizing new financial and debt relief instruments, aiding clients in portfolio management and resilience-building.
    • Issues raised about the exclusion of civil society from the proceedings of the Just Energy Transition Implementation Plan (JET-IP) in South Africa, emphasizing the need for transparency and accountability in climate transitions.
  • International Monetary Fund (IMFs) views:
    • IMF's Managing Director outlines climate efforts, including aiding high emitting nations in policy formulation for reducing carbon intensity.
    • Assistance provided to vulnerable countries in maintaining financial stability during climate-induced shocks.
    • Creation of the Resilience Sustainability Trust for climate-focused assistance, alongside the allocation of Special Drawing Rights (SDRs) to member countries.
    • Challenges highlighted:
      • The feasibility of altering IMF quota shares, including introducing a 'one country, one vote' system, is considered unlikely in the current regime.
      • Unfulfilled promises to review the IMF's quota regime, as discussed in recent meetings, prompt concerns about technicalities being obscured for media and civil society organizations (CSOs).

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