Recourse goes to the IMF and World Bank Group 2024 Spring Meetings

Recourse staff and partners are heading to the 2024 Spring Meetings of the International Monetary Fund and World Bank Group, to hold the institutions accountable for their policies and practices. 

• Read our advocacy briefer for the 2024 Spring Meetings

Bigger is not always better: why the World Bank must rethink its Evolution

World Bank Group President Ajay Banga is supporting the G20’s call for reforms towards “Bigger, Better, and Bolder” Multilateral Development Banks (MDBs). However, this means pursuing a private sector first approach which has had very limited success to date and has the potential to bring harm to affected communities.

Recourse calls on the WBG to rethink their approach because bigger does not necessarily mean better. The WBG reform process should not be about strengthening the ability to attract private sector finance. Instead, it should be about ensuring MDBs are delivering on the urgent development and climate needs of the global south while guaranteeing protections and safeguards for affected communities. A “better Bank” entails deep and systemic reforms to the way MDBs operate, ensuring a focus on development, stronger accountability and transparency measures, stopping all forms of support for fossil fuels, supporting the shift to transformative and genuine renewable energy solutions and addressing gender-based issues and demands in the energy transition.

Our publications at the 2024 Spring Meetings:

Joint CSO Statement Calls on IFC and MIGA to Strengthen its New Approach to Remedial Action Policy

2024 Update: Good Policy Paper: Guiding Practice from the Policies of Independent Accountability Mechanisms