By Tim Hirschel-Burns After several years characterized by a pandemic, multiple wars and mounting climate impacts that jolted the global order, 2023 was the year when calls for international financial architecture reform went mainstream. The World Bank entered evolution mode, the United Nations (UN) Secretary General called for “a new Bretton Woods moment,” and the […]
Energy infrastructure facilitates economic growth, generates jobs, increases productivity and reduces the cost of doing business. Yet, many African countries experience a wide range of energy deficits, including low rates of electricity access and a lack of clean cooking fuels and technologies. About 600 million people—43 percent of Africa’s population—lacked access to electricity in 2021. […]
By Tim Hirschel-Burns On December 1, 2023, Brazil took over the presidency of the Group of 20 (G20) from India (the recent addition of the African Union as a permanent member means the forum has 21 members, but for now it’s still being called the G20). Brazil’s presidency—its first time heading the organization—will include over […]
By Nabil Haque On Wednesday October 4, 2023, the Boston University Global Development Policy (GDP) Center hosted a webinar discussion ahead of the 2023 International Monetary Fund/World Bank Group Annual Meetings on reforming and strengthening multilateral development banks (MDBs) to meet shared climate and development goals. The webinar was moderated by Kevin P. Gallagher, Director […]
By Tim Hirschel-Burns From October 9-15, thousands of finance ministry representatives, policymakers, researchers and academics, civil society advocates, press and other stakeholders convened in Marrakech, Morocco for the 2023 International Monetary Fund (IMF)/World Bank Group Annual Meetings. These meetings, the first time an African member state has hosted them in 50 years, came at a […]
By Sayuri Kataoka and Samantha Igo Policymakers are facing a critical inflection point: the window to act on climate change is rapidly closing, climate shocks and overwhelming debt service payments threaten to undo decades of progress and stymie future investments in emerging markets and developing economies (EMDEs), while, concomitantly, the existing international financial system is […]
By Claire Paul On September 9-10, the Group of 20 (G20) will meet in New Delhi, India for its Leaders’ Summit – a critical moment for world leaders as pressure for action on climate, the looming debt crisis, international architecture reform and capital resource mobilization – to name just a few key issues – mounts. […]
As Group of 20 (G20) members have committed to transition to low-carbon economies, they need to adopt a carefully coordinated approach to ensure an orderly transition that considers the potential cross-border spillover risks of domestic transitions. A new Think20 (T20) policy brief by Rishikesh Ram Bhandary, Régis Gourdel, Xiaobei He, Lara Merling and Irene Monasterolo […]
The global financial system is confronting a multitude of challenges, from uncertain growth and widespread debt to climate risks and beyond. Amid these constraints, the International Monetary Fund (IMF) has a vital role to play as the anchor of the Global Financial Safety Net (GFSN). As the Group of 20 (G20) has called for a […]
As the need for substantive climate action and poverty alleviation becomes more urgent amid global crises, both developing and developed countries cannot fulfill the mechanisms designed to ease these issues. Meeting the United Nations 2030 Sustainable Development Goals (SDGs) and climate action are necessary to ensure green transitions and lift communities out of poverty, but […]