Guest blog: IMF/WB Spring Meetings 2022 - As crises mount, failed and insufficient solutions from the IMF and World Bank must be replaced
Guest blog by Eurodad. This week’s IMF-World Bank Spring Meetings provided the strongest proof yet of the urgent need for reform to the global economic architecture and governance, as the spillovers from the Ukraine war increased the complexity of the multiple crises facing the world. The unprecedented accumulation of financial pressures quickly became clear: the worsening debt crisis and divergences in economic recovery from the Covid-19 pandemic have been compounded by inflationary pressures, food and energy price spikes, and by increasing political and social instability. According to estimates from the World Bank , an additional 75-95 million people will be pushed into extreme poverty in 2022. Yet, while the IMF and World Bank both sounded the alarm on this untenable situation, neither institution - nor the G20 - presented the world with the ambitious solutions it needs and instead continued with either the same failed responses, or no clear plan at all. For example,...