The World Bank's recent acknowledgement of the worst increase in global poverty since World War II highlights their failure to address pressing challenges and ensure profit-hungry commercial finance serves the public interest.
The World Bank now acknowledges recent increases in global poverty have been the worst since World War II. World Bank insists commercial finance is necessary for achieving economic recovery and the Sustainable Development Goals (SDGs), but does little to ensure profit-hungry commercial finance serves the public interest.
By failing to address pressing challenges within their purview, the second-ever Bretton Woods institutions’ (BWIs) annual meetings on the African continent, in Marrakech in October 2023, set the developing world even further back. The International Monetary and Financial Committee, which oversees the International Monetary Fund, could not agree, by consensus, on the usual end-of-meeting ministerial communique for “geopolitical” reasons. The Development Committee, which governs the World Bank Group, fared little better.Little was achieved on crucial outstanding issues of governance reform and sovereign debt. Implicitly acknowledging past failure, World Bank Governors endorsed a “new vision to create a world free of poverty on a livable planet
World Bank Global Poverty Economic Recovery Sustainable Development Goals Commercial Finance Governance Reform Sovereign Debt
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