{"id":160159,"date":"2022-10-14T19:03:19","date_gmt":"2022-10-14T19:03:19","guid":{"rendered":"https:\/\/www.one.org\/canada\/?post_type=one_press&p=160159"},"modified":"2023-09-05T13:46:36","modified_gmt":"2023-09-05T13:46:36","slug":"one-reacts-world-bank-imf-meetings","status":"publish","type":"one_press","link":"https:\/\/www.one.org\/ca\/press\/one-reacts-world-bank-imf-meetings\/","title":{"rendered":"ONE Reacts: World Bank & IMF Meetings"},"content":{"rendered":"

Washington, DC (Friday, October 14th) Anti-poverty group The ONE Campaign criticized the lack of action from the G20 Finance Ministers and World Bank and IMF Annual meetings. The meetings <\/span>made clear that the economic forecast looks disastrous, yet there was no major action to keep the most vulnerable economies from falling off the brink. This lack of action raises serious questions about the current architecture\u2019s ability to respond adequately to today\u2019s challenges, adding pressure to an already fractious G20 leaders\u2019 meeting in a few weeks\u2019 time.\u00a0<\/span><\/p>\n

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Elise Legault, Canada Director at ONE, noted: “Despite these frustrations, the silver lining was an increase in Canada’s commitment to share more Special Drawing Rights with countries that need them more than us. We hope this will be followed by more efforts to share SDRs and unlock new development investments.”<\/i><\/p>\n

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Sara Harcourt, Senior Policy Director for Development Finance at ONE, said: <\/span>\u201cGlobal finance chiefs rightly identified the scale of the global economic crisis hammering low- and middle-income\u00a0countries. But they only took modest steps in response to a crisis that demands bold and ambitious rather than incremental change.<\/span><\/i><\/p>\n

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\u201cAt a time of unprecedented economic pressures, the inert response to the global challenges ahead of us is frightening. The world is burning while leaders are dragging their feet and can\u2019t decide if they should turn on the sprinklers or not.<\/span><\/i><\/p>\n

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\u201cThe G20 need to pick up the slack urgently and make real headway on their commitments at the Leaders\u2019 summit next month. Above all, if we are going to have any hope of addressing the current crisis – and this scale of challenge in the future – we urgently need to modernize\u00a0the institutions at the heart of that effort.\u201d<\/span><\/i><\/p>\n

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So far, the Annual Meetings have delivered a mixed bag:<\/span><\/p>\n

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