Changes: The IMF and World Bank Annual Meetings

The Green Economy Coalition calls for a transformation of the Bretton Woods institutions, specifically the IMF and World Bank, to address outdated governance, unsustainable debt in the Global South, and the need for financial flows to align with the Paris Agreement and the Kunming-Montreal Biodiversity Framework.

• The governance structures of the IMF and World Bank are outdated, with voting power disproportionately favoring wealthy nations, which limits the influence of the Global South over decisions affecting them.
• Least Developed Countries (LDCs) face a severe financial imbalance, spending $31 billion annually on debt repayments compared to the $16 billion they receive in climate finance.
• To address debt and tax inequities, the author advocates for a transparent, permanent sovereign debt restructuring mechanism for LDCs and Small Island Developing States (SIDS), a global debt registry, and a UN-led multilateral forum or Framework Tax Convention to prevent corporate tax avoidance.
• The IMF and World Bank must align all financial flows with the Paris Agreement and the Kunming-Montreal Biodiversity Framework, ending the financing of environmentally harmful activities and integrating climate risks into financial frameworks.
• The document calls for a shift in global progress metrics, arguing that the global community should move beyond GDP to embrace broader measures of sustainable development as committed to in the Pact for the Future.

APA

Martinez, S. (2024). Changes: The IMF and World Bank Annual Meetings. Green Economy Coalition. https://www.greeneconomycoalition.org/news-and-resources/changes-the-imf-and-world-bank-annual-meetings

Chicago

Martinez, Sofia. Changes: The IMF and World Bank Annual Meetings. Green Economy Coalition, 2024. https://www.greeneconomycoalition.org/news-and-resources/changes-the-imf-and-world-bank-annual-meetings.

Wikipedia

{{cite press release |last1=Martinez |first1=Sofia |title=Changes: The IMF and World Bank Annual Meetings |publisher=Green Economy Coalition |date=24 October 2024 |url=https://www.greeneconomycoalition.org/news-and-resources/changes-the-imf-and-world-bank-annual-meetings |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martinez2024changes, author = {Martinez, Sofia}, title = {{Changes: The IMF and World Bank Annual Meetings}}, publisher = {Green Economy Coalition}, year = {2024}, month = oct, url = {https://www.greeneconomycoalition.org/news-and-resources/changes-the-imf-and-world-bank-annual-meetings}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }