Changes: The IMF and World Bank Annual Meetings

A statement by the Green Economy Coalition's Policy Director calling for the reform of the IMF and World Bank to make the global financial system more inclusive, transparent, and aligned with climate and biodiversity goals.

• The governance structures of the IMF and World Bank are described as outdated, with voting power disproportionately favoring wealthy nations. Civil society is advocating for a more democratic structure that provides equitable representation for all countries regardless of economic status, as well as a role for local actors such as cities and grassroots organizations.
• There is a significant disparity in finance for Least Developed Countries (LDCs), which spend $31 billion annually on debt repayment compared to the $16 billion they receive in climate finance. The author calls for a permanent, transparent mechanism for sovereign debt restructuring for LDCs and Small Island Developing States (SIDS), a global debt registry, and the regulation of credit rating agencies.
• To combat tax avoidance by multinational corporations that deprives the Global South of revenue, civil society organizations are calling for a UN-led multilateral forum and a UN Framework Tax Convention to centralize and bring transparency to global tax rules.
• The IMF and World Bank are urged to integrate climate risks into financial frameworks, cease financing for environmentally harmful activities, and align all financial flows with the Paris Agreement and the Kunming-Montreal Biodiversity Framework.
• The document advocates for a shift in the private sector from profit maximization to sustainable development, and a reshaping of global trade to align with the Sustainable Development Goals (SDGs), the Paris Agreement, and biodiversity objectives.

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} }