World bank: what to expect from the Spring Meetings

7 April 2023 - Foreword of the week - By : Benoît LEGUET

This is it. In a few days, thousands of people from around the world will be gathering in Washington to look back on the latest achievements and discuss the future of the World Bank and the International Monetary Fund – the two institutions that structure international cooperation for development. But this isn’t just one of a series of biannual get-togethers. These Spring Meetings will be the last for future ex-President of the World Bank David Malpass, who is leaving at what might be a turning point for the institution’s history. The expectations are high: this is the moment where the World Bank’s shareholders will confirm their vision and ambition for the institution by officially including climate in its global mission.

 

The roadmap, which has been prepared in response to rising critics of the World Bank no longer being fit to address today’s global challenges will be closely scrutinised. The World Bank has taken an important step to better integrate climate into its operations, by committing to “align” all its financing with climate goals. It has recently published more detail on the practical implications of this commitment, and in this newsletter you will read Alice Pauthier‘s and Sarah Bendahou‘s analysis of it.

 

Things are finally moving, but will it be enough? If, as some experts claim, the reform of the international financial architecture is a once-in-a-lifetime opportunity to change the way countries cooperate to better face today’s challenges, then it is essential that we do not skimp on ambition. The next steps will come quickly, including the Summit for a new global financial pact called for by Emmanuel Macron next June in Paris.

 

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