REIMAGINING THE INTERNATIONAL FINANCE SYSTEM FOR AFRICA- IMF and World Bank Annual Meetings Policy Brief
In the run-up to the IMF and World Bank Annual Meetings in Washington D.C in October 2022 Development Reimagined has put together a comprehensive Policy Brief “Reimagining The International Finance System For Africa”. The brief intends to support African leaders and policymakers, as well as development practitioners, to deliver clear positions at the Annual Meetings to meet Africa’s long-term development finance needs.
The content of the policy brief takes as its objective the continent’s robust continental-wide vision to utilise growth for poverty elimination to achieve the UN SDGs by 2030, as well as Agenda 2063. In this respect, it provides the basis for further steps required to increase African agency in the international financial system (IFS) by centering borrower’s perspectives – rather than the status-quo, creditor-centric approach.
This brief provides background for 6 specific proposals that fit under these two positions – reforming existing mechanisms in the IFS and the need for innovative and solution-focused proposals:
- Reforms to the IMF and World Bank’s Debt Sustainability Analysis
- Reform to Views and Principles of Responsible Sovereign Lending
- Urgent SDR Reallocation through Regional Development Banks and existing Climate Funds
- Multilateral Development Banks must scale their finance to align with the SDGs
- Prioritize and Support Borrowers Coordination urgently
- Create a Permanent Emergency Debt Suspension Mechanism
You can download the brief in English here.