Jubilee USA Statement on IMF and World Bank Meetings and IMFC Press Briefing

    Published: October 14, 2023

    October 14, 2023

    On Sunday, the Annual International Monetary Fund and World Bank Meetings conclude. On Saturday, the International Monetary and Financial Committee (IMFC), the IMF policymaking body, met as part of the IMF and World Bank Meetings. The global economy, economic growth, debt, inflation, and expanding IMF resources to respond to multiple crises are in focus on the agenda.

    Eric LeCompte, at the meetings in Marrakesh, is the Executive Director of the religious development group Jubilee USA Network and a United Nations finance expert who monitored IMF and World Bank meetings since 2010. LeCompte releases the following statement on the IMFC meeting and the IMF and World Bank Annual Meetings:

    "The IMF forecasts the lowest growth in decades.

    "In spite of signs of easing inflation, decisionmakers continue to push for raising interest rates in an attempt to stop inflation.

    "The flawed policy of raising interest rates means that more developing countries face debt crisis and food and fuel are too expensive for all of us.

    "The emerging analysis from the meetings is that in addition to the tragic loss of life that we see in Israel and Gaza, the conflict affects economic stability, global trade and the poor everywhere.

    "The Sustainable Development Goals are becoming more difficult to reach given the global impacts of the pandemic, conflicts, inflation and the climate crisis.

    "Developing countries spend twice and a half their health budget, and almost four times their education budget on repaying debt.

    "More than half of all countries are having trouble paying their debts and meeting the basic needs of their people.

    "A report on the work of the Global Sovereign Debt Roundtable shows little progress in fixing the challenges that face debt restructuring and relief.

    "Zambia, which applied for a debt restructuring 32 months ago, will leave the Annual Meetings with a formalized debt relief deal with public creditors.

    "The meetings agreed on more options for wealthy countries to use their emergency pandemic relief or Special Drawing Rights to help increase the ability of development banks to provide aid and lend.

    "It's great news that some countries are increasing contributions for the IMF to increase low-interest lending to poor countries.

    "Unfortunately, IMF surcharges on large emergency loans add to debt burdens when countries are already in crisis.

    "We expect decisions on increasing IMF resources to fight crises by the end of the year. The voting reforms that are connected with this seem to be stalled."

    Read Jubilee USA's press release on the G20 Finance Ministers meeting here.

    Read Jubilee USA's statement on the Development Committee Meeting here.

    Read Jubilee USA's press release on the Africa Catholic Bishops Annual Meetings statement here

    Read Jubilee USA's press release on the IMF World Economic Outlook report and the Global Financial Stability report here

    Read Jubilee USA's statement on the IMF Global Financial Stability report here

    Read Jubilee USA's statement on the IMF World Economic Outlook report here

    Read Jubilee USA's press release on Annual Meetings agenda here.

    Read Jubilee USA's press release on IMF chief Kristalina Georgieva's curtain raiser speech here.