Jubilee USA Statement on IMF, World Bank, IMFC and World Bank Development Committee Meeting

Published: April 19, 2024

On Saturday, the Spring International Monetary Fund and World Bank Meetings conclude. On Friday, the International Monetary and Financial Committee (IMFC), the IMF policymaking body, met as part of the IMF and World Bank Meetings. A ministerial-level forum, the Development Committee also met on Friday. The meetings focused on the global economy, economic growth, debt, inflation, climate issues, development bank funding and resources to respond to multiple crises.

Eric LeCompte, at the meetings in Washington, 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 Spring IMF, World Bank, IMFC and Development Committee meetings:

“Given how many debt crises we are dealing with, we need many improvements to debt relief and aid processes.

"There was good progress this week to make debt restructurings faster and access to crisis funding easier.

"The IMFC meetings concluded that dealing with debt challenges remains a high priority for the International Monetary Fund.

"We need to mobilize more development aid and low-cost loans to address current global challenges instead of loading countries with more debt.

“The conversations on expanded IDA Replenishment and IMF zero-interest-rate windows will be a key focus to address crises that countries face.

"We hope that new ways to distribute Special Drawing Rights and IMF gold sales will be studied, considered and implemented to address global challenges.

“The notion that the IMF should cut its lending surcharges seems to be gaining acceptance.

"This summer we can now expect serious work to move forward on addressing the problems caused by IMF surcharges.

“Problems that the strengthening US dollar creates for debt burdens in poor countries were very present in discussions this week.

"Funding climate adaptation and mitigation for developing countries was a significant concern raised during the meetings.

"While many countries are seeing some economic growth, too many countries are mired in multiple crises.

"Food security, poverty and growing inequality are issues we must address more quickly.

"Crises and challenges in many countries are impacting the cost of living in all countries."

Read the Chair’s Statement on the Forty-Ninth Meeting of the IMFC here.

Read Jubilee USA's press release on the IMF and World Bank Spring Meetings here.

Find Jubilee USA's press release on the G20 Finance ministers and Central Bank governors' meeting here.

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

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

Read Jubilee USA's press release on the G20 February Finance ministers meeting here