The IMF and World Bank closed its historic Annual Meetings in Marrakech – the first in Africa for 50 years – without delivering a response that matches the urgency of the moment.

The institutions still failed to recognise that we are in the worst global south debt crisis ever. Their rhetoric on the impact of severe debt burdens was not matched by action to speed up their sluggish response so far. Beyond baby steps by the Global Sovereign Debt Roundtable to agree on basic elements of debt restructurings, neither the IMF and World Bank, nor the G20 Finance Ministers, took any steps to respond to the calls by civil society and global south leaders, to deliver on debt cancellation and debt architecture reform.

Read Eurodad’s analysis