Aid agencies across Europe and North America are seeing their budgets slashed. Replenishments to multilateral agencies from the International Development Association (IDA) through Gavi to the Global Fund are under threat. The countries most at risk are those most reliant on foreign assistance to fund investments in areas from infrastructure through health and education: the least developed countries where aid has traditionally accounted for more than six percent of GNI but (even before the recent cuts) that has dropped closer to four percent.
Tag: finance
Today we live in a world that is facing a precarious future, torn apart by inequality, conflicts and a deep ecological crisis. The changes in governments in 2024 – the biggest election year in history – gave little hope for the action needed to address these existential issues. The pendulum seems set to continue its swing to the right in 2025. Everybody is holding their breath when it comes to the foreign policy of the new US administration and how this will impact global affairs, as geopolitical divisions are likely to be accentuated. The global climate and economic justice agenda also stands to be affected by this.
FfD4: A beacon of hope for international financial architecture reform in 2025 – Eurodad
The international financial architecture is in urgent need of reform. In the words of UN Secretary-General António Guterres, it is “outdated, dysfunctional and unjust”. The main institutions were created 80 years ago in a transatlantic agreement, at a time when many of the world’s nation-states of today were still colonies. Moreover, the institutions have failed in their mission to prevent and mitigate crises and to mobilize sufficient financing for internationally agreed development goals.
Reimagining the International Financial Architecture | Global Policy Forum
Western financial policies have been squeezing economies worldwide. After being urged to borrow commercial finance heavily, developing countries now struggle with contractionary Western monetary policies.
Western Finance Ruining Economies of the Rest | Inter Press Service
How the crypto industry shapes democracy … worse than mafia practices of the past
The International Monetary Fund (IMF) and the World Bank recently held their annual spring meetings, which, according to the organisers, produced a “strong message of confidence and a willingness to cooperate.” But lofty rhetoric and good intentions will not be enough to create a truly inclusive and sustainable economy fit for the twenty-first century. For that, deep structural change is needed.
Article by Mariana Mazzucati
Mariana Mazzucato:
The UN has warned that ‘humanity’s very survival’ is threatened. Radical reform of international finance is required.
The years leading up to the stock market crash in December 2008 were a classic example of an economic disaster that never should have happened. A minority of financial experts had cited obvious signs of a seriously weakening economy. Yet the leaders of our most prestigious financial institutions, and the government agencies that were supposed to regulate them, were oblivious to the dangers.
Read the article
Eurodad Director Jean Saldanha looks forward to the challenges and solutions in 2023.
Once crises subside, calls for more regulation, intervention and reform quickly evaporate as the government is told to withdraw. New financial opportunities are touted, instead of needed reforms.
Read the article by Jomo Kwame Sundaram
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