World Bank and IMF Spring Meetings 09

Each Spring, committees of the World Bank and the International Monetary Fund's (IMF) Board of Governors gather in Washington, DC to review progress of the work of the World Bank and IMF on poverty reduction, economic development, and international finance. This year, the Spring Meetings were on April 25-26.

This year's Spring Meetings were particularly important to developing countries because of the global financial crisis and the $1.1 trillion in resources for low-income countries promised at the G20 Summit in London. Much of these pledged resources are to be funneled through the World Bank and IMF and could provide critical relief for African countries hit hard by the collapse of the global economy. However, the critical details on how these resources will be provided and spent were discussed at the Spring Meetings.

ONE advocated that the Spring Meetings agree to a concrete plan to provide low-income countries - particularly those in Africa - with the resources they need to get through this financial crisis without creating a future debt crisis. To do this, ONE proposed the IMF revalue a small bit of their large gold reserves and use the surplus profits to support lending at very low interest rates (almost grants) for African countries. ONE also called for the World Bank to increase and "frontload" promised funding to low income countries and for the Spring Meetings to continue the discussions about reforming international financial institutions and regulations.

The outcome of the meeting was less than what we hoped. Generally, a few positive recommendations were made, but we have yet to see a comprehensive plan to protect the world's poorest people from the fallout of the financial crisis. Increasing and frontloading of the World Bank's International Development Association (IDA) funding commitments was considered and positive steps were made on this. The IMF's committee recommended that the IMF increase its lending capacity for poor countries, and agreed to explore the idea of giving better terms for low income countries on their lending. However, it did not specify how far the IMF must go with this. IMF loans also frequently come with burdening economic conditions and have the potential to lead to a new debt crisis. On the issue of IMF gold sales to provide for the poor, there were no significant steps forward beyond what was already agreed at the G20 Summit in April. Also, little progress has been made to reform the IMF and World Bank governance, so that African countries are better represented and given a stronger voice at these institutions.

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Apr 27 2009

Reflections on the IMF, World Bank Spring Meetings

Posted by Chandler Smith

On Sunday, we headed to the final portion of the IMF and World Bank Spring meetings. Unlike the International Monetary and Financial Committee (IMFC) on Saturday, where little was discussed on what the IMF can do for the poor, yesterday, the World Bank and the International Monetary Fund Joint Development ... More

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Apr 26 2009

On-The-Ground at the IMF Spring Meetings

Posted by Chandler Smith

A couple of us from ONE are at the International Monetary Fund headquarters in Washington this weekend. We are here talking with a number of leaders and government officials, journalists and other organizations to remind the IMF how important it is to address ways to help developing countries. We are ... More

2 comments

Apr 24 2009

Bob Geldof Has The Midas Touch On IMF Gold Petition Delivery

Posted by Virginia Simmons

The IMF is about to make a decision at its annual Spring Meeting this weekend that will impact millions of people in some of the poorest countries in the world. This weekend, there is an opportunity for the IMF’s governing body to decide what to do with the proceeds ... More

51 comments

Apr 23 2009

ONE Hosts Press Conference at IMF Headquarters

Posted by Mikiko Imai

Earlier today, ONE held a press conference with the African Development Bank at the International Monetary Fund (IMF) headquarters in Washington D.C. The panel was an interesting mix of distinguished African development advocates and officials, including ONE supporter and activist Bob Geldof; African Development Bank President Donald Kaberuka; Tanzania ... More

1 comments

Apr 21 2009

Obama asks Congress to approve $100 billion for IMF

Posted by Chris Scott

According to the Congressional Quarterly, the Obama Administration has asked Congress to approve up to $100 billion in US funding for the International Monetary Fund (IMF), “a request that will likely spark the first major congressional debate on the global lender in nearly a decade.” Congressman Barney Frank will reportedly ... More

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Apr 17 2009

Take Action: Golden Opportunity

Posted by Chris Scott

The International Monetary Fund (IMF) owns an incredible 3,217 metric tons of gold. At the recent G20 summit, world leaders committed to using funds from selling a small fraction of that gold to help developing countries that are struggling to prevent 53 million people from slipping into poverty by ... More

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