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Reforming Global Finance

Reforming Global Finance

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 International financial institutions, or IFIs—especially the World Bank and International Monetary Fund (IMF)—are part of a system that was established 80 years ago. And since then, these organizations haven’t changed much, including in terms of their governance structures and who has a seat at the table. This has led to a system that doesn’t meet the needs of many countries, including many in the global south. The IMF and World Bank are powerful players. Their stated missions are different but related. The IMF seeks to foster international financial stability, while the World Bank’s stated goal is to “end extreme poverty and boost shared prosperity on a livable planet.” Today, we’re going to dive deeper into how IFIs are part of an asymmetrical power system in which countries, particularly in the global south, find themselves without sufficient decision-making power. We’ll talk about how IFI policies sometimes push austerity rather than opportunity and how some of the tools for development that you often hear spoken about in a positive way—such as public-private partnerships—might actually further entrench an unbalanced system at the expense of the majority of the world’s citizens and the planet. Host Karen Given speaks with Daouda Sembene, the founder and CEO of AfriCatalyst, a global development advisory firm based in Dakar, Senegal, and Nairobi. He’s also a former IMF executive director. The other guest featured in this episode is Luiz Vieira, the coordinator of the Bretton Woods Project. *********** If you'd like to learn more about the ideas and actions to create new rules for a broken system, please check out “Global Governance Reimagined,” a special report from FP Analytics. The views and opinions expressed in Global Governance Reimagined do not necessarily represent the views, opinions, or endorsement of FP Analytics or the Ford Foundation. And remember, this is an ongoing conversation. Discussions about changing the rules of foreign aid, sovereign debt, and global finance are continuing at the U.N. General Assembly, taking place now in New York, and beyond. Be sure to check out coverage from Foreign Policy. New Rules for a Broken System is produced by FP Studios with the support of the Ford Foundation.
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