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• Create Date October 14, 2022
• Last Updated October 15, 2022

The IMF-WBG's crisis response, responsibility for crises

The International Monetary Fund (IMF) and the World Bank Group (WBG) are re-consolidating their mandate over shaping economic directions in a time of systemic crises. Since the pandemic, poverty has been rising while fewer and fewer individuals amass large amounts of wealth. People in the global South continue to face inflation, odious debts, and worsening climate impacts. The IMF and the WBG, as they assert their respective, official purposes to supposedly stabilise the global financial system and alleviate poverty, also pursue a mandate to tell countries about solutions and crisis response. However, these institutions are silent regarding their responsibility for catastrophic policies and failed frameworks of the past and present.