As reforms edge forward.
Global finance leaders’ paralysis in addressing the fallout from the Hamas attack and Israel’s response last week exposed deep geopolitical divisions hampering the International Monetary Fund and World Bank, even as they advanced new funding plans aimed at easing more-frequent economic shocks.
“In the face of a major global shock like this that’s human created, that’s not a climate shock, these institutions are impotent to do anything about it, which is why they’re not even talking about it,” said Rachel Nadelman, a senior research fellow at American University’s Accountability Research Center, who attended civil society and official events at the meetings.
A G20 official said that body has been riven for two years by the Ukraine war, with a communique only possible after a meeting of U.S. President Joe Biden and China’s Xi Jinping in Bali last year. The IMF’s steering committee agreed to boost quota funding by year-end, leaving the door open to doing so without adjusting its shareholding structure to give China more votes, while a $3 billion fundraising goal for its poor-country trust fund was met.
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