Multiple crises caused by COVID-19 have created an unprecedented global shock. The WBG released a framework for supporting green, resilient and inclusive development (GRID), which emphasizes ‘private sector solutions’—akin to its previous Maximising Finance for Development (MFD) approach— which it has applied to its pandemic response. There is thus a need to facilitate dialogue on lessons learned from country-level implementation of private sector solutions and its impacts on sustainable recovery.
Therefore, the Reality of Aid Network, IBON International, IPMSDL, Eurodad, Latindadd, Afrodad, Bretton Woods Project, and SID will hold the side event, “The Cascade/MFD and a just and sustainable recovery: A first review in the pandemic context” during the IMF-World Bank Annual Meetings 2021 carrying the following key messages:
- Forward the centrality of public finance, implementing a people-centred pandemic response that reduces the burden for indebted countries, shifting away from private investments and protecting the integrity of ODA.
- Ensure transparency and accountability of private sector actors, implementing mandatory guidelines and safeguards that give priority to the local private sector, SMEs, and social economy and ensure full public access to documents, holding actors accountable to development outcomes.
- Pursue development beyond the ‘financing gap’ narrative, doing away with regulatory changes and experimental instruments in favor of big businesses and mere quantity, and instead improving quality and democratic ownership in development finance.
This side event will feature speakers from IBON Africa, the African Forum on Debt and Development (AFRODAD), and the Institute of Socioeconomic Studies (INESC). Each speaker will be given a 7-10-minute intervention, followed by reaction from the World Bank and response from panelists. The floor will then be opened for questions and discussion. The organizers will synthesize the event and harvest key policy recommendations and possible collaboration points in terms of campaign work and advocacy strategy.
“The Cascade/MFD and a just and sustainable recovery: A first review in the pandemic context” will happen on September 30, 2021, Thursday at 14:00 – 15:30 Central European Time, and is OPEN TO ALL. Watch the event live through this link.
The Civil Society Policy Forum (CSPF) is an integral part of the International Monetary Fund and World Bank Group Spring and Annual Meetings, with events organized by Civil Society Organizations (CSOs) to dialogue and exchange views with World Bank Group and IMF staff, their peers, government delegations, and other stakeholders on a wide range of topics.