ODA decline, private sector accountability to be raised in the IMF-WB 2018 Annual Meeting

August 14, 2018

 

CPDE will be participating in the Annual Meeting of the twin institutions with global mandate to eradicate poverty – the International Monetary Fund and the World Bank (IMF-WB). This is inline with the platform’s objective of responding to the need to watch international financial institutions (IFIs) more closely as channels of official development assistance (ODA) with increasing focus to invest with the private sector.

 

Meeting twice each year, the IMF-WB Annual Meetings convene finance ministers, multilateral development cooperation bodies, development investors, private sector and civil society organisations (CSOs) to discuss global economic affairs such as poverty, trade, investments, and governance that need new or renewed commitments for development investments.

 

CPDE is set to hold  a session on Advancing Effective Development Cooperation principles in private sector development financing  scheduled on 11 October, 2:00-3:30 PM as part of the Civil Society Policy Forum (CSPF).

 

The said session will probe on the exponential increase in resources for an ambitious 2030 Agenda which makes the justification for the private sector as sine qua non.  Development finance which was traditionally the domain of public finances is fast becoming a new realm for private corporations. International Financial Institutions (IFIs) such as the IMF-WB and the Asian Development Bank (ADB) have been promoting private and blended financing.

 

CSOs have noted the increasing use of public resources such as ODA to catalyse additional finance from the private sector through blending and Public-Private artnerships without adequate and effective accountability mechanisms. CSOs are also wary that official development assistance (ODA), which is originally meant for poverty eradication, will be channeled to profit-making  and attract private investments.

 

The session will discuss ways to analyse private development finance in the 2030 Agenda and EDC through: (1) genuine participation of CSOs at all levels; (2) strengthening democratic ownership; (3) HRBA, and; (4) accountability and transparency mechanisms.Speakers lined up for this session are Leo Baunach from International Trade Union Confederation (ITUC), Amy Padilla (IBON International), and representatives from the government of Mali, OECD and the European Commission. It will be moderated by CPDE Co-chairs Meja Vitalice and Beverly Longid. This activity will be co-organised with ITUC, Pacific Islands Network for NGOs and the Arab NGO Network for Development.

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