World Bank paper on legal statutory measures on private creditor involvement
Last week the IMF published a blog disclosing some key design features of the Resilience and Sustainability Trust (RST), confirming that countries will need to have a pre-existing programme to be eligible and that programmes will rely on conditionality designed in conjunction with the World Bank and other institutions. In this Twitter thread we outline the most worrying aspects of the RST, that may reproduce the inequalities of the current system and award the IMF additional powers outside of its mandate. You can also read our blog on the RST again here.
Former Independent Expert on Debt and Human Rights, Yuefen Li, made a call for inputs for a report on debt architecture and human rights.
Has multilateralism failed us during the pandemic? Maybe not entirely, but we must organize ourselves on a whole-of-society basis within nations and rethink how we collaborate internationally to mitigate its profound consequences for livelihoods, social cohesion, and global order, World Trade Organization Director-General Ngozi Okonjo-Iweala, Singapore Senior Minister Tharman Shanmugaratnam, and former US Treasury Secretary Larry Summers write in a new article for our latest edition of Finance & Development Magazine. Future crises may depend on a fundamental reset of international cooperation.
"Rethinking multilateralism has never been more urgent," the authors write. "The window for action is narrow. As the experience of earlier crises shows, the impetus to make bold change will fade once we are past the worst of the pandemic in the richest countries."
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Source: IPCC website
AR6 Climate Change 2021: The Physical Science Basis
The Working Group I contribution to the Sixth Assessment Report is the most up-to-date physical understanding of the climate system and climate change, bringing together the latest advances in climate science, and combining multiple lines of evidence from paleoclimate, observations, process understanding, and global and regional climate simulations.
Link to the report: https://www.ipcc.ch/report/ar6/wg1/
Europe regional factsheet: https://www.ipcc.ch/report/ar6/wg1/downloads/factsheets/IPCC_AR6_WGI_Regional_Fact_Sheet_Europe.pdf