Dear Reader,
The 2024 IMF and World Bank Group Annual Meetings concluded against a backdrop of rising global debt and stagnant growth—an “unforgiving” combination, as IMF Managing Director Kristalina Georgieva put it. Military conflicts, geopolitical tensions, and high-interest rates continue to compound economic pressures, especially on developing countries facing prolonged fiscal constraints.
While the IMF and World Bank proposed measures like fiscal reforms and domestic resource mobilization, such strategies have historically strained growth and political stability in many regions, with Kenya as a recent case in point. African nations, bearing the brunt of both debt and climate crises, urgently need robust debt relief to pursue sustainable development and make the necessary investments in resilient, green economies.
While the institutions proposed fiscal reforms and domestic resource mobilization, such measures have only worsened growth and political stability in the past, with Kenya being the most recent example. African nations, hit hardest by debt and climate crises, urgently need significant debt relief to pursue sustainable development.
Our latest blog dives into the key outcomes from this year’s Annual Meetings, highlighting shifts in narrative and proposals for tackling the debt crisis. Though progress remains limited, we remain hopeful that South Africa’s upcoming G20 presidency, along with African leadership, will open new pathways to prioritize debt relief, climate resilience, and sustainable growth.
Warm regards,
The Debt Relief for a Green and Inclusive Recovery Team | 
