Dear Reader,
As the 2025 World Bank Group and International Monetary Fund (IMF) Spring Meetings get underway, the world faces a shifting global landscape – marked by rising geopolitical tensions, shrinking development finance, and growing trade barriers. Low- and middle-income countries, already hit hard by the COVID-19 pandemic and global inflation, are now under new pressure from U.S. tariffs targeting export-reliant economies.
On April 23, the DRGR Project will host a side event exploring what this means for countries with high debt burdens. Join Indermit Gill, Penelope Hakwins, HE Yemi Osinbajo and others for a timely discussion here.
Meanwhile, bilateral aid cuts are straining essential services and deepening vulnerabilities across the Global South. Yet, amid these compounding crises, momentum for meaningful reform is building.
The UN High-Level Expert Group, led by Mohamed Mohieldin, is preparing bold debt policy proposals ahead of the Fourth International Conference on Financing for Development (FfD4). A new Africa Expert Panel, chaired by Trevor Manuel under South Africa’s G20 Presidency, is driving African-led debt solutions. The African Leaders Debt Relief Initiative (ALDRI) brings together former African Heads of States calling for debt relief.
The Vatican’s Jubilee Commission, chaired by Nobel Laureate Joseph Stiglitz, will publish a report to promote a fairer international financial system. Meanwhile, the Expert Review on Debt, Nature and Climate will present its final recommendations in Washington next week, offering a framework to align debt sustainability with climate and biodiversity goals. The review process of the IMF–World Bank Debt Sustainability Framework is also expected to be launched – responding to calls for better integration of climate and development risks.
While global momentum is growing, uncertainty remains. Systemic issues like debt, climate vulnerability, and financial instability demand coordinated responses. This year’s World Bank and IMF Spring Meetings are a key test of global leadership and political will.
Within the DRGR Project, the Center for Sustainable Finance at SOAS and the Heinrich Böll Foundation will continue to champion debt relief and climate resilience. As the Boston University Global Development Policy Center pauses their active contribution to the project, we thank them for their valued contributions over the years.
Warm regards,
The Debt Relief for a Green and Inclusive Recovery Team | 
