2024-04-14 23:02:53
LONDON, April 14, 2024 (GLOBE NEWSWIRE) — Eighty years after the creation of the International Monetary Fund and the World Bank, a coalition of leading actors and actresses, politicians, artists and economists has drafted a letter to the leaders of the world’s major economies, calling on them to improve the global financial system as a way to resolve the debt and climate crises, as well as achieving the Sustainable Development Goals.
The letter will be published ahead of the World Bank and IMF spring meetings and builds on calls for reform of global public finances put forward by Barbados Prime Minister Mia Mottley, Kenyan President William Ruto and the President of France , Emmanuel Macron.
She calls on rich countries to triple their investments in multilateral development banks, end excessive debt and make polluters pay for the environmental damage they cause.
Among the signatories are economist Mariana Mazzucato, businessman Dr. Mo Ibrahim, actress Dia Mirza, former politicians Rory Stewart, Joyce Banda, Heidemarie Wieczorek-Zeul and Helle Thorning-Schmidt, and filmmakers Richard Curtis, Juliano Ribeiro Salgado and KondZilla.
“The institutions of the financial world have lost their strength”, he states in letter. “The world is being shaken by conflict, food insecurity, loss of biodiversity and rising inflation. On top of all this, there is the devastation caused by climate change. The Sustainable Development Goals are under threat. Many are oppressed by scarcity, austerity and despair.”
Dr. Joyce Banda, Former President of the Republic of Malawi: “As African leaders, we need to invest in resilience, education, health and nutrition, but we are being held back by unfair debt. Climate change has brought untold suffering to our people through the loss of infrastructure and farmland, leading to incessant hunger. We have no choice but to take out more loans, which perpetuates the vicious circle. This needs to end. It is time to transform global public finances and pave the way for a fairer and more stable future for all.”
David Miliband, president and CEO of the International Rescue Committee: “Climate, conflict and poverty are closely linked, as the world’s most fragile and conflict-affected states are often the most vulnerable to climate. To end extreme poverty and enable sustainable development, G20 leaders must support reform of the financial architecture, offer more grant financing through the World Bank’s International Development Association, and work with civil society to ensure the money reaches where it is most needed.”
The letter, also signed by Save The Children, ONE Campaign, Oxfam, Project Everyone and Christian Aid, calls on leaders of the world’s major economies to seize the opportunity for reform: “The change has already begun. The architects of the World Bank and the IMF have already written their names in History. This is your chance to fulfill their promise: to transform these instruments for peace and prosperity and put them to real work in our common interest.”
- The letter will be published at 00:01 BST time on Monday 15 April here
- Media Contact: [email protected]
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