Overview

• UN Secretary-General Antonio Guterres criticizes the IMF and World Bank's response to the COVID-19 pandemic as a "glaring failure" that left many countries deeply indebted.
• Guterres calls for reforms that would strengthen the representation of developing countries on the boards of the IMF and World Bank, help countries restructure debts, change IMF quotas, and revamp the use of IMF funds.
• The IMF and World Bank's leadership is limited by the powerful nations that control them, leaving developing countries with limited voting rights and weighted lending rules.
• Guterres also calls for scaling up financing for economic development and tackling the impact of climate change.
• The debate over IMF and World Bank reforms will continue in September at a summit of leaders of the Group of 20 in New Delhi, and at the annual gathering of world leaders at the United Nations.