AFRICAN PERSPECTIVES ON BRETTON WOODS AND URGENCY OF REFORMS IN 2023 - The 2023 Spring Meetings focused on reshaping development for a new era, which included discussions on reforms that could help the Bretton Woods monetary institutions better address development needs on the African continent. But the current Bretton Woods organizations are not equipped to handle today’s gravest issues—ranging from the climate crisis to global conflicts and beyond. And because of the way this system is set up, it can’t adapt on its own to address the needs of a changing world.
While talks about reforming the system are underway—as US Treasury Secretary Janet Yellen told the Atlantic Council last year—the efforts themselves have stagnated due to a lack of actionable policy options and uncertainty about what changes are necessary and viable. With the convening of this event, the Africa Center sought to present a clearer vision of the continent’s development needs and to outline reforms that could best address today’s most critical issues.
This event also served as a preface for the policy report to be launched at the IMF and World Bank Annual Meetings taking place in Marrakesh in October. Thanks to Makalou Modibo and Amin Mohseni-Cheraghlou’s expertise, the Africa Center, in collaboration with the Atlantic Council’s Geoeconomics Center and in partnership with the Policy Center for the New South, presented an action plan for reforming the Bretton Woods Institutions, inspired by African perspectives.
This event was a part of the Atlantic Council’s IMF-World Bank Spring Meetings event series that convened Finance Ministers and Central Bank Governors from around the world to discuss the challenges and opportunities facing the global economy in 2023.
ORIGINAL AIRDATE: 04/14/23