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Federico Sibaja @federicosibaja.bsky.social · 2d

Instead of bowing to US pressure, the @IMFNews Surveillance review should:
- Integrate climate into core policy advice
- Commit to 'do no harm' principle through use of mandatory distributional and climate impact assessments
- Follow Paris Agreement principles of equity and CBDR 9/9

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Federico Sibaja @federicosibaja.bsky.social · 2d

The findings of our report echo the findings of the IMF’s Independent Evaluation Office:

The Fund lacked a strategic long-term anchor and clarity in its Climate Strategy in 2021. It is not treating climate as a serious threat to its own mandate. 8/9

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Federico Sibaja @federicosibaja.bsky.social · 2d

FOSSILS VS. RENEWABLES:

For at least 7 of the 60 countries analysed, the Fund stated the 'positive impact' of fossil fuels on macroeconomic stability.
Renewables were largely covered, but how are countries supposed to accelerate the energy transition without fiscal space? 7/9

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Federico Sibaja @federicosibaja.bsky.social · 2d

MARKET-BASED VS. INDUSTRIAL POLICY:
While #IMF encourages Australia to lead green industrial policy on critical minerals, it advises Pakistan to increase gas and electricity tariffs, restructure energy sectors and rely on #CarbonPricing to fulfil austerity targets. 6/9

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Federico Sibaja @federicosibaja.bsky.social · 2d

FISCAL: The #IMF is advising countries to further reduce public budgets, even at the expense of climate policy.

In only 3 out of 60 countries the Fund assessed public finance needs in its #debt sustainability analysis. 5/9

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Federico Sibaja @federicosibaja.bsky.social · 2d

But was the IMF ready to move away from its focus on short-term stability to take climate seriously?

Our report tries to address this question in order to provide recommendations for the ongoing Surveillance review.

⚠️And we found @IMFNews is locking in a dual track approach to climate policy. 4/9

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Federico Sibaja @federicosibaja.bsky.social · 2d

The Fund recognised that climate change poses risks to macroeconomic stability.

The 2021 Climate Strategy defined the extent to which climate would be covered under surveillance activities, through which the Fund assesses the alignment of country policies with its mandate. 3/9

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Federico Sibaja @federicosibaja.bsky.social · 2d

The #IMF agreed to work more on inequality, climate and gender in its 2021 Comprehensive Surveillance Review.

The recognition of the trade offs between short- and long-term macroeconomic stability seemed to address longstanding criticisms by civil society. 2/9

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Federico Sibaja @federicosibaja.bsky.social · 2d

The US Treasury has put the ongoing IMF Surveillance review at the top of the agenda as they want to stop the Fund’s work on climate. But what’s the IMF’s track record since the 2021 Climate Strategy?

Read more in our new @re-course.org report: bit.ly/IMFsurveillance
🧵1/9

IMF surveillance and climate action — Report by Recourse

Report: IMF surveillance falls short in addressing climate threats

bit.ly

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Reposted by Federico Sibaja

Jon Sward @jonsward.bsky.social · 26d

This characterization of the IMF’s climate work as ‘woke’ and ‘far left’ is just plain wrong

The IMF’s fragmented approach to climate is embedded in its wider austerity-based advice - firmly rooted in Reaganomics. This has persistently failed to deliver economic stability

(Screenshot via NY Post)

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Reposted by Federico Sibaja

Recourse @re-course.org · Jul 23

The #IMF 'core' mandate of macroeconomic stability cannot ignore #climate #gender #inequality

“The IMF must ensure its fiscal, financial, monetary and exchange rate policy advice allows countries to fulfil targets under the Paris Agreement,” argues @federicosibaja.bsky.social @re-course.org

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Reposted by Federico Sibaja

Reclaim Finance @reclaimfinance.org · Jul 3

🚨 Today, Deutsche Bank, Santander, ING, and Natixis (Groupe BPCE) renew their support for Venture Global LNG, the largest liquefied natural gas #LNG developer, by helping its subsidiary, Venture Global Plaquemines, in issuing two bonds worth a total of US$4 billion.

Why is this support problematic?

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Reposted by Federico Sibaja

Reclaim Finance @reclaimfinance.org · Jul 1

🚨ALERT: TotalEnergies raises €3 billion through bonds thanks to the support of Société Générale, Deutsche Bank, BBVA, JP Morgan, MUFG, RBC and Wells Fargo.

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Reposted by Federico Sibaja

Daniela Gabor @danielagabor.bsky.social · Jul 2

in the second Dispatch from Seville, Iolanda Fresnillo from Eurodad writes about the systematic efforts of Global North countries -1 (US) to preserve an injust debt architecture that benefits private investors

www.phenomenalworld.org/analysis/who...

Who’s Afraid of a Fair Debt Architecture? | Iolanda Fresnillo

The fourth Financing for Development Conference officially kicked off in Seville this Monday, as world leaders gathered with broad smiles to congratulate one another for the good work already achieved...

www.phenomenalworld.org

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Reposted by Federico Sibaja

European Network on Debt and Development - Eurodad @eurodadnews.bsky.social · Jun 11

#FfD4 will set the agenda for how the global economic system will serve #development in the coming years.

European governments should show the political will that is needed for #EconomicJustice. The time is now! ⏰

Read our OpEd (@politico.eu): www.politico.eu/sponsored-co...

Now is the time to rebuild the global economic system

European political will is needed ahead of the UN Financing for Development Conference in Sevilla

www.politico.eu

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Reposted by Federico Sibaja

World Inequality Lab @wid.world · Jun 9

🚨Global economic relations have long been defined by imbalances and unequal power, not by self-correcting market forces, NEW STUDY finds.

@thomaspiketty.bsky.social & @gatonievas.bsky.social call for structural reforms to the international monetary and exchange system.

wid.world/news-article...

Colonial extraction and unequal exchange have shaped two centuries of North-South inequality - WID - World Inequality Database

In a new study, Gastón Nievas and Thomas Piketty examine patterns of global imbalances, current account surplus/deficit and net foreign wealth accumulation over more than two centuries.

wid.world

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Reposted by Federico Sibaja

European Network on Debt and Development - Eurodad @eurodadnews.bsky.social · May 20

We welcome the @europarl.europa.eu #Development Committee's support for a #UNDebtConvention in today's historical #FfD4 vote.
The UN is the only 🌍 institution with equal representation & can guarantee that creditors' interests aren't prioritised over the needs of millions of people!
A 🧵

3.3 billion people live in countries that spend more on debt interest than on health or education

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Reposted by Federico Sibaja

End Austerity Campaign @endausterity.bsky.social · May 15

New Report: €100 Billion in Austerity Cuts Across Europe

🔎 Examples:
🇫🇷 France – €20B: public hiring freeze, cuts to healthcare
🇧🇪 Belgium – €12.3B: pensions & health
🇮🇹 Italy – €20B: social protection
🇪🇸 Spain – €6.5B: education & healthcare
🇷🇴 Romania – €6B: wage caps, tax hikes

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Reposted by Federico Sibaja

Recourse @re-course.org · May 7

Despite the Asian Development Bank's commitment global climate goals, its technical assistance is still supporting #FossilGas — a highly polluting fossil fuel that is risky for economies, communities and the environment.

📽️ Rajneesh Bhuee #ADBAnnualMeeting @adb.org
📃Read the briefing bit.ly/ADB-TA25

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Reposted by Federico Sibaja

Joseph Cotterill @jsphctrl.ft.com · Apr 23

Scott Bessent on the IMF: “mission creep... Now it devotes disproportionate time and resources to work on climate change, gender, and social issues.”

“The IMF must be a brutal truth-teller, and not just to some members.” In other words, criticise China more. home.treasury.gov/news/press-r...

Treasury Secretary Scott Bessent Remarks before the Institute of International Finance

As prepared for delivery.IntroductionThank you for that kind introduction. It’s an honor to be here. In the final months of World War II, Western leaders convened the greatest economic minds of their ...

home.treasury.gov

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Reposted by Federico Sibaja

Daniela Gabor @danielagabor.bsky.social · Apr 23

25 years ago John Williamson coined term Washington Consensus to capture US policy preferences for rest of the world, implemented/enforced via US domination of IMF/World Bank.

today, Scott Bessent complained about IMF/WB 'mission creep' against US interests

home.treasury.gov/news/press-r...

Treasury Secretary Scott Bessent Remarks before the Institute of International Finance

As prepared for delivery.IntroductionThank you for that kind introduction. It’s an honor to be here. In the final months of World War II, Western leaders convened the greatest economic minds of their ...

home.treasury.gov

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Reposted by Federico Sibaja

Debt Justice @debtjustice.bsky.social · Mar 26

Debt-for-nature swaps have failed to deliver real benefits for the Global South - so why expect them to fund the clean energy transition?

We break down why we need grants + debt cancellation, not more debt swaps

Read in @devex.com w/ Power Shift Africa -

Opinion: Why debt swaps are failing the renewable energy transition

Given the performance of debt-for-nature swaps to date, the idea that these could finance the clean energy transition is unsound.

www.devex.com

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Reposted by Federico Sibaja

Recourse @re-course.org · Apr 17

Half of World Bank energy projects approved over the last 3 years were deemed highly risky for people and the environment.

In 2024 this was up to 60%!

This means that it's not supporting the countries and communities who need it most, but rather putting them at risk of harm.

Graph showing that Half of World Bank energy projects (2022-24) have high or substantial environmental and social risk ratings

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Reposted by Federico Sibaja

Bretton Woods Project @brettonwoodsproject.org · Apr 16

🚨New in #ObserverSpring25

IMF's 2025 Conditionality Review risks repeating past failures: austerity, debt traps & unrealistic recovery targets fuel inequality while prioritising repayment to creditors. #IMF #DebtCrisis #Austerity @re-course.org @eurodadnews.bsky.social

tinyurl.com/IMFCondition...

The IMF’s 2025 Conditionality Review: a test of reform or repeat?

Austerity-driven programmes continue to deepen economic hardship, entrench inequality, and prioritise creditors over sustainable development.

tinyurl.com

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Reposted by Federico Sibaja

Alan Beattie @alanbeattie.bsky.social · Apr 14

The IMF going big in lending to Argentina on the basis of apparent early success by a charismatic reforming president has fortunately never gone wrong in the past.

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