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The way multilateralism operates will have to change to reflect this very different world. The COVID-19 pandemic has been testing the limits of global cooperation. Support for developing economies in particular remains inadequate.
They were hit early by the global economic downturn, including through record capital outflows and tightening financial conditions. Facing the worst humanitarian crisis since World War II, these economies are experiencing unprecedented pressure on their already limited fiscal capacity to tackle urgent public health and social needs.
Choices made now will have far-reaching consequences. Reliance on more of the same is untenable and ignores the scale of human suffering unleashed by the pandemic.
A fitting UN-led reform agenda must include the IMF in addressing the structural problems that have driven debt vulnerability across developing economies.
Such an agenda must shift development finance away from market-friendly reforms and incentives for private investment. It must abandon the dogma of austerity. Furthermore, rich countries must finally meet their official development assistance commitments.
Power imbalances in global institutions must also be corrected to give fair recognition to the needs and rights of the two-thirds of the world’s population who reside in the Global South.
If the international community fails to respond decisively now, the 2030 Agenda and the Paris Agreement will be fatally derailed.
A new multilateralism—in which reform of the Bretton Woods institutions will play a key role—is needed now and must be based on a vision of development that puts human rights, gender equality, and climate at its center.
JEAN SALDANHA is director of the European Network on Debt and Development
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