- This is the first report from BWC’s Multilateral Reform Working Group (MRWG), which has been formed to address how multilateral system can be strengthened.
- BWC, created in 1983, is the non-profit organization dedicated to effective global economic and financial cooperation.
- BWIs, setup in 1944 by 43 countries with an aim to help rebuild postwar economy and promote international economic cooperation, are World Bank and International Monetary Fund (IMF).
- Multilateralism led by International Financial Institutions has driven high growth and globalization, benefiting global population. However, report highlights two challenges to this growth:
- Crises in the global commons have dominated and had profoundly negative effect on the world economy, eroding gains in health, education, productivity etc.
- Despite recognition, progress in addressing these challenges has been slow.
- This is due to fragmentation of global economy and increase in geopolitical tensions.
- Recommendations for strengthening BWIs
- Constitute ministerial-level Councils in BWIs to oversee issues pertaining to global commons.
- Design instruments and institutional arrangements to finance the means to face climate challenges.
- Expanding climate-linked financial instruments.
- Establish permanent mechanism to conduct systematic review of progress of global financing and implementation plans.
Global Commons
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