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December 05, 2022

G7 and MDBs meet to discuss the mobilization of capital to tackle overlapping crises

The global leaders convened to mobilize resources to address headwinds.

Tailing the International Monetary Fund (IMF)-World Bank (WB) annual meetings held on 10-16 October 2022, senior officials of the G7, IMF, and WB met to further discuss major reforms needed to mobilize the MDBs’ resources in response to the mounting socio-economic crises laid bare during the preceding annual meetings. Specifically, the G7 called for the MDBs to harness more private capital, reorient their strategies to deal with current global crises, revamp their institutional and operational frameworks, and significantly scale lending and investments to where they are needed most. Both the IMF and the WB reassured the G7 of their commitment to undertake the necessary reforms and ensure that funding is made available to address climate change and other global needs