When delegates from 44 nations met in Bretton Woods, New Hampshire, in 1944, their mission was clear: to rebuild a world shattered by war, restore confidence in the global monetary system, and lay the foundations of economic stability through cooperation. From that vision emerged two institutions, the International Monetary Fund and the World Bank, that would define international finance for generations. Their framework, built on fixed exchange rates pegged to the dollar, reconstruction aid, and U.S. economic leadership, became the cornerstone of postwar prosperity.

 

Eighty years later, the world that the founders of Bretton Woods envisioned has changed. The postwar order has given way to a bipolar reality, new rising powers and interconnected crises. Global growth now depends increasingly on emerging economies, while developing countries face mounting debt, climate shocks, and limited fiscal space. Climate change today demands unprecedented levels of coordination, new and innovative sources of funding, while digital and green transitions transform patterns of production, trade, and labor. Meanwhile, these shifts unfold amid geopolitical fragmentation and mounting systemic risks that threaten the very foundations of multilateralism on which these institutions were built. The rules of the game, however, remain largely unchanged with decision-making power in the IMF and World Bank, still reflecting the economic balance of 1944.

 

As the Annual Meetings of the IMF and the World Bank take place this week in Washington D.C, calls for reform have reached a new momentum. The challenge is not simply to adjust quotas or modernize lending tools. It is to reimagine the very role of these institutions in a world where stability and development can no longer be separated from sustainability, inclusion, and fairness. For developing and emerging economies, the reform is not just about representation, it is about redefining how international cooperation works in practice to better meet today’s realities.

 

At the Policy Center for the New South, we closely follow these shifts through research and expert dialogues. In this newsletter, we analyze the key debates shaping the 2025 IMF–World Bank Annual Meetings as the world redefines its financial architecture and asks: what kind of Bretton Woods institutions do we need for the 21st century?

EXPERT COMMENTARY

Proposals for reforming international financial architecture in a polarized world

 

Brahima Coulibaly, Wafa Abedin, Karim El Aynaoui, Akram Zaoui, Hafez Ghanem, Otaviano Canuto, Ferid Belhaj, Hinh T. Dinh

 

Geopolitical tensions are reshaping the global financial landscape, but could bold reforms unlock new opportunities? From updating IMF quotas and rethinking lending rules to create a global carbon market and stronger debt safeguards, the next moves could redefine how developing countries access finance and build a more resilient future... Read more

PUBLICATIONS

Reforming International Financial Institutions: Why Good Policies Matter More for Developing Countries

 

Karim El Aynaoui, Hinh T. Dinh, Akram Zaoui

 

Developing countries face rising financing needs from climate change, conflicts, displacement, and debt pressures. While calls to reform the IMF, World Bank, and other multilateral banks focus on expanding their resources, geopolitical rivalries and competing priorities limit short-term gains. These institutions remain crucial not just for funding, but for their expertise, which developing nations can leverage to strengthen policies, attract private investment, and mobilize domestic capital supporting more resilient and sustainable growth... Read more

 

Bretton Woods and the Future of MDBs

 

Pepe Zhang, Otaviano Canuto, Fernando Straface

 

As multilateral development banks (MDBs) navigate major geoeconomic shifts, new players like the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB) are emerging, but have they really disrupted the system? Surprisingly, instead of a clear break, their path intertwines with the World Bank and other long-established MDBs, blending cooperation, competition, and convergence in ways that could reshape global development finance... Read more

 

From Multilateralism to Plurilateralism: Bretton Woods and the UN Today

 

Ferid Belhaj

 

The core principles of multilateralism of the Bretton Woods institutions and UN are being tested, Regional players and new alliances, think AIIB, BRICS, G20, G7 are reshaping global governance. Reforming the IMF and World Bank to reflect emerging economies’ interests is no longer optional, it’s urgent. The challenge? Crafting hybrid approaches that marry inclusivity with the agility to tackle today’s complex global issues... Read more

 

Economic Development after the Washington Consensus

 

Karim El Aynaoui, Hinh T. Dinh

 

Developing countries face rising protectionism, debt pressures, and rapid technological change, making the old Washington Consensus obsolete. Trade wars and industrial policies fragment value chains, creating both risks and opportunities. Success now requires building macroeconomic resilience, harnessing technology, and promoting intensive labor-structural transformation. Above all, collaboration, across governments, private sectors, and international institutions, is essential for inclusive, future-ready growth... Read more

 

Middle Powers and Global Governance

 

Alberto Tagliapietra, Guilherme Casarões

 

Middle powers often operate through smaller coalitions, not to replace multilateralism, but to amplify their influence and shape global rules. Over the past three decades, groups like the G4 (Brazil, Germany, India, Japan) have driven Security Council reform debates, while BASIC (Brazil, South Africa, India, China) has bolstered global environmental commitments. The BRICS alliance, founded in the mid-2000s, explicitly sought greater sway in the Bretton Woods institutions, and the IBSA Forum (India, Brazil, South Africa) champions South-South cooperation alongside the UN. These efforts reveal how pivotal middle powers are in strengthening international governance and reimagining global institutions... Read more

 

Proposals to Strengthen the Sovereign Debt Restructuring Framework

 

Brahima Coulibaly, Hafez Ghanem, Wafa Abedin

 

Developing countries face mounting debt burdens that threaten years of progress. The G20’s Common Framework has fallen short, with slow negotiations and limited private-sector participation. Private creditors now hold over a quarter of external debt and account for most debt-service costs. A G20-backed legal framework could harmonize restructuring laws and promote timely, fair solutions... Read more

 

MULTIMEDIA

Redesigning Global Finance

 

In this episode of Redesigning Global Finance, we explore how the IMF, World Bank, and regional banks are adapting to new economic realities and crises. The discussion covers digital innovations, cryptocurrencies, blockchain, AI, fintech, and their impact on financial inclusion, alongside the regulatory and governance challenges they pose. It also examines urgent reforms to align capital flows with the SDGs and the evolving role of traditional financial institutions...Watch

Exploring the Role of Debt Swaps in Climate Finance

 

This episode explores the potential of debt-for-climate swaps as a strategic tool to address climate challenges and fiscal constraints in developing countries. While implementation has often been slow and fragmented, the conversation examines practical experiences from regions like Latin America and Africa, and highlights how such mechanisms can support national development strategies when backed by credible governance, strong partnerships, and financial innovation...Watch

Africa and the New International Financial Architecture

 

Africa has long been central to discussions on economic development and global finance. In this episode, we explore how the continent navigates the evolving international financial architecture, including its role in shaping governance and advocating for reforms in institutions like the IMF and World Bank. Featuring an expert in international finance, the discussion highlights strategies to foster economic growth, stability, and sustainability across Africa...Watch

PAST EVENTS

Marrakech Economic Festival

 

Two years ago, the Marrakesh Economic Festival brought together policymakers, business leaders, and academics to discuss deglobalization, rising geopolitical influence on economies, and central banks’ challenges amid global uncertainty, coinciding with the IMF and World Bank Annual Meetings to foster dialogue on the future of global economic governance.

The Global Meeting of the Emerging Markets Forum

 

The Emerging Markets Forum, in partnership with the Policy Center for the New South, held its Global Meeting in 2023 on the sidelines of the IMF and World Bank Annual Meetings. The gathering brought together global leaders and experts to discuss key issues such as governance, climate change, inequality, and global fragmentation. Discussions focused on economic prospects, sustainable development, and Africa’s long-term growth amid an increasingly fragmented geopolitical landscape.

UPCOMING EVENTS

Growth Summit 2026: Economic Growth in a Changing Geopolitical and Development Landscape

 

The Policy Center for the New South (PCNS), in partnership with the Center for Global Development (CGD) and Growth Teams (GT), will host the Growth Summit 2026 on March 24-26 at PCNS headquarters in Rabat. Building on the 2024 inaugural edition, the summit will explore strategies to promote economic growth in LMICs amid shifting geopolitical and development landscapes, showcasing practical interventions and fostering connections among academics, policymakers, funders, and practitioners...More Information

You are receiving this email because you have subscribed in the past, attended one or more of our events, have contact with our staff or Fellows or broader network. We consider that you want to keep receiving our think tank's publications unless you unsubscribe from our mass mailing system.

 

Unsubscribe from this mailing list | Update your details | Other requests

Publications | Events | Multimedia | Experts

 

Policy Center for the New South
Rabat Campus of Mohammed VI Polytechnic University Rocade Rabat Salé 11103, Morocco
www.policycenter.ma | contact@policycenter.ma

© 2025 Policy Center for the New South. All rights reserved.

 

Ce traitement a été notifié et autorisé par la CNDP au titre du récépissé N° D-NL-718/2020

This processing has been notified and authorized by the CNDP under receipt N ° D-NL-718/2020