Reforming the international monetary system: a hundred of signatories call on G20 leaders to invest in a sustainable future

Income inequality is high or increasing in 60 percent of low- and middle-income countries receiving grants or loans from the International Monetary Fund (IMF) and the World Bank. Facing an unprecedented increase in poverty and inequality around the world, the operations of the Bretton Woods institutions have become obsolete. While the initial mandate of these international institutions is to provide financing to developing countries, insufficient progress has been made in meeting the commitments set out in the 2030 Agenda.

Ahead of the IMF and the World Bank’s spring meetings, which will be held from 17 to 19 April, Project Everyone published an open letter calling on G20 countries to transform and adapt financial systems in the interests of a sustainable future for people and the planet. Around a hundred activists, former leaders, researchers and artists are urging G20 countries to :

• Triple their investment in development
• Lift debt to allow countries to invest in their population and their future
• Reform tax systems to "make the polluters pay"