Multilateralism Under Strain

At the International Monetary Fund and World Bank spring meetings in Washington, officials sold a jobs agenda while poorer countries warned the financing system is tightening around them. (worldbank.org) The meetings ran from April 13 to 18 and centered publicly on “creating jobs and driving growth through better policies,” with World Bank events stressing business conditions, infrastructure and private capital. (worldbank.org 1) (worldbank.org 2) At the same time, the Organisation for Economic Co-operation and Development’s preliminary 2025 data showed official development assistance fell 23.1% from 2024, after a 7.1% drop in 2024. The United Nations Department of Economic and Social Affairs said aid is now projected to fall by as much as 25% for least developed countries. (one.org) (oecd.org) (un.org) The International Monetary Fund’s April 2026 World Economic Outlook said global growth is slowing and inflation pressures have returned after the Middle East war and higher defense spending. Its executive summary said the hit to emerging market and developing economies is “almost twice” the impact on advanced economies. (imf.org 1) (imf.org 2) For governments that borrow in dollars or euros, that combination means less grant money and more expensive market funding at the same time. The World Bank’s April 8 East Asia and Pacific update said an energy shock, trade barriers and policy uncertainty are already slowing growth across one major developing region. (worldbank.org) (imf.org) One response arrived during the meetings: finance ministers and central bank governors from developing countries launched a UN-backed Borrowers’ Platform to share debt-management tools and coordinate their position with creditors. UN Trade and Development is serving as the secretariat. (unctad.org) (un.org) Egypt’s finance minister, Ahmed Kouchouk, and Pakistan’s finance minister, Muhammad Aurangzeb, were listed by UN Trade and Development as launch figures for the platform. Reuters reported on April 15 that the group’s goal is to give debt-hit countries a stronger collective voice in negotiations. (unctad.org) (usnews.com) The official spring-meetings agenda still points in a different direction: more private investment, more domestic reform and more “business-enabling” policy. The World Bank’s own wrap-up said the week’s flagship discussions focused on jobs, water, energy, agriculture, health and gender through policy reform and partnerships. (worldbank.org) (sdg.iisd.org) That leaves the institutions trying to do two things at once: ask poorer countries to attract private money while those same countries lose aid and face weaker growth. The spring meetings closed on April 18 with that tension unresolved and with borrowers organizing outside the traditional creditor-led forums. (imf.org) (worldbank.org) (unctad.org)