IDEAs-UFRJ Global Conference on “Retrofit for Purpose” Reforming the International Financial Architecture | August 7-9, 2024 (Inaugural 6th evening)| Hilton Rio de Janeiro Copacabana

As the world gears up for the upcoming Social Summit and the G20 Leaders’ Summit (under Brazil’s Presidency) due to hold in Rio de Janeiro in mid-November this year, it is an opportune moment to center, the much discussed, yet unresolved issue of reforming the financial architecture or the channels, institutions and rules mediating the cross-border flow of capital.

As part of the global effort to exert pressure on the international community to advance along these lines, the International Development Economics Associates (IDEAs), a progressive, South-led network of development thinkers and practitioners, and the Institute of Economics of the Federal University of Rio de Janeiro (IE/UFRJ) are convening a conference in Rio de Janeiro in early August 2024.

The conference will deliberate upon these issues and contribute to the effort at reform by prioritizing the requisite actions in the current global economic and geopolitical environment. Participants will include policy makers fromLow and Middle Income Countries (LMICs), development and media practitioners, civil society activists, representatives of democratic movements, academics, and young scholars from across the Global South.

Reform of the international financial architecture can no longer be postponed and must be implemented now. Among the urgent action areas is tackling debt stress and debt crises in the LMICs based on a perspective that sees the resolution of debt stress as a joint responsibility of the international community, and using a policy template that offers a solution rather than worsening the problem.

The international financial institutions, including multilateral development banks, need to be restructured, by altering their governance structures, changing the objectives, methods and rules of financing and putting in place a new framework to expand their lending.

For further insights on the conference and its focus agenda please see the concept note here.
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