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Climate, power, and structural reforms: the political economy of international financial institutions and climate-resilient development

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  • Ragosa, Giulia
  • Tomei, Julia
  • Mulugetta, Yacob

Abstract

As climate change intensifies into a macro-critical risk, embedding climate considerations at the core of macroeconomic planning has become indispensable for fostering both economic and climate resilience. This paper examines how international financial institutions – particularly the International Monetary Fund and multilateral development banks – are supporting Global South countries in this process through budget and balance-of-payments support programmes and related structural reforms. It addresses a key knowledge gap by shedding light on the real-world political economy dynamics that shape programme design and implementation, drawing on 64 policy documents and 12 interviews with stakeholders and leading experts.

Suggested Citation

  • Ragosa, Giulia & Tomei, Julia & Mulugetta, Yacob, 2026. "Climate, power, and structural reforms: the political economy of international financial institutions and climate-resilient development," World Development Perspectives, Elsevier, vol. 41(C).
    • Handle: RePEc:eee:wodepe:v:41:y:2026:i:c:s2452292926000135
    DOI: 10.1016/j.wdp.2026.100770
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