Crises as opportunities? Can the current short-term financial response measures be turned into structural global development finance architecture reforms?

As stressed over and over again at the 2022 annual meetings of the IMF and World Bank , the world is being hit by a cascading series of crises that threatens not just the global economy but will and already is disproportionally affecting low and middle income developing economies and the livelihoods of their most vulnerable population groups. More particularly, countries’ fragile attempts to bounce back from the negative effects of the COVID-19 pandemic shock that hit from February 2020 on, have been stymied by the economic consequences of the war in Ukraine, through a number of mutually-reinforcing channels ranging from high inflation, caused by even higher food, energy and fertilizer prices, to rising international interest rates and a strong dollar, disruption of international global value chains, diminishing global liquidity, and the danger of global recession.