spring meetings IMF
spring meetings IMF

Education International joins Global Unions in calling for democratic reform of International Financial Institutions

published 22 April 2024 updated 6 May 2024

Education International has endorsed the Global Unions statement demanding significant democratic reforms within International Financial Institutions (IFIs) such as the International Monetary Fund (IMF) and the World Bank.

This endorsement comes at a critical time as the IMF and World Bank convene for their annual Spring Meetings from April 19-21 in Washington, D.C., US. Education International’s support for the statement reinforces its commitment to ensuring that workers worldwide, particularly education workers, have a voice in shaping policies that affect their professions and the communities they serve.

Advocating for a new social contract

The Global Unions statement to the Spring Meetings of the IMF and World Bank, supported by Education International, calls for a shift from austerity measures that undermine job quality and social protections towards policies that support sustainable development and decent work, amidst challenges like climate change and digital transitions. It emphasizes the necessity for the IMF and World Bank to adopt democratic reforms within their structures to effectively address global crises, such as unmanageable debt and the climate emergency, which threaten public service spending and democratic structures.

UN High-Level Panel’s Recommendations on IFIs

Aligning with the demands of the Global Unions’ statement, the UN High-Level Panel on the Teaching Profession has highlighted critical roles for IFIs in transforming the financing of education:

  • Investment in education: IFIs are urged to prioritize education as a fundamental area of investment, recognizing that sustainable funding in education is crucial for global development and stability.
  • Support for policies enhancing educational quality: IFIs should support national policies that focus on increasing the recruitment, retention, and training of qualified teachers, which are essential for educational quality.
  • Debt relief initiatives: The Panel calls for IFIs to facilitate debt relief measures that enable countries to invest more in public services like education, supporting economic stability and educational reform.

As the Spring Meetings progress, EI stands with the global labor movement to push for a reformed financial system that truly supports the building of democratic societies and the well-being of all.

To access the Global Unions statement to the Spring Meetings of the IMF and World Bank please go here