While the Bank’s recent apology accepts that former directors and members profited from slavery, there is still an effort to maintain the innocence of the institution.
Aiming for financial inclusion is not enough, public and private financial institutions must put racial economic justice at the center of their efforts.
As debt repayments from low-income countries are forecast to hit between $2 and $3 trillion next year, this looming debt crisis in the Global South constitutes a modern day form of colonialism.
These institutions were designed with colonial principles in mind, and they remain largely colonial in character to this day, with a form of apartheid operating right at the heart of international economic governance.
Climate reparations are the responsibility of rich countries and corporations for their past and present exploitation of Black and Indigenous communities in the Global South.
‘Climate finance’ commitments are woefully inadequate while inequalities in currency power force Global South countries to extract environmentally costly goods, and export them to the Global North. To end the outsourcing of emissions and remove the restrictions imposed on climate vulnerable countries, we need a new international monetary system.