david_mcnair Profile picture
Apr 21 4 tweets 6 min read Twitter logo Read on Twitter
Next week I'm on the road: 🧵

Tuesday: I'll be in Dublin speaking with @Dochasnetwork CEOs about development campaigning @JaneAnnMcKenna

Then with @GENE_GlobalEd about shifting trends in geo-politics and their implications for development. @LiamWegimont Image
Wednesday: I'll be in London at the House of Commons for a Roundtable on Multilateralism and #GlobalEconomicGovernance Reform. @liambyrnemp @CAFOD

Thursday: I'll be speaking at the @DevEngageLab conference on building support for #sustainabledevelopment. Image
Friday: I'll be in #Nairobi for the @AfricaEuropeFdn Board meeting: we'll be discussing the #AfricaEurope Partnership and engagement on #GlobalEconomicGovernance Reform.

@AranchaGlezLaya @PascalLAMYPPF @DonaldKaberuka Image
Saturday: I'll be at the @Mo_IbrahimFdn Governance weekend to listen to African leaders about their aspirations and plans and how campaigners can help realise them.

@LopesInsights @NEPAD_Mayaki @DaoudaSembene @gyude_moore

If you're around, get in touch... Image

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More from @David_McNair

Apr 21
African Finance Ministers have laid out a five point agenda for Global Financial Architecture Reform.

A 🧵 Image
1️⃣ Increase the amount of low-interest money available to countries, and make sure it stays available over the long term. Image
2️⃣ Re-channel IMF Special Drawing Rights (SDRs) to the African Development Bank. Image
Read 7 tweets
Apr 12
The World’s Finance Chiefs are in DC for the #springmeetings2023 of the #IMF and #WorldBank.

So what happened so far? 🧵

#FundTheFuture Image
SLOWDOWN:

The IMF’s latest forecasts showed that growth will slightly decline to 2.8% this year (0.1 percentage points below January projections) before rising to 3% in 2024.

Global inflation will fall from 8.7% in 2022 to 7% in 2023 and 4.9% in 2024

imf.org/en/Publication…
PROMISES:

The @G24 which coordinates the position of developing countries called for rich countries to deliver the $100bn in SDRs that they promised in 2021 and channel them through multilateral development banks.
Read 25 tweets
Feb 9
This week the Pope visited Africa.

“Hands off Africa!.. it is not a mine to be stripped or a terrain to be plundered.”

He said to an applauding crowd in Kinshasa.

A 🧵about what the Pope (and Vladamir Putin) understand about Africa that many don’t.
Around 95% of Africans are religious;

Half are Christian, 1 in 3 are Muslim.

In 1910 there were 1 million Catholics in Africa
In 2010 there were 171 million
In 2021 there were 256 million
Support for religion is not just

👉an old person’s thing,

👉a rural thing,

👉or a thing for those without education.
Read 21 tweets
Dec 8, 2022
This week Ghana is almost certain to default on its debt.

Another canary in the coalmine for a much bigger debt problem that’s hurtling towards us.

A $2.5 trillion #debt shock

A 🧵on debt, why it matters, and why poor countries pay more to borrow money. 👇 Image
Let’s start with where we are in the economic cycle.

In 2007/8, when Lehman Brothers collapsed, the Financial Crisis resulted in a deep recession, a decade of austerity and arguably a wave of populism.

But it also led to a decade of close to 0 interest rates.

Cheap money 💸 Image
What does cheap money do?

Well in this case it saved the financial system.

But it also had side major effects.

Those with assets (shares, houses, wine, art, vintage guitars) saw their wealth increase. Those without saw their buying power diminish. Image
Read 18 tweets
Dec 6, 2022
I asked #ChatGTP four questions that have been on my mind.

/1 How do we reform the Bretton Woods system? Image
/2 How do we reform the IMF? Image
/3 How do we reform the World Bank? Image
Read 4 tweets
Nov 15, 2022
As #G20 leaders meet in #Bali they should start thinking about systemic reforms fit for the #polycrisis we are in.

Here’s a proposal I wrote for @CarnegieEndow

@adam_tooze @Noahpinion @davidmcw @MazzucatoM @HelenClarkNZ @GayleSmith @micksheldrick

carnegieendowment.org/2022/11/15/glo…
Here’s the #G20 communique.

Lots of warm words on climate and food insecurity but not much new.

From a quick read there’s nothing new on debt, some welcome language on @IMFNews Special Drawing Rights.

linktr.ee/mediacenterg20 Image
Read 6 tweets

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