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The House Financial Services Monetary Policy and Trade Subcommittee is holding a hearing this Friday, October 9 on “The Future of the Multilateral Development Banks.” It’s an impressive witness line-up, including CGD Senior Fellow Scott Morris, Dean Karlan, Martin Ravallion, and Patrick Chovanec.
CGD blog posts reflect the views of the authors, drawing on prior research and experience in their areas of expertise. CGD is a nonpartisan, independent organization and does not take institutional positions.
Not only is the Trump administration supporting a $7.5 billion capital increase for the IBRD (and at that, one that is 50 percent larger than the capital increase supported by the Obama administration in 2010), it has also signed on to a policy framework for the new money that makes a good deal of sense.
In 1944, the United States created a blueprint for economic statecraft that relied heavily on a new class of multilateral institutions to pursue US interests in the world. The blueprint itself is now under serious duress in the “America First” strategy of international engagement of the Trump administration.