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POLICY PAPERS
The Post-COVID Consensus
Shahid Yusuf
October 02, 2023
Development economics is turning a full circle with a difference. This paper addresses the circling back to the policies in vogue during the 1980s and earlier, including industrial policies, coupled with protectionism; accounts for the regression to earlier certitudes after an extended spell of glob...
Blog Post
“The World Is On Fire”: Larry Summers on the Pressing Need for New Global Financing through MDB Reform
Masood Ahmed
September 29, 2023
Earlier this week, CGD’s board chair Lawrence Summers started a speech at the Confederation of Indian Industry with a clarion call for cooperation in the face of global threats like climate change and pandemics. This is a moment of discontinuity, and incrementalism will simply not deliver on the sca...
Blog Post
The Development Leaders Conference 2023: Shaping a More Inclusive Global Development Landscape
Anita Käppeli et al.
September 27, 2023
The rapid evolution of the development landscape, amid ongoing crises such as the war in Ukraine and climate change, presents profound challenges for all development actors. The various challenges intersect in unprecedented ways, amplifying the complexities faced by development cooperation providers...
CGD NOTES
Settling the Climate Debt
Benedict Clements et al.
September 25, 2023
More than 190 countries have pledged under the 2015 Paris Agreement to reduce carbon emissions, including from fossil fuel consumption, by 2030 to avoid the negative effects of rising global temperatures. However, there is a large gap between what countries have committed to do and what needs to be ...
Blog Post
IMF Support for Climate Resilience in Africa Is Helpful, But More Can Be Done
Daniel Citrin
and
Daouda Sembene
September 22, 2023
The IMF has now approved ten new loans to countries under its new Resilience and Sustainability Trust (RST), established in 2022 to provide financial support on concessional terms to countries facing long-term structural challenges arising from two key threats: climate change and pandemic preparedne...
Blog Post
The UNGA Games
Karen Mathiasen
September 21, 2023
This week’s General Assembly was a gloomy affair as UN officials strained to defend multilateralism in an increasingly polarized world with several major heads of state MIA.
Blog Post
The Politics of an IBRD Capital Increase: Might IDA Make it Better?
Charles Kenny
September 21, 2023
The likelihood of capital increase for the World Bank’s non-concessional lending arm, the IBRD, appears to be climbing. At least an odd European government appears to be doing some preparatory work for it. But any negotiations around a capital increase may be complex. Large shareholders and borrowe...
Blog Post
MDBs Can Drive Transformative Change—Now the G20 Must Inject Urgency and Sustain its Support
Hans Peter Lankes et al.
September 19, 2023
G20 leaders recognise the pivotal role the multilateral development banks (MDBs) play in tackling global challenges and supporting sustainable development. Now they must more clearly define and carry forward the agenda with urgency and at scale.
CGD NOTES
Whither or Wither the PRGT? Funding Options for a Cash-Strapped PRGT
David Andrews
September 14, 2023
The IMF’s Poverty Reduction and Growth Trust (PRGT) faces large financing needs. Unprecedented levels of lending since the start of the pandemic – four to five times higher than before the pandemic – have seriously depleted the PRGT’s subsidy resources. If these are not replenished, the PRGT’s lendi...
Blog Post
The PRGT Must Be Replenished, but There Are No Easy Options
David Andrews
and
Mark Plant
September 14, 2023
The Poverty Reduction and Growth Trust (PRGT), the IMF’s primary vehicle to support low-income countries (LICs), faces a severe financial crunch. There are many ways in which this hole could be plugged to restore the PRGT, but as explained in a new CGD note, there are obstacles or drawbacks to each ...

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