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POLICY PAPERS
October 12, 2023
The Multilateral Investment Guarantee Agency (MIGA), which offers investors and bankers political risk insurance and guarantees against non-payment by governments and state-owned enterprises, should feature heavily in the private sector reform agenda. We offer recommendations that would enable MIGA ...
CGD NOTES
July 17, 2023
Low-income countries are in a battle for their lives and livelihoods, but they lack the resources to respond effectively. As the largest single source of development finance for the world’s poorest countries, the World Bank’s International Development Association (IDA) must be at the center of the s...
CGD NOTES
June 16, 2023
In this note we assess the potential short-term fiscal impact of these instruments. We look at three major natural disasters over the past two years and assess how much relief each country would have received if DSCs had been included in the totality of their external debt instruments.
BRIEFS
October 11, 2022
We are living in a time when many countries face heightened debt vulnerabilities. There is no international bankruptcy mechanism for countries that default on their external obligations. The objective of the international financial architecture—historically overseen by the IMF and its shareholders— ...
CGD NOTES
July 20, 2022
Multilateral development bank policy-based guarantees (PBGs) have long been an instrument in search of demand. First introduced in 1999 at the International Bank for Reconstruction and Development to help governments access market borrowing at attractive rates, their track-record has been uneven, an...
CGD NOTES
May 24, 2022
The first section of this note examines the causes and consequences of Afghanistan’s financial crisis and lays out policy options the international community can support to enable urgent financial flows and restore the basic functioning of the Afghan financial system. The next section examines prosp...
CGD NOTES
May 19, 2022
The stakes are high for the African Development Fund (AfDF) as it kicks off its replenishment fundraising exercise this spring. Countries in sub-Saharan Africa (SSA) are still grappling with the health and economic fallout of the COVID-19 crisis, with over 30 million of their citizens pushed into po...
CGD NOTES
March 14, 2022
In the face of sudden economic shocks and natural disasters that limit the ability of economies to rapidly raise revenue, MDBs have the potential to play a leading role in crisis response to minimize the damage. One key factor in their success in this role is the speed of their financing instruments...
CGD NOTES
February 02, 2022
USAID recently released a draft Local Capacity Development (LCD) Policy. While USAID routinely invests in interventions designed to strengthen local capacity, this is the first time the agency has attempted to articulate principles that will govern its approach and propose, in broad terms, the steps...
POLICY PAPERS
December 10, 2021
In recent decades, the number of people migrating irregularly from the three Northern Triangle countries of Central America—El Salvador, Guatemala, and Honduras—has been increasing, putting pressure on the Biden-Harris administration to address the root causes of irregular migration and deliver “res...