Foreign assistance has come a long way in becoming much more transparent. The idea, pushed by campaigns like Publish What You Fund and embodied in the International Aid Transparency Initiative, is that being more open about concessional aid will lead to less waste and more accountability. So what about non-concessional development finance? As the importance of development finance institutions (DFIs) grows, how transparent are they?
CGD Policy Blogs
Rory Stewart MP gave a wise speech about how Britain can play a role in global peace and stability. In my brief response to the Minister, I suggested twelve policies which are within our control which would help create conditions for stronger, more peaceful, more prosperous countries to thrive, and so reduce the risks of future conflict and instability. Here they are.
Last week the World Bank Board closed the three-week window, announced in late August, for member countries to nominate candidates for the presidency of the World Bank. Jim Kim, the US nominee and incumbent since his election in 2012, was formally nominated by the United States at 12:01 a.m. at the opening bell, so to speak. He is the sole candidate in what appears to have been a kind of insider coup by the United States (called a “charade” in a World Bank Staff Association letter to its members) of the procedures agreed by World Bank members in 2011.
Last November, a CGD working group of experts convened to address the unintended consequences of anti-money laundering (AML) policies for poor countries, where they recommended that the Financial Stability Board (FSB) should take the lead on addressing problematic de-risking by banks. Below, we outline our takeaways on the FSB’s progress thus far.
A multi-year project just came to fruition with the endorsement by the Board of the World Bank of its new set of safeguards—the social and environmental standards that govern Bank-funded projects in client countries. CGD's expert on multilateral development banks, senior fellow Scott Morris, reacted to the new policies in a recent blog post, and joins me this week on the CGD Podcast to discuss.
Does broadening financial access to large segments of the population pose risks to financial stability? Not necessarily, according to recent remarks by IMF managing director Christine Lagarde. Increasing access to basic financial transactions such as payments does not threaten financial stability, especially when appropriate supervisory and regulatory frameworks are in place. In fact, with the right regulatory supervision, increased access to financial services can result in both micro and macro benefits. Recognizing the macroeconomic and regulatory dimensions of financial inclusion, CGD and the IMF joined forces for a seminar to kick off the IMF Spring Meetings 2016.
A Quarter of Aid Is Transparent – What About the Rest? Podcast with Rupert Simons of Publish What You Fund
“Transparency has the potential to transform the effectiveness of aid spending,” said UNDP Administrator Helen Clark at a recent CGD event co-hosted with Publish What You Fund to launch its 2016 Aid Transparency Index. For the second year running, UNDP comes out at the top of the index – and in this week's CGD Podcast, Publish What You Fund’s CEO Rupert Simons says that generally, we understand more clearly who gives what to whom and why.
There are some questions that a majority of the researchers in a field will ask themselves at least once. In our field, one such question is which countries have graduated from each income group, and when. This is an important question because the world has been quietly transforming since the 1980s.
As well as being the beginning of a new year, this is also the start of CGD’s 15th anniversary year, so what better way to kick off than to invite our president Nancy Birdsall to cast her gaze back to 2015 and forwards to 2016.