Benn Steil and Dinah Walker have a baffling post up on the Council on Foreign Relations website, calling out Treasury Secretary Lew for making the factual statement that congressional passage of IMF quota reform “would support the fund’s capacity to lend additional resources to Ukraine.”
CGD Policy Blogs
The EBRD has a charter mandate to work in countries “committed to and applying the principles of multiparty democracy, pluralism, and market economics.” And what could be more compelling than Ukraine today?
My guest on the Wonkcast this week is Scott Morris, a senior associate here at CGD and former deputy assistant secretary at the US Treasury, where he oversaw US ties with the multilateral development banks.
Scott recently led a study group of CGD colleagues and outside experts that reviewed G-20 efforts to increase financing for infrastructure in developing countries. The group produced a short note proposing five new deliverables for the G-20 on infrastructure finance. (See Scott’s blog post with Madeleine Gleave for an even shorter version.)
Lost in all of the noise of the post-Lehman crisis response was an important structural shift in the international development landscape: a much bigger footprint for the regional development banks relative to the World Bank.
Starting in 2009, the G20 pursued a number of measures to help developing countries weather the crisis, one of the most visible of which was an agreement to have the multilateral development banks (MDBs) lend aggressively into the crisis, paired with the commitment of new capital from the institutions’ shareholders in subsequent years.
The Australians are using their G-20 presidency to make a fresh start with the group’s infrastructure agenda, launching a new “Infrastructure and Investment” working group this week in Mexico City.
And not a moment too soon. A recent CGD study group Scott chaired concluded that this highly compelling agenda risks becoming a stale one absent some new approaches.
What are the chances that you would have not one, but two opportunities to contemplate the World Bank’s capital constraint here on CGD’s website? Better yet, what are the chances you would want to?
This is a joint post with Erin Collinson.
President Obama will deliver his 2014 State of the Union speech Tuesday, January 28. We polled CGD experts to find out what they’re hoping to hear when the president addresses Congress and the nation. Check out their oratorical contributions below and read about the development-related decisions and policies they would like to emerge in support of the rhetoric.
In a few days, the US government will move to officially oppose any and all large hydroelectric projects funded by the multilateral development banks, even as USAID considers bringing the mother of all hydroelectric projects, “Inga 3”, into the high profile “Power Africa” initiative.
The World Bank just successfully raised $52 billion for the International Development Association (IDA). What better way to build on that success than to declare IDA fundraising dead?