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.
CGD Policy Blogs
Yesterday at the White House Summit on Global Development, as President Obama outlined the programmatic successes of his administration’s global development policy (all genuine and worthy of acclaim), he didn’t even bother to mention the response to the global financial crisis that consumed his administration for much of its first year. Yet, when we consider just how perilous the economic conditions were for the United States and the world during that time, it is not unreasonable to conclude that the cause of global development was served at least as much by these efforts than by any single development initiative launched by an American president.
Following last week’s dramatic joint announcement out of Washington and Havana, many doors are likely to open for Cuba. One priority for the Cuban government should be membership in the multilateral development banks (MDBs).
As we approach the G-20 Leaders Summit in Brisbane, it is worth giving credit to Australia for its robust presidency, and particularly the attention paid to the G-20’s development agenda. Sandwiched between the Russian and Turkish presidencies—countries considerably more controversial these days in the West—Australia faced the difficult task of generating sufficient goodwill among the membership within a year to make some progress on a sprawling work plan.
Will the US Supreme Court Argentina Decision Make It More Expensive for the World Bank to Do Business?
There are no doubt a number of new realities created by the US Supreme Court’s decision this week to let stand a lower court ruling supporting hedge fund bond holders who refused to accept reduced payments after Argentina’s 2001 default.
Clare Walsh, a senior official in the Australian Department of Foreign Affairs and Trade and the chair of the Development Working Group of the G-20, recently visited CGD for a round-table discussion with CGD senior staff. Afterwards I hosted her and CGD senior associate, Scott Morris, a former senior US Treasury official, on the Wonkcast.
Developing countries are not the only ones that are “capacity” and “governance” challenged when it comes to doing major infrastructure projects.
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?