Ideas to Action:

Independent research for global prosperity

CGD Policy Blogs

 

On Global Public Goods: It’s Not Big Money but It’s a Big Breakthrough

There is much to cheer about in last week’s announcement by the World Bank’s shareholders to increase its paid-in capital by $13 billion. It is a healthy signal that multilateralism is alive and well, at least in the development space. And on a practical level it is sufficient to ensure that at a minimum World Bank lending to sovereign borrowers can be sustained at current levels, and private sector operations can continue to grow.

Four Comments and a Suggestion for the World Bank Board

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.

A Missed Opportunity for Sensible US Action on IMF—And Why It Matters

This week Senate appropriators failed to include an OK for an International Monetary Fund quota increase in the Senate version of the continuing resolution—the spending bill to keep open the US government for the remaining six months of the fiscal year 2013. The administration had requested Senate appropriators approve a transfer of previous US commitments from one IMF account to another -- a transfer involving virtually no cost for US taxpayers.

Flailing IMF? Who Is Really to Blame?

Last week our CGD and Peterson Institute colleague Arvind Subramanian called on the IMF to speak truth to power, in an elegant cri de coeur in the Financial Times. The IMF, he notes: “has not provided independent intellectual leadership, most evidently on the eurozone crisis. And it is unprepared to provide stability for the next big global crisis.”

World Bank President Jim Kim on Climate, Global Public Goods

World Bank president Jim Kim delivered a speech and responded to questions today at Brookings in his first public event since taking the helm at the world’s top development organization on July 1.  He struck me as thoughtful, well-informed, articulate and dedicated to multilateralism and the bank’s mission of reducing global poverty. You can see his speech and the Q&A here.

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