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AIIB Has Another Opportunity to Establish Best MDB Practice

In advance of adopting a new Policy on Public Information, the AIIB is inviting suggestions on how it could best align public disclosure with its guiding principles of “promoting transparency, enhancing accountability and protecting confidentiality.” The adoption of the new policy provides AIIB President Jin Liqun and the AIIB shareholders an opportunity to demonstrate that this newest of multilateral development banks (MDBs) is serious about its commitment to adopting international best practices. I identified a number of actions that the AIIB could take to improve its disclosure practices. Here are my top three recommendations:

Aid Transparency and Private Sector Subsidies at the IFC

Vijaya Ramachandran, Ben Leo, Jared Karlow and I have just published two papers looking at where and in what capacity the IFC, OPIC, and selected European development finance institutions (DFIs) are investing their money. The core of the papers is a dataset that Jared painstakingly put together by scraping public documentation about DFI projects. It wasn’t easy because DFIs are considerably behind many aid agencies in releasing usable data on their portfolios. And that lack of transparency presents a significant problem if those same DFIs spend aid money on subsidizing the private sector.

Illicit Financial Flows and Trade Misinvoicing: Time to Reassess

You might remember the UNCTAD report on trade misinvoicing published last year which alleged that the majority of gold exports leave South Africa unreported. If not, you will more than likely have heard the billion dollar estimates of illicit financial flows as a source of resources for financing the SDGs. It is increasingly clear that these calculations, based on gaps and mismatches in trade are not reliable.

A Bipartisan View from Three Former Treasury Officials

For the US Development Policy Initiative’s inaugural Voices of Experience event, three former Treasury Under Secretaries for International Affairs took the stage: Tim Adams of the Institute of International Finance, Lael Brainard of the Federal Reserve, and Nathan Sheets of Peterson Institute for International Economics. The conversation, moderated by CGD Board Member Tony Fratto, revealed the “esprit de corps” of the International Affairs team, and covered everything from the central yet oft under-the-radar role the Office of International Affairs plays in the formulation and execution of international economic policy, to each Under Secretaries’ proudest moments.

How Transparent Are Development Finance Institutions?

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?

Give Us the Courage to Change the Things We Can

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.

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.

The World Bank's New Safeguards: A Step Forward or Back? – Podcast with Scott Morris

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. 

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