On the sidelines of the 74th annual proceedings of the UN General Assembly, one recurring idea caught my attention: interconnectedness.
CGD Policy Blogs
Last week, the US Treasury Department submitted a report to the appropriations committees of the House and Senate on strengthening the accountability mechanisms of the World Bank and International Finance Corporation, fulfilling a requirement included in the spending package signed into law earlier this year. The report acknowledges recent increases in caseloads and recommends that both the Inspection Panel and the IFC’s Compliance Advisor Ombudsman (CAO) be allocated larger budgets to carry out their responsibilities.
The US Supreme Court decided, in a ruling on Jam v. International Finance Corporation (IFC), that the IFC can be sued in US courts.
In 2019-20, donors will commit roughly $170 billion of public funding to an alphabet soup of international aid organisations, many of which their citizens may never have heard of. Each replenishment will be considered as a separate exercise, ignoring the reality that they are competing for limited donor resources.