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).
CGD Policy Blogs
The United States has enjoyed the privileged position of largest shareholder and donor at the World Bank and IMF since the institutions’ founding 70 years ago.
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.
It’s Spring Meeting Time in Washington, and the World Bank’s Finances Have Never Looked Better. Time for a Bank Resource Review.
The World Bank’s governors will meet this weekend to check in on president Jim Kim’s ambitious reform agenda. Anticipating the weekend’s meetings, the bank has rolled out a series of measures through press releases and speeches over the past two weeks, including the announcement of new global practice leaders, a set of financing measures to boost the bank’s lending capacity, and a completed IDA-17 replenishment agreement.
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.”
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?