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In the aftermath of the COVID-19 pandemic, multilateral development finance institutions t banks will be a critical source of financing and capacity support to build a resilient and sustainable recovery in developing countries? Are they adequately funded for the recovery? How can they better leverage existing resources, and act more cohesively as a system? The World Bank is unique among multilateral development banks (MDBs) in its global reach – how should it best use its resources? How should other MDBs better align allocation with financing needs and the emergence of global problems that require international solutions? What is the role of international, regional, and national development finance institutions (DFIs)? How can these institutions function better as a system of financial support for public and private sector investment in developing countries?
US leadership in multilateral institutions such as the World Bank and regional development banks is flagging. These institutions, rated as some of the most effective development actors globally, provide clear advantages to the United States in terms of geostrategic interests, cost-effectiveness, and results on the ground. Restoring US leadership in institutions like the World Bank will mean giving a greater priority to MDB funding, which today accounts for less than 10 percent of the total US foreign assistance budget and less than 0.1 percent of the total federal budget. Prioritizing multilateral assistance in an era of flat or declining foreign assistance budgets will necessarily mean some reallocation from other pots of foreign assistance money, as well as an effort to address the structural impediments to considering reallocations.
For the first time in its seven-decade-long history, World Bank staff staged a work stoppage earlier this month. Staff are unhappy about the “Change Process,” aka the ongoing internal reorganization that President Kim initiated on his arrival at the bank now more than two years ago.
Last week the World Bank announced the process for choosing the next president of the organization. Minutes after midnight on the first day nominations were to be accepted, the US formally nominated the incumbent Jim Kim. Other nominations are possible in what is, allegedly, an “open, merit-based, and transparent” process, but which will only be “open” for three weeks. Here are five women who could ably lead the World Bank.