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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?
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.
The World Bank’s new Program for Results (PforR) instrument is only the third financing instrument approved since 1944. The PforR portfolio is expanding rapidly and represents an appreciable part of “results-based” development finance. This paper analyzes the first 35 operations.
Last week the World Bank's Chief Economist, Paul Romer, told the Wall Street Journal the Bank had manipulated its own competitiveness rankings to undermine Chile's socialist government, and hinted Chile might not be alone—then he retracted the claim. Romer's conspiracy theories probably aren't credible, but neither are the Doing Business numbers.
As the World Bank makes a case to its shareholders for a capital increase this year, they are grappling with an uncomfortable truth: one of their biggest borrowers, China, happens to hold the world’s largest foreign exchange reserves, is one of the largest recipients of foreign direct investment, enjoys some of the best borrowing terms of any sovereign borrower, and is itself the world’s largest sovereign lender.
The United States is pushing to re-elect the World Bank’s twelfth consecutive American president. Does he deserve another term? Both lending growth and project performance at the Bank appear weak by historical standards, but evaluating a bank with no profit motive is inherently difficult.