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“There should be a new ethics of global development that includes the private sector, because it's the only way to get to the kind of volume we need to end poverty,” Kim said. To get there, he continued, multilateral development banks need to work together.
Hear more in the clip below.
This is also a special episode of the podcast—it's my last as host, as I am leaving CGD for a new role. Thank you for listening these past three years, and please stay tuned for more episodes of the CGD Podcast.
Not only is the Trump administration supporting a $7.5 billion capital increase for the IBRD (and at that, one that is 50 percent larger than the capital increase supported by the Obama administration in 2010), it has also signed on to a policy framework for the new money that makes a good deal of sense.
Last year the World Bank adopted a new “cascade” approach that intended to maximise finance for development by prioritising private solutions wherever possible. In what world would this “cascade” algorithm make sense? Without a good answer to that question, the cascade risks looking like ideology rather than sound development finance advice.
To say that John Bolton, President Trump’s latest pick for National Security advisor is a well-known UN critic would be an understatement. But it’s well worth noting that he has opinions about the IMF and the multilateral development banks too.