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CGD research explores how international financial institutions such as the International Monetary Fund, World Bank, multilateral development banks, and other international development agencies can become more responsive to the needs of developing countries. The Center’s work concerns itself with the future of these institutions, all of which are facing shifts in demand for their traditional services, the emergence of new institutions, and reform of their leadership selection processes.
We here at CGD tend to be critical of international agencies like WHO or the UNDP for establishing targets or guidelines without sufficient consideration of the impacts, for good and ill, of those guidelines in the affected countries. Such guidelines often apply standards more appropriate to rich countries and then pressure poor countries to behave as if they were rich.
The purpose of this presentation was to use two cases of IMF-supported program conditionality to animate a discussion of the bridge between first-best policy advice and on-the-ground development policy in country-specific political economy contexts. Having been involved as Minister of Finance in the Liberia case, and as Director of the Fund’s African Department in the Mozambique case, I approach the issue from both an outside- and an inside-the-IMF perspective.
Development finance institutions (DFIs) have long resisted the idea that they ought to support coordinated national development strategies in the countries that they invest in, but if conversations around private roundtables at the recent World Bank/IMF meetings are anything to go by, that’s where they may be heading. And if so, it may be the private sector itself that leads them there.
The purpose of this note is to provide a realistic analysis of where MDBs have made progress in improving performance and governance, the risks and challenges they and their shareholders confront today, possible areas of US-China collaboration, and a specific recommendation for a joint effort.
The Global Fund’s Office of the Inspector General (OIG) released a new audit report on Wambo.org, its online procurement platform for drugs and other health commodities. The headline: despite high marks from its users, Wambo.org is not yet on track to deliver the projected savings. But more than the headline, a close read of the report narrative helps us understand why reality does not yet reflect the Global Fund’s optimistic assumptions—and, reading between the lines, suggests three important lessons for the Global Fund and other international funders
It is time to take a fresh look at the PSWs and to ask some basic questions about their role and instruments. The aim of this essay is to raise issues that need to be addressed as we think about how PSWs should evolve and adapt to meet the formidable challenges ahead. These questions and the answers gained through careful research can help chart the right course and set the right expectations for MDB PSWs, DFIs, and impact investors generally.
World Bank President Jim Kim is hoping the bank’s 189 shareholders will agree to increase the current capital of the bank’s “hard” window sometime in 2018. But the US wants to link any support for a recapitalization to World Bank “graduating” China—and perhaps other member countries with good access to private capital markets who don’t seem to “need” the World Bank. There are sensible arguments on both sides of this divide.
The IMF Fiscal Affairs Department is launching a new book entitled Digital Revolutions in Public Finance. The event’s panel discussion will center around fundamental questions raised in the book, which makes the case that by transforming how we collect, process, and act on information, it can expand and reshape the way we operate within the frontiers of policymaking, allowing us to do what we do now, but better—and perhaps before too long, even design fiscal policy in new ways. The book also explores the institutional challenges and capacity constraints faced by countries seeking to benefit from the digital revolution, as well as privacy and cybersecurity concerns, which call for greater international cooperation and regulation as information increasingly travels across borders.