, Columnists
Building a Better World Bank, Not a Bigger One
Regionally based multilateral development banks can be more flexible in dealing with climate change, pandemic risks and refugees.
No disagreement.
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Finance and development ministers from around the world, who are gathered in Washington this week, will consider whether the World Bank needs more resources -- a new infusion of capital to permit more lending and new contributions from traditional rich-country donors to help the poorest countries.
But a bigger World Bank is not necessarily a better one, and any consideration of new money for it or for the regionally based multilateral development banks demands a fundamental look at their mandates and operations in the face of new development challenges in today’s global landscape.