International Development News

"Revitalizing Multilateralism: Ambitious Solutions for Development Finance"

The World Bank, the IMF, and other international financial institutions have not done enough to overcome the inequity caused by the compounding crises of climate change, poverty, and hunger. Rich countries have neglected to honor previous commitments, while lower-income countries are swamped by debt and projected to grow much slower than expected. A new consensus has developed around the belief that one of the best hopes for scaling the investments and innovations required to meet today’s crises is to revitalize and augment the development finance system. The system needs to relieve unsustainable debt levels, invest for the future, and expand access to public goods.