No reform without change

There is little appetite for reforming multilateral development banks among rich countries, but three emerging economy presidencies of the G20 in succession offer hope

Addressing the major global challenges of the post-Covid world —the climate crisis and the unprecedented worsening in poverty across rich and poor geographies — urgently requires a quantum increase in development finance. There are no market-based solutions to the problems we face. Collective action is of the essence. 

There has been a lot of discussion on reforming and reshaping the multilateral development banks (MDBs) to address these multiple challenges. The world looks to the Indian and, subsequently, Brazilian and South African G20 presidencies to take the lead on this front.

Listening to the well-meaning London-Washington conversations about MDB reform in developed countries