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The multilateral development banking system is due for a major overhaul, according to a high-level panel assembled by the Center for Global Development. Institutions including the World Bank and regional MDBs need to recalibrate their missions, rethink their values, and work better as a collective system if they are to stay relevant, participants in the project concluded. The World Bank, the expert panel said, should establish “global public goods,” beneficial resources such as clean air or a stable climate, which can only be managed through cooperation.