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International Financial Institutions (IFIs) and particularly the relationship between the IFIs and the United States.
Scott Morris is a senior fellow at the Center for Global Development and director of the US Development Policy Initiative. In addition to managing the center’s work on US development policy, his research addresses development finance issues, debt policy, governance issues at international financial institutions like the World Bank and IMF, and China’s role as a development actor.
Morris served as deputy assistant secretary for development finance and debt at the US Treasury Department during the first term of the Obama Administration. In that capacity, he led US engagement with the multilateral development bank, as well as US participation in the Paris Club of official creditors. He also represented the US government in the G-20’s Development Working Group and was the Treasury’s “+1” on the board of the Millennium Challenge Corporation. During his time at Treasury, Morris led negotiations for four general capital increases at the multilateral development banks and replenishments of the International Development Association (IDA), Asian Development Fund, and African Development Fund.
Morris was a senior staff member on the Financial Services Committee in the US House of Representatives, where he was responsible for the Committee’s international policy issues, including the Foreign Investment and National Security Act of 2007 (the landmark reform of the CFIUS process), as well multiple reauthorizations of the US Export-Import Bank charter and approval of a $108 billion financing agreement for the International Monetary Fund in 2009. Previously, Morris was a vice president at the Committee for Economic Development in Washington, DC.
The EBRD has a charter mandate to work in countries “committed to and applying the principles of multiparty democracy, pluralism, and market economics.” And what could be more compelling than Ukraine today?
My guest on the Wonkcast this week is Scott Morris, a senior associate here at CGD and former deputy assistant secretary at the US Treasury, where he oversaw US ties with the multilateral development banks.
Scott recently led a study group of CGD colleagues and outside experts that reviewed G-20 efforts to increase financing for infrastructure in developing countries. The group produced a short note proposing five new deliverables for the G-20 on infrastructure finance. (See Scott’s blog post with Madeleine Gleave for an even shorter version.)
President Obama will deliver his 2014 State of the Union speech Tuesday, January 28. We polled CGD experts to find out what they’re hoping to hear when the president addresses Congress and the nation. Check out their oratorical contributions below and read about the development-related decisions and policies they would like to emerge in support of the rhetoric.
In a few days, the US government will move to officially oppose any and all large hydroelectric projects funded by the multilateral development banks, even as USAID considers bringing the mother of all hydroelectric projects, “Inga 3”, into the high profile “Power Africa” initiative.
Congress finally gave the administration what it has been asking for on IMF quota reform, and then some. At the same time, Congress didn’t just give the administration the ability to go forward on governance reform that gives more voting power to rising developing countries. It also included some potentially consequential conditions on its approval. Here we see risks going forward that are manageable but will require some skillful navigation by the next administration.
Hey international community, so you’re feeling helpless as you watch the debt limit crisis unfold in Washington? Here’s something you can do about it.
With the world’s economic policymakers in Washington this week for the annual meetings of the World Bank and IMF, there is no shortage of commentary from foreign officials about the dire impact of a US government debt default (see here, here, and here), including the harm already done in the form of spikes in borrowing costs for their governments.
Benn Steil and Dinah Walker have a baffling post up on the Council on Foreign Relations website, calling out Treasury Secretary Lew for making the factual statement that congressional passage of IMF quota reform “would support the fund’s capacity to lend additional resources to Ukraine.”
At the moment, the issue of US leadership at the multilateral development banks (MDBs) is focused squarely on the World Bank presidency. But there’s a lot more to it than that, and a lot more at risk for the United States in the years ahead. In a new paper for the Council on Foreign Relations, I examine the US role in the MDB system—why it matters for the United States itself, how China has emerged as a game changer, and how the United States is too often its own worst enemy when it comes to effective leadership.