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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.
While still a work in progress, the Trump Administration’s first budget request to Congress is expected to contain deep cuts to the US foreign affairs budget. What would substantial funding reductions mean for US efforts to advance global development and for US interests more broadly? What does the evidence tell us about US investments in foreign aid? How can the administration and Congress work to ensure the best use of assistance dollars?
When White House officials decided to talk publicly about a big boost in defense spending and big cuts for EPA, the State Department, and foreign assistance while still deep in their internal negotiation process, they did so for political reasons, making a direct case to voters devoid of any clearly stated policy rationale. It’s been encouraging, and even a little bit surprising, to see strong and quick statements of opposition coming from key Republicans in the Senate and House as well as the military community. But the reality remains that the White House has decided to politicize foreign assistance in a way that we have not seen for over 30 years.
This week, CGD hosted a discussion with Philippe Le Houérou, the CEO of IFC, the private sector arm of the World Bank. He was enthusiastic about his institution’s role in leveraging private capital and getting from billions to trillions of dollars for development, but he also presented a nuanced and critical judgment about the limitations of the IFC model to date, pointing to a number of ways it needs to change.
The world’s development challenges are far too vast for the old way of doing things. To generate the trillions of dollars necessary to achieve the Sustainable Development Goals, international institutions, policymakers and the private sector need a new approach that unlocks the power of private investment. IFC Executive Vice President and CEO Philippe Le Houérou will address how his institution’s new strategy of “creating markets,” especially where they are weak or nonexistent, can help redefine development finance in an uncertain global economic environment. Following Le Houérou’s remarks, he will be joined by a stellar panel for a discussion of the private sector development agenda.
Private sector development has long been viewed as essential for economic growth in developing countries, and the US role in promoting it has focused mostly on how developing country governments could best set a policy environment that made it possible. But let’s consider the risks of concentrating too heavily on the private sector. What could go wrong with an agenda that is centered on “deal making for development”?
President Trump’s recent decision to pull the United States out of the Paris climate agreement—what does it mean for the agreement? For the climate? And for the US? CGD senior fellows Scott Morris, director of CGD’s US Development Policy Initiative, and Jonah Busch, coauthor of the recent book on climate change Why Forests? Why Now?, join this week’s podcast to discuss.
The White House delivered an FY2018 budget request, featuring deep spending reductions, to a less-than-receptive Congress early last week. In a series of blog posts, CGD experts sounded off on the proposed cuts to foreign aid and the philosophy that seems to guide them—including the administration’s plans to shutter the Overseas Private Investment Corporation, continued support for the Millennium Challenge Corporation, and the merits and potential downsides of a proposal to shift some security assistance from grants to loans.
Depending on who you listen to, the World Bank has either just launched an unprecedented reach into the domestic political affairs of sovereign nations, or it has gutted the rules that have helped define its essential character as a global norm-setter. Both can’t be right, and most likely, neither is. To better understand the objectives of the bank's newly adopted “safeguards” regime, and why I’m somewhat encouraged by it, it’s worth looking more closely at the arguments of critics on both sides.
Over the past few months, quite a bit of high-level rhetoric has surrounded World Bank funding of coal projects in developing countries. On one side, Christiana Figueres, the executive secretary of the UN Framework Convention on Climate Change, stated that “it is no longer necessary [for the World Bank to invest in coal projects] because we have many other technologies that can come forward.” On the other side, World Bank president Jim Kim stated that “we will look for everything we can possibly do to avoid [coal projects] but look, poor people should not pay the price with their lives of mistakes that people have been making in the developed world for a very long time.”