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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. This initiative seeks to broaden the US government’s approach to development, including the full range of investment, trade, and technology policies, while also strengthening existing foreign assistance tools. Additionally, he works on issues related to the International Financial Institutions (IFIs) and particularly the relationship between the IFIs and the United States. 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 World Bank, Inter-American Development Bank, African Development Bank, EBRD, and Asian Development Bank. 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.
Before his post at the US Treasury, 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 Trump administration has had very little to say about foreign assistance, apparently preferring to let the budget knife do its talking. But if we want to discern some sort of guiding philosophy to aid coming from this White House, perhaps we should look no further than aid to Israel and Egypt, the number one and number two overall US foreign aid recipients. In a budget that imposes double-digit cuts to programs aimed at disease eradication and response to humanitarian crises, military aid to these two countries has been cut not even by a whisker.
The US Development Policy Initiative at CGD has created the Foreign Assistance Agency Briefs for policymakers, researchers, advocates, and others that work on these issues and these agencies. Each brief outlines each agency’s mission and role, structure, historical budget, programs, and mechanisms for delivering foreign assistance.
Established in 2004, the Millennium Challenge Corporation (MCC) was designed with a singular mission: toreduce poverty through economic growth. The agency’s approach reflects key principles of aid effectiveness, in particular, country selectivity, focus on results, and emphasis on local ownership.
Since 1971, the Overseas Private Investment Corporation (OPIC) has served as the US government’s development finance institution. OPIC works to mobilize private capital to address development challenges while advancing US foreign policy priorities—furthering strategic, development, economic, and political objectives. OPIC aims to catalyze investment abroad through loans, guarantees, and insurance, which enable OPIC to complement rather than compete with the private sector. The independent agency also plays a key role in helping US investors gain a foothold in emerging markets and is barred from supporting projects that could have a negative impact on the US economy.
With big cuts to US bilateral and multilateral assistance looming, the House Committee on Financial Services convened a hearing to investigate accountability and results at the World Bank. Scott Morris, CGD’s director of the US Development Policy initiative (DPI), was joined by the International Consortium of Investigative Journalists’ Sasha Chavkin, CalTech’s Jean Ensminger, and BIC’s Elana Berger. It was a thoughtful conversation, with everyone on the panel agreeing that it is in the United States’ interest to continue engagement with the World Bank. Here are my main takeaways from the hearing.
The Asian Infrastructure Investment Bank’s new articles of agreement contain a great deal of information about shareholding and governance in the new institution. However, the articles require some additional analysis in order to answer key questions about voting power and board composition. Based on the information provided, we are able to generate voting shares as well as some preliminary conclusions about the composition of the AIIB’s board of directors.
The US Agency for International Development (USAID) is the lead US development agency, managing roughly $20 billion in annual appropriations. The agency operates in over 120 countries, including the world’s poorest and most fragile. Its work spans a wide range of sectors, supporting humanitarian relief, economic growth, health, education, and more. USAID’s broad remit reflects the agency’s mission: “We partner to end extreme poverty and promote resilient, democratic societies while advancing our security and prosperity."
Attention presidential transition teams: the Rethinking US Development Policy team at the Center for Global Development strongly urges you to include these three big ideas in your first year budget submission to Congress and pursue these three smart reforms during your first year.
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.