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Recent developments have brought to the front the importance and relevance of the Center’s extensive work on improving access to financial services in developing countries, where a very large proportion of households and firms lack such access. First, in the Pittsburgh Summit Communiqué, the G-20 pledged to:
This post originally appeared in the Business Standard.
Wanted: An Asian Managing Director and new approaches to capital flows.
The IMF will strike a triumphalist tone at its forthcoming annual meetings in Istanbul. Some of this will be warranted because the IMF’s record in responding to the global financial crisis was commendable, even if its record leading up to it was less stellar (see http://www.iie.com/realtime/?p=942 for more details).
As part of an ongoing effort to persuade the leaders of the G-20 countries to better address the needs of poor countries in their Summit, CGD president Nancy Birdsall visited Pittsburgh yesterday with a small band of CGDers in tow, myself included.
In 2002, John Williamson and I proposed that the gold at the IMF be used to deal with global public good (bad) of unsustainable debt of poor countries – and in particular to allow the IMF to finance suspension of debt service to the IMF and the multilateral development banks following an external shock.
One of the few bright spots in the climate negotiations was the news that the governance of climate funding has received some attention in the run-up to the Pittsburgh G-20. Much needs to be settled, but at least the issue is on the table.
This is a joint posting with Kimberly Elliott and also appeared on the Huffington Post.
With one important reservation, we welcome last week’s EU proposal that the upcoming Pittsburgh G-20 Summit “should adopt the “Everything But Arms” (EBA) initiative without delay to support people in developing countries suffering from the crisis.” The EBA nominally provides 100 percent duty-free, quota-free market access for exports from least-developed countries, so suggesting that the rest of the G-20 replicate it is clearly in line with a Sept. 2 letter sent by members of the CGD Global Trade Preference Reform Working Group. The letter called upon:
Uri Dadush at the Carnegie Endowment provides an excellent reader-friendly summary of the agenda and issues the G-20 leaders will face in Pittsburgh this week. His fourth of four challenges is for the leaders to develop a long-term agenda – and a long-term agenda implies ipso facto a development agenda.