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Following last week’s dramatic joint announcement out of Washington and Havana, many doors are likely to open for Cuba. One priority for the Cuban government should be membership in the multilateral development banks (MDBs).
There are no doubt a number of new realities created by the US Supreme Court’s decision this week to let stand a lower court ruling supporting hedge fund bond holders who refused to accept reduced payments after Argentina’s 2001 default.
The agenda for the G-20 finance ministers and central bank governors meeting in Sydney this weekend focuses on two themes: promoting stronger economic growth and employment and making the global economy more resilient. The G-20 leaders have recognized that expanding and strengthening capital markets in developing countries is crucial to both these goals and member countries have identified this as a priority issue for their deliberations.
Lost in all of the noise of the post-Lehman crisis response was an important structural shift in the international development landscape: a much bigger footprint for the regional development banks relative to the World Bank.
Starting in 2009, the G20 pursued a number of measures to help developing countries weather the crisis, one of the most visible of which was an agreement to have the multilateral development banks (MDBs) lend aggressively into the crisis, paired with the commitment of new capital from the institutions’ shareholders in subsequent years.