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Views from the Center

CGD experts offer ideas and analysis to improve international development policy. Also check out our Global Health blog and US Development Policy blog.

 

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Fix the Common Framework for Debt Before It Is Too Late

When the pandemic first struck, dealing with excessive debt and debt service burdens of developing countries figured prominently on the international response agenda. The G20 produced the Debt Service Suspension Initiative (DSSI)—a program to defer official debt service due by mostly low-income countries (LICs) in 2020 which was then extended through the end of 2021.

Connected World

Development Leaders Conference 2021: The Need for a Bold, New Approach to Development Cooperation

In 2021, the ongoing grip of COVID-19 served as a stark reminder of the fragility of our progress in fighting poverty and COP26 highlighted the need for richer countries to provide substantial funding to meet global challenges. As the twin crises of a global pandemic and climate change threaten to leave developing countries far behind, and squeezed aid budgets in many donor countries create their own challenges, development agencies are facing intense pressure.

Last month we had an opportunity to discuss these issues at the Development Leaders Conference (DLC) co-hosted by the Center for Global Development (CGD) and the Swedish International Development Cooperation Agency (Sida). This annual gathering, now in its fourth year, brings together heads of bilateral development agencies and senior management from selected multilateral institutions for a frank peer-to-peer exchange and mutual learning.

While the event is held under Chatham House rules, this blog summarizes some of the key discussion points and illustrates why there was so much agreement on the need for a paradigm shift in development cooperation.

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COP26 and Beyond: CGD’s Work on Coherence and Effectiveness in Climate Finance and Policy

With COP26 about to get underway, many of the opportunities and tensions inherent in the international community’s approach to supporting climate change transformation are rising to the surface. Within the rich body of work which is ongoing within this area, CGD’s focus is on shaping and improving climate and finance policy to ensure it does the most for the development, and the planet. We hope that national leaders will use this moment to make credible, ambitious emissions-reduction plans for the future, and commit to better quality of climate finance to address challenges in the most vulnerable countries. As finance is shifted towards climate challenges, if providers do not focus on the effectiveness of that investment as part of a coherent system of policies then neither climate nor development goals will be achieved.

A graphic of an interconnected globe.

The Future of Globalization

Amidst the debate, fears, political polarization, and regrets surrounding globalization, we cannot ignore a central reality: much of it is not reversible or even resistable. As in other periods of human history where new connections are forged between geographies and civilizations—whether driven by empire building, technological change, regime change, or climate change-driven migration—Pandora’s Box, once opened, cannot be closed. We explore the major forces that will shape globalization in the future, and the policy and institutional changes needed globally and across a broad swath of countries.

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Don’t Lose Sight of the Real Business of the IMF-World Bank Annual Meetings

Anyone who follows the media on development finance will not be surprised if the corridor talk at the upcoming Annual Meetings of the World Bank and International Monetary Fund (IMF) is affected by the recent World Bank decision to discontinue the Doing Business Index. These discussions will invariably include the implications for data management and integrity at the Bank as well as spillovers questions regarding the leadership at both institutions.

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Low-Income Countries Need a Boost for the Recovery. Here's How the IMF Can Step Up

Most observers gave the IMF high marks for its initial response to the COVID-19 crisis. It responded quickly with emergency financing to 86 countries, including a fivefold increase in its concessional lending to low-income countries. And its leadership was quick to recognize that the unprecedented nature of the crisis warranted a different approach to macroeconomic and financial policy.

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