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MDBs need more firepower to help low- and middle-income countries weather the climate transition. Their proposal to use SDR-funded hybrid capital to increase loans has merit but is mired in conservative interpretations of its use and the inability to use mutually a class of reserves globally. Alloca...

Check out CGD experts' research on the IMF’s Resilience and Sustainability Trust (RST), as referenced in Foreign Policy.

Check out Mark Plant and Cleo Rose-Innes' paper, Are the Bretton Woods Institutions Ready for Africa’s Oil Shock? As referenced in the Financial Times. 

The International Monetary Fund and the World Bank were created to assist members facing financial crises, but are they ready to respond to Africa’s looming oil shock? The short answer is no, but as we explain in a new paper, the IMF and World Bank can act now to avert a future crisis.

In this piece, we explore possible reasons why countries are not utilizing the RSF for pandemic funding, including revealed preferences, implicit signaling, and interministerial dynamics. We conclude with broader challenges of global health financing architecture and the urgent need for a surge fina...

On Friday, May 10, 2024, the IMF Executive Board approved the recycling of special drawing rights (SDRs) to multilateral development banks (MDBs) for use as hybrid capital. It took a long time to get to this point, and the IMF should be congratulated for overcoming strong opposition, even from some ...