Critics allege that the World Bank is deeply flawed. Yet the world needs a strong World Bank to help manage development and the related global challenges of the 21st century. Do the Bank's shortcomings put its future at risk? If so, can the Bank be rescued? Rescuing the World Bank, a new book that includes a CGD working group report and selected essays edited by CGD president Nancy Birdsall, offers timely perspectives on challenges that are crucial to the Bank’s future success.
Each year billions of dollars are spent on thousands of programs to improve health, education and other social sector outcomes in the developing world. But very few programs benefit from studies that could determine whether or not they actually made a difference. This absence of evidence is an urgent problem: it not only wastes money but denies poor people crucial support to improve their lives.
Nancy Birdsall and Kemal Dervis propose that a "Stability and Social Investment Facility" be housed either at the IMF or the World Bank to offer emerging market economies with high debt-burdens lonas on a concessional basis. Read this CGD Working Paper to see how this Facility would be a useful step forward in promoting pro-poor growth.
This new report by a group comprising several of Latin America's most influential economic policymakers, CGD senior fellow Liliana Rojas Suarez, and CGD president Nancy Birdsall suggests ways for the IDB to become more flexible and to step up its support for market oriented reforms. The IDB's new president, Luis Alberto Moreno, warmly endorsed the recommendations, calling them "a key agenda."