Scott Morris testified before the House Financial Services Subcommittee on Monetary Policy and Trade at a hearing titled, “Examining Results and Accountability at the World Bank” on March 22, 2017. Morris’s testimony offered recommendations for Congress in effective oversight and influence at the World Bank, as well as discussing what US contributions to the institution deliver for US taxpayers.
We have long advocated for more widespread use of median income or median consumption to compare individuals’ material well-being between countries and its development over time, and we are happy to report that the World Bank team that manages the (impressive) PovcalNet database has come through: as of October 1, the median monthly per capita income or consumption for each country is now part of the standard indicators displayed for any country query on PovcalNet.
Lawrence H Summers, former US Treasury Secretary, Harvard professor, and the CGD Board Chair, explains why the World Bank and the regional multilateral development banks (MDBs) are well-placed to help address some of today’s urgent problems, including climate change, pandemics, and the problems of large-scale forced migration.
Finance and development ministers gathered in Washington this weekend at the World Bank’s annual meetings have an ambitious agenda of topics to discuss. But the truth is, it is not nearly ambitious enough. A new CGD report by a high level commission of development and finance experts explains why and what should happen.
Recognizing the growing global premium on environmental sustainability in a climate-challenged world, we call on member governments of the World Bank to take the first step in that direction by renaming the International Bank for Reconstruction and Development (IBRD) as the International Bank for Reconstruction and Sustainable Development (IBRSD)—and to reshape its mission accordingly, toward leadership on issues of the global commons or global public goods that are squarely in the development domain and require a global shareholder base to respond collectively. Shareholders should in turn look to the regional MDBs to take leadership in supporting the new imperative of sustainable development through country and regional operations across all sectors, but particularly in increasing investment in infrastructure that takes into account the logic of low-carbon and climateresilient economies in the developing world. In line with this approach to differentiated roles within an MDB system, the panel makes five recommendations to better realize the MDB system’s potential for meeting today’s development challenges.
Beginning this Friday, the Annual Meetings of the IMF and World Bank will take place against the backdrop of a still-sputtering global economy, a growing number of displaced people, and a warming climate. In the face of these headwinds, a major priority for the multilaterals has to be to energize their members to spur global growth while also helping to address the challenge of global public goods.
Last week the World Bank Board closed the three-week window, announced in late August, for member countries to nominate candidates for the presidency of the World Bank. Jim Kim, the US nominee and incumbent since his election in 2012, was formally nominated by the United States at 12:01 a.m. at the opening bell, so to speak. He is the sole candidate in what appears to have been a kind of insider coup by the United States (called a “charade” in a World Bank Staff Association letter to its members) of the procedures agreed by World Bank members in 2011.
Governments buy about $9 trillion worth of goods and services a year, and their procurement policies are increasingly subject to international standards and institutional regulation. Using a database of World Bank financed contracts, we explore the impact of a relatively minor procurement rule governing advertising on competition using regression discontinuity design and matching methods. Our findings suggest the potential for more significant and strongly enforced transparency initiatives to have a sizeable effect on procurement outcomes.