These banks are the only institutions that provide the combination of expertise, staying power, low-cost financing, leverage and knowledge-sharing capabilities needed to assist developing countries. But to help transform these countries’ future, these banks must first transform themselves.
The bank should be a major vehicle for crisis response and supporting the huge investments necessary for healthy global development. But it isn’t. Four steps are necessary, if the US and its allies are to regain the trust of the developing world by supporting countries’ highest priorities.
Bad economics drives bad politics, creating a vicious circle. US populism is just a manifestation of a trend that includes Brexit and Chinese nationalism. But America has a chance to vote for a course correction this year by electing a new president.