The world’s advanced economies have turned inward and lack global leadership at a time of rising anger among poorer people, according to Open Society Foundations chief Mark Malloch-Brown.
He said he’s not surprised the mantle of leadership on reforming the international financial system is now being worn by people like Barbados Prime Minister Mia Mottley, whose country is on the front lines of climate change and doesn’t have the resources it needs to adapt to an increasingly harsh environment.
U.S. banks “get rescued within three days, but Zambia is still struggling to get a debt agreement after three years,” Malloch-Brown said in reference to Silicon Valley Bank, the troubled financial institution whose depositors, including the very wealthy, were all made whole by the U.S. government despite severe management failures.
About the author
Shabtai Gold
Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business.
