In a typical year, one or two issues dominate at the World Bank-International Monetary Fund Spring Meetings — like pandemics, debt, or climate change.
At this year’s gathering, however, much of the spotlight is on the World Bank itself. The 78-year-old institution has come under unprecedented pressure from shareholders to reform in order to meet the challenges of the moment. And it’s happening as the lender is about to come under new management — with the likely next president Ajay Banga making the rounds in Washington as current chief David Malpass oversees his last major event before leaving office.
Here’s what happened Monday and what we’re watching the rest of the week:
• We braved long lines to get registered Monday morning, but it’s clear that the event is just starting to take off. Malpass didn’t hold punches in his opening speech. He warned that the “danger is acute” for lower-income countries as slow economic growth will persist for years amid a decelerating economy.
About the authors
Adva Saldinger@AdvaSal
Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.
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.
