Alexia Latortue, who led the United States Treasury’s engagement with the World Bank under the Biden administration, said that recent reforms have shown change is possible at the multilateral development banks, but urged deeper efforts to ensure they remain relevant for today’s challenges.
Latortue said reforms prove that “when there is a coalition of the willing, engaging robustly with management of these institutions, change is possible even in large bureaucracy.” She pointed to U.S. and partner efforts to push the World Bank to meet 21st-century challenges such as climate, health security, and conflict.
The former assistant secretary for international trade and development pointed to advances in recognizing climate and development as “intertwined goals,” improving operational models to better respond to crises, and unlocking capital through balance sheet reforms.