There is a new playbook for reforming the multilateral development banks. The leaders of the world’s largest economies have endorsed a plan to change MDBs and to make institutions such as the World Bank “better, bigger and more effective” through a concrete set of actions.
The road map — led by Brazil within its presidency of the Group of 20 largest and emerging economies — consists of 13 short- and medium-term recommendations and 44 actions. Heads of state endorsed the plan at the G20 summit in Rio de Janeiro on Monday. It represents the final output of the group’s work on MDB reform.
“There’s no question that this is a major achievement,” said Nancy Lee, director for sustainable development finance at the Center for Global Development, a think tank based in Washington, D.C. “The success of Brazil’s presidency rests, to a substantial degree, on the production of this document.”
About the authors
Elissa Miolene
Elissa Miolene reports on USAID and the U.S. government at Devex. She previously covered education at The San Jose Mercury News, and has written for outlets like The Wall Street Journal, San Francisco Chronicle, Washingtonian magazine, among others. Before shifting to journalism, Elissa led communications for humanitarian agencies in the United States, East Africa, and South Asia.
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.
