“Vicious cycle,” “odious,” and “unfair.” Those were some of the adjectives that Brian Kagoro of the Open Society Foundations used to describe the current financial architecture that has thus far largely failed to address the debt crises many African nations are grappling with.
At the same time, he describes himself as hopeful that a “sense of urgency has almost overtaken the sense of despondency” of a year ago, when people worried “that the entire multilateral fabric was unraveling.”
Today, while the system has been severely challenged, “there seem to be voices from across the board that are committed to ensuring that multilateralism continues,” Kagoro said at the Pro Content Studio of Devex Impact House on the sidelines of the World Bank-International Monetary Fund annual meetings.