ABSTRACT

MDBs to the Rescue? The Evidence on COVID-19 Response   [open pdf - 233KB]

From the Document: "The world is now more than a year into the second global crisis of the century. Both the current [COVID-19 (coronavirus 2019)] pandemic and the Global Financial Crisis (GFC) more than 10 years ago tested the capacity of international financial institutions to respond with speed and scale. This time, the IMF [International Monetary Fund] has stepped up, first with emergency finance facilities, and later this year with a massive injection of global liquidity through a Special Drawing Rights (SDR) allocation of $650 billion. But what about the multilateral development banks (MDBs)? One of their central roles is to expand the fiscal space of middle- and low-income countries (MICs and LICs) for development spending, exactly what is needed now, and to catalyze finance from the private sector, especially when private finance pulls back. Have they done so? As the 2020 data on MDB finance become available, what can we conclude about how MDBs are performing when the developing world needs them most?"

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Date:
2021-05
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Center for Global Development. Posted here with permission. Document is under a Creative Commons license and requires proper attribution and noncommercial use to be shared: [http://creativecommons.org/licenses/by-nc/4.0/].
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Center for Global Development: https://www.cgdev.org/
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pdf
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application/pdf
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