(Flickr user CIEL Photostream, lower portion cropped, CC by 2.0)
We hear about them in the news: The World Bank releases a new report on Pakistan’s economics performance, the International Monetary Fund (IMF) end its stabilization program and so on. These are multilateral development banks. They support projects in various sectors to bolster economic growth and raise the standard of living.
But what exactly do they do, and have they benefited the world?
For this episode of Talking IDEAS, we examine these questions and more with Masood Ahmed, the incoming president of the Center for Global Development. He has nearly four decades of experience working the World Bank, the IMF and the United Kingdom’s Department for International Development (DfID).
He shared his thoughts on, among other topics, globalization, the IMF’s recent stabilization program in Pakistan and the contributions and limitations of development banks.
He also offered his thoughts on why inequality has increased worldwide:
“I would argue that it is public policy that has driven inequality. If you look at tax policy, spending policy over the last two decades, you would find that there is a significant contribution of public policy to increasing inequality. These were choices that societies have decided to make and now they have to decide whether these choices need to be maintained or changed or reversed in some way.”
Listen to the full episode: