ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Can the Multilateral Development Banks Deliver?

Funding the huge investments needed to tackle the global challenges, requires a tripling of the disbursements.

The report of the Group of Twenty (G20) Independent Experts Group on “Strengthening Multilateral Development Banks: The Triple Agenda” has identified three challenges confronting the global economy. First, is the prolonged impact of the pandemic, which forced the multilateral development banks (MBDs) to front-load loans and substantially reduced their resources. Second, is the Ukraine war, which has caused food and energy shortages and increased global indebtedness. And third, is the recurring natural disasters, induced by climate changes, which threaten to destabilise growth across the globe. In fact, these triple challenges have even led to the coining of a new terminology—polycrisis—in the development lexicon.

This has been a double whammy for the global South which not only has to adequately fund the Sustainable Development Goals (SDGs) and tackle poverty but also finance the Paris Climate Agreement targets to reduce global warming. To make matters worse, the resources of the MDBs, which played a major role in providing development funds to middle- and low-income economies, have been substantially depleted when compared to the demands.

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Updated On : 30th Sep, 2023
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