Progress in reforming development banks 'quite limited,' new tool shows

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Progress in reforming development banks 'quite limited,' new tool shows
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A new tool launched on Monday to track reforms by the World Bank and the five biggest multilateral development banks (MDBs) shows that broad changes are 'firmly in play' but progress in implementing them has been limited thus far.

The World Bank logo is seen at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz/File PhotoMARRAKECH, Morocco, Oct 9 - A new tool launched on Monday to track reforms by the World Bank and the five biggest multilateral development banks shows that broad changes are "firmly in play" but progress in implementing them has been limited thus far.

The CGD researchers lauded some steps taken - including the World Bank's inclusion of the phrase "livable planet" in its mission statement, but said the banks were still largely debating how to integrate global challenges into their operations and how to pay for them.

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