Multilateral development banks and international finance / Leah M. Groffe, editor.

Format:

Book

Contributor:

Groffe, Leah M.

Series:

Financial institutions and services.

Financial institutions and services

Language:

English

Subjects (All):

Development banks.

International finance.

Debt relief--Developing countries.

Debt relief.

Economic assistance.

Economic assistance, American.

Physical Description:

1 online resource (203 p.)

Edition:

1st ed.

Place of Publication:

New York : Nova Science Publishers, c2010.

Language Note:

English

Summary:

Multilateral Development Banks (MDBs) are institutions that provide loans and grants to developing countries in order to promote economic and social development. Congressional interest in the MDBs has increased since the outbreak of the current global financial crisis. Following the crisis, the MDBs ramped up financial assistance to developing countries, and each of the MDBs has requested increased funding from their member states to increase lending to middle-income countries. This book explores the history of the MDBs, their operations, major donor contributions, their organisation, and debates the effectiveness of MDB financial assistance.

Contents:

Intro

Library of Congress Cataloging-in-Publication Data

Contents

Preface

Multilateral Development Banks: Overview and Issues for Congress(

Summary

Introduction

Overview of the Multilateral Development Banks

Historical Background

World Bank

Regional Development Banks

Inter-American Development Bank

African Development Bank

Asian Development Bank

European Bank for Reconstruction and Development

Operations: Financial Assistance to Developing Countries

Financial Assistance over Time

Recipients of MDB Financial Assistance

Funding: Donor Commitments and Contributions

Non-Concessional Lending Windows

Concessional Lending Windows

Structure and Organization

Relation to Other International Institutions

Internal Organization

Debates about Effectiveness of the MDBs

Effectiveness of Foreign Aid

Bilateral vs. Multilateral Aid

Issues for Congress

Authorizing and Appropriating U.S.Contributions to the MDBs

Frequency and Process

Administration's Request for FY2011

Authorizations

Appropriations

Congressional Oversight

U.S. Commercial Interests and "Country Systems"

Proposals for Voting Reform at the World Bank

End Notes

The African Development Bank Group(

Structure

Background

Voting

Crisis in the Mid-1990s and U.S. Funding

The AfDB Group's Future Role

Multilateral Development Banks: U.S. Contributions FY1998-FY2009(

U.S. Participation in the MDBs

The MDBs and Their Programs

Funding MDB Assistance Programs

U.S. Appropriations for MDBs

The International Financial Institutions: A Call for Change(

Letter of Transmittal

Executive Summary

Recommendations

Discussion

Senator Lugar's Ongoing Oversight Effort

Hearings

Legislation.

Investigations and Reports

United States Benefits from Involvement

More Money for the Development Banks?17

United States in Arrears to the Development Banks

Linkage between Corruption and Debt

Monitoring and Evaluations Vary

Need More Focus on Transparency

Coordination Could Be Improved

Questions around Budget Support

Focus on Low-income Countries

Ability to Do Independent Investigations Uneven

Case Studies

Chile and the Inter-American Development Bank Lessons from the Transantiago

India and the World Bank: the Detailed Implementation Review (DIR) Fallout

The International Monetary Fund in Indonesia

Development Banks in Kenya: Monitoring and Procurement Challenges

Lebanon: Manipulation of Crises48

Lesotho: Demonstrating the Need to SupportInvestigations and Prosecutions

The Asian Development Bank's Lackof Success in the Philippines

The European Bank for Reconstruction andDevelopment's Overexposure to Russia

Sri Lanka: The Need for Concerted Conflict Sensitivity49

The Asian Development Bank's Inspection Panels

Yemen: Empowering Reform from within51

Transparency and the European Bank forReconstruction and Development

The Inter-American Development Bank's Needto Strengthen Financial Management

'No Material Effect'

Lugar's Concern

Funding Needs

Appendix I. U.S. Engagement

Appendix II. The International Financial Institutions

International Monetary Fund

Appendix III. World Bank Lending and Parliamentary Approval

Sub-Saharan Africa

East Asia&amp

the Pacific

Eastern Europe&amp

Central Asia

Latin America&amp

the Caribbean

Middle East&amp

North Africa

South Asia.

Appendix IV. Inter-American Development Bank (IDB)

Appendix V. Tables

Appendix VI. Senate Foreign Relations Committee Hearings Chaired by Senator Lugar

Appendix VII. Acronyms and Abbreviations

References

The World Bank's International Development Association (IDA)(

The Donor Replenishment Process

IDA Assistance

IDA-14

U.S. Policy

Measuring Results and Performance-Based Allocation

Grants

Transparency

IDA-15

IDA's Role in the International Aid System

IDA and Fragile States

IDA and Development Effectiveness

Appendix I: The United States and the World Bank

The Multilateral Debt Relief Initiative(

Past Debt Relief Efforts

Bilateral Debt Relief

HIPC Debt Relief

MDRI Debt Relief

MDRI Implementation

Policy Issues

How Debt Affects the HIPC Countries

Developing Countries: The United States has not Fully Funded its Share of Debt Relief, and the Impact of Debt Relief on Countries' Poverty-Reducing Spending is Unknown(

Why GAO Did This Study

What GAO Recommends

What GAO Found

Abbreviations

Results in Brief

U.S. Approach to Financing MDRI Does Not Fully Fund Current and Future U.S. Commitments

Treasury Uses Early Encashment to Generate Income

United States in Arrears on Its IDA14 Replenishment Commitment

U.S. Early Encashment Income Insufficient to Fully Finance Current MDRI Debt Relief Due to Arrears

U.S. Early Encashment Income Insufficient to Fully Finance Future MDRI Debt Relief

Early Encashment Is More Costly Than Other Options

The Extent to Which Countries Spend Debt Relief Resources to Reduce Poverty Is Unknown

Countries Projected to Receive Nearly 44 Billion in Additional HIPC Initiative and MDRI Resources.

Net Change in IDA and ADF Assistance for Each Country due to MDRI Varies

Countries Are Encouraged to Spend Debt Relief Resources on Poverty Reduction, but the Extent of Such Spending Is Unknown

Debt Relief Resources Are Difficult to Track

Spending Data Are not Comparable and also May not Be Reliable

The World Bank and IMF Have Improved Their Country Debt Sustainability Analyses and Identified Numerous Actions Countries Should Take to Avoid Future Unsustainable Debt Levels

World Bank and IMF Established New Approach That Improves Projections of Country Debt Sustainability

DSAs Determine Risk Based on the Strength of Country Performance and Analysis of Numerous Possible Scenarios

IFIs Now Base Future Country Assistance on Risk of Future Debt Distress

DSAs Have Identified Numerous Ambitious Actions Countries Should Take in Order to Avoid Unsustainable Debt Levels

Conclusions

Recommendation for Executive Action

Agency Comments and Our Evaluation

Appendix I: Objectives, Scope, and Methodology

U.S. Financing for Debt Relief

MDRI and Resources Available for Poverty- Reducing Activities

Debt Sustainability Analyses

Appendix II: Commercial Lawsuits to Collect Unpaid Debt from Debt Relief Countries

Appendix III: Funding Provided for the HIPC Initiative and MDRI

IDA and ADF Have Not Secured All Necessary Financing

IMF and IaDB Have Secured HIPC Initiative and MDRI Funding

Countries Have Realized 14 Billion in Debt Relief Assistance

Appendix IV: U.S. Bilateral HIPC Initiative Debt Relief

Appendix V: Calculation of Early Encashment Credits

Appendix VI: Early Encashment Costs More than Alternative Financing

Appendix VII: Projected Impact of MDRI on Five Case Study Countries

Appendix VIII: Implementation of the Multilateral Debt Relief Initiative (MDRI) Process.

Appendix IX: Comments from the Department of the Treasury

GAO Comment

Appendix X: Comments from the World Bank

Appendix XI: Comments from the International Monetary Fund

Index.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record and CIP data provided by publisher.

ISBN:

1-61761-158-1

OCLC:

710995114