We are a diverse group of non-profit organizations with varying missions that collectively believe in the value of the international financial institutions (IFIs).

Find relevant reports from our members and the Congressional Research Service, publications from the IFIs, and other useful resources.

The central tenet of the Bretton Woods Committee is that multilateral cooperation and coordination lead to better outcomes than noncooperation and competition. That principle applies not only to the global financial architecture—which includes the activities of the International Monetary Fund (IMF) and the World Bank—but also to newer realms: the emerging digital finance ecosystem and finance for climate action and the energy transition. For this reason, the Committee has established the Future of Finance Working Group and its two project teams—the Digital Finance Project Team and the Climate and Energy Transition Finance (CETF) Project Team—to tackle each of these issues. The CETF Project Team covers a broad scope of climate finance issues, ranging from the specific role of the multilateral development banks (MDBs) to the challenge of reforming and coordinating the wider international financial system to debt distress in low- and middle-income (LMI) countries. We are examining these questions in the context of the cumulative climate, health, energy, and inflation crises. Those crises have put enormous pressure on advanced and developing economies alike over the past three years and have led to growing calls for a fundamental rethinking of how the system for multilateral development finance works. The CETF team’s mission is to tackle the urgent question of how to close the current vast gap in financing climate action and the energy transition, encouraging mitigation, and boosting adaptation, particularly in LMI countries. It plans to publish briefs designed to explain the key issues, assess possible routes of action, and recommend practical solutions.It plans to publish briefs designed to explain the key issues, assess possible routes of action, and recommend practical solutions.

CFPT_Template_Final_Digital_1.pdf

The Role of Multilateral Development Banks in Closing the Climate and Energy Transition Finance Gap

gpgs-and-where-fund-them-startling-implications-financing-global-public-good-provision.pdf

GPGs and Where to Fund Them: The Startling Implications of Financing Global Public Good Provision for the Multilateral Development Banks

funding-options-cash-strapped-prgt.pdf

Whither or Wither the PRGT? Funding Options for a Cash-Strapped PRGT

Taking-stock-of-the-2X-Challenge-The-transparency-of-gende.pdf

Taking stock of the 2X Challenge: The Transparency of Gender Lens Investments

Contains updates from BWC over the last year of work. Includes the sections: letters from leadership, outlook for the rest of 2023 and 2024, events, working groups, blogs, financials, and engagement by the numbers.

BWC_AR_2022_Web.pdf

Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. 

We appreciate the opportunity to submit these comments on the World Bank Group’s Evolution Process and its Roadmap (“Evolution Process” or “the Roadmap”). 

The Evolution Roadmap comes at a moment of growing understanding about the need to make better use of multilateral development banks for financing development and the response to global challenges. 

The pandemic shock reversed poverty reduction and human development progress globally. The Russia Ukraine war, climate change and hunger are among the crises that the world faces and that hit developing countries worst, due to pre-existing vulnerabilities. Developing countries suffer these shocks amidst reduced fiscal space. The slowest 5-year growth in decades, high debts and rising interest rates combine to limit their capacity to respond and, especially, protect their most vulnerable. 

Multilateral development banks (MDBs) like the World Bank have extraordinary potential to use turn capital contributions from shareholders into development finance interventions several-fold their volume. They have an unparalleled capacity to offer low-cost, long-term funds and play a particularly important role in times of crises, when they provide countercyclical and emergency funding.

 In the Roadmap World Bank shareholders endorsed, they signaled their intention to evolve the institution across three dimensions: mission and vision, operations, and financing. 

Jubilee's comments on the Evolution Roadmap

Jubilee_USA_WB_Evolution_FINAL.pdf

Jubilee USA Comments on the World Bank Group's Evolution Process and Roadmap

As global crises mount—from the social and economic fallout of COVID-19 to the deepening climate crisis, to food insecurity compounded by the Russian invasion of Ukraine—development finance institutions (DFIs) are increasingly being called upon to address these issues. Although more resources are being funnelled through DFIs, it is a challenge to know what investments are being made and the impact these are having. This report presents the findings of Publish What You Fund’s first DFI Transparency Index. The DFI Transparency Index is a comparative measure of the transparency of thirty leading DFI portfolios. It assesses multilateral and bilateral institutions, and sovereign (public sector) and non-sovereign (private sector) operations. The DFI Transparency Index measures the transparency of DFIs across 47 indicators in five categories of information: • Core Information • Impact Management • ESG and Accountability to Communities • Financial Information • Financial Intermediary Sub-investments (non-sovereign only) Full lists and definitions of the indicators included in the index can be found in the methodology paper.

First ranking of the world’s leading development finance institutions

What needs to happen for the IFC to prioritize the Performance Standards.pdf

DFI Transparency Index Report - January 2023

BRAC joined with partner groups to write this letter to the World Bank, calling for the Evolution Roadmap to explicitly endorse evidence-based interventions for eradicating extreme poverty to accelerate adoption of proven approaches like Graduation/economic inclusion.

WB-Evolution-Roadmap-Letter-Leadership-Collaborative-4-1.pdf

World Bank Evolution Roadmap Letter - Leadership Collective

The multilateral development bank (MDB) model is a powerful multiplier of shareholder capital in support of development. But much more is expected of MDBs in the 21st century given the magnitude and urgency of development and climate challenges confronting the globe. This paper assesses the performance of the model against borrowing and non-borrowing shareholder priorities and expectations, and asks: what would an ideal development and climate bank look like? The analysis assesses MDB performance across four dimensions to define how the current model should evolve: the financial model, finance instruments for governments, finance instruments for the private sector, and impact measurement and reporting

what-would-ideal-development-and-climate-mdb-look.pdf

What Would the Ideal Development and Climate MDB Look Like?

The World Bank today faces parallel challenges to its operations and governance. The institution has since its founding provided financing on favourable terms to developing country governments to support national development efforts. Alongside these country demands, there are now calls for a new set of mandates and activities associated with global public goods. Advocates would have the Bank allocate large sums toward climate mitigation, pandemic response and preparedness, and other activities that may or may not align with national priorities in developing countries. The ability of the World Bank to strike an appropriate balance between country demands and global goods depends on the institution’s shareholders. Yet, the deterioration in the bilateral relationship between the United States and China now threatens to undermine effective governance at the institution. This paper considers the challenge of competing demands on World Bank resources and the degree to which a resolution could depend on an agreement between the United States and China, one that sets the strategic direction of the institution and addresses the growing impasse on the question of China’s shareholding in the Bank.

development-finance-cooperation-amidst-great-power-competition-what-role-world-bank.pdf

Development Finance Cooperation Amidst Great Power Competition: What Role for the World Bank?

The Disclosure Example Book is intended to be a resource for those interested in improving the transparency of development finance institutions (DFIs). By providing examples of disclosure of a broad range of data, it demonstrates how disclosure can be improved at all DFIs. We hope that this book will be a resource to both DFIs and to other stakeholders with an interest in improving DFI transparency. 

Disclosure-Example-Book.pdf

International financial institutions (IFIs) or multilateral development banks (MDBs), so-called because they are funded by multiple countries and partners, provide financial assistance to developing countries to promote economic and social development. Congressional support is critical to U.S. financing for the MDBs: under U.S. law, Congress must enact legislation that allocates funding before the U.S. government is able to contribute. Congress also plays an oversight role in U.S. relationships with MDBs.

International Development Association
Part of the World Bank Group, the International Development Association (IDA) makes grants as well as loans on concessional terms (an interest rate of zero or a very low rate well below market rates) to the world’s 74 poorest countries. Overseen by 173 shareholder nations, IDA seeks to boost economic growth, reduce inequalities, and improve people’s living conditions. For shareholders that contribute financially, including the United States, IDA is an efficient channel for directing development assistance to the poorest countries. Because contributions to IDA are pooled with repayments from former and current IDA recipients, IDA is able to provide a substantial and stable source of funding that countries can rely on to help fund their development priorities.

U.S. pledge to IDA-20 (2022-2025): $3.5 billion

The African Development Fund (AfDF), part of the African Development Bank Group, supports its 38 regional member countries in their efforts to reduce poverty by spurring sustainable economic development and social progress. The AfDF provides grants as well as loans at highly concessional rates. AfDF-eligible countries include those that are on their way to becoming new emerging markets, as well as those that remain fragile and need special assistance to deliver basic services to their populations. 

U.S. pledge to AfDF-16 (2023-2025): $591 million

The Asian Development Fund (AsDF) provides grants to the Asian Development Bank’s 15 lower-income member countries to reduce poverty reduction and improve people’s quality of life. The grants support development projects and programs, including infrastructure, policy support and reform, production capacity, human development, environmentally sustainable investments, good governance, capacity building, and regional cooperation. Member countries of AsDF are eligible for grants if they have lower incomes, are considered to have a moderate or high risk of debt distress, and/or are small island economies. 

U.S. pledge to AsDF-13 (2021-2024): $174.4 million

International Fund for Agricultural Development	

In partnership with national governments, the International Fund for Agricultural Development (IFAD) provides more than $1 billion in loans and grants annually to support programs and projects in rural areas. These programs enable and equip people to grow more food, improve their nutrition, better manage their natural resources, learn new skills, start small businesses, build strong community-centered organizations, and gain a voice in decisions that affect their lives. All IFAD projects are country-led and country-owned. Projects are designed in consultation with smallholder farmers and other residents of rural areas with a strong focus on the inclusion of marginalized groups. 

U.S. pledge to IFAD-12 (2022-2024): $129 million

This fact sheet is provided by the International Financial Institutions Working Group, a coalition of organizations committed to promoting effective US leadership in multilateral development institutions.

IFI Working Group Info Brief: Key IFI Appropriations Accounts

IFI Appropriations Accounts.docx.pdf

Summary of FY24 President’s Budget Request (PBR) International Financial Institutions (IFI) and Related Programs 

Treasury’s request for the Multilateral Development Banks for FY24 is an overall 20% increase above FY23 requested level. This budget request is a reflection of Treasury’s view of the level of need and depth of the crises the country and the world are facing. 

The MDBs play key roles in the effort to reduce poverty, increase economic growth, foster economic and social inclusion, and fight climate change, which advances U.S. foreign policy objectives of sustaining peace and stability, promoting security, and protecting the global environment. The MDBs have also played a leading role in the global response to the COVID-19 pandemic and to Russia’s invasion of Ukraine. The FY24 budget requests $2.293 billion for the MDBs, $1.479 billion of this is for IDA as part of the US’s pledge of $3.5 billion (July 1, 2022 - June 30, 2025). 

International Bank for Reconstruction and Development (IBRD) - $233.3 million
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International Development Association (IDA): $1.479 billion, of which $49 million is for arrears
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African Development Bank (AfDB): $54.6 million. 
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African Development Fund (AfDF): $224 million, of which $27 million is for arrears.
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Asian Development Fund (AsDF): $119.4 million of which $84 million is for the subsidy cost of $1 billion of loan guarantees to support the Innovative Finance Facility for Climate in Asia and the Pacific, and of which $35 million is for the Energy Transition Mechanism Partnership Fund. 
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International Fund for Agricultural Development (IFAD): $81.8 million of which $35 million is for the Enhanced Adaptation for Smallholder Agriculture Programme (ASAP+) and $3.833 million is to eliminate arrears.
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Arrears: Arrears are unmet commitments to MDBs providing concessional loans and grants that are past due. Outstanding arrears jeopardize U.S. influence at the MDBs and these institutions’ effectiveness. Until recently, there was little political will to pay down arrears. The COVID-19 crisis renewed U.S. interest in paying down arrears, both as a way to signal its commitment to multilateralism and as a way of providing MDBs with additional liquidity to address the pandemic. Through FY20, U.S. arrears to the MDBs amounted to just under $2.5 billion, with the largest amounts owed to IDA, the AfDF, the AsDF, and the GEF. The FY24 budget request includes funds to pay down arrears at IDA, AfDF, AsDF, IFAD, and the GEF, but this amount would not clear U.S. arrears owed to all these institutions. 

Treasury’s Exchange Stabilization Fund (TESF): The Budget request seeks to authorize the Treasury to lend up to $21 billion from the TESF split between the Resilience and Sustainability Trust (RST) and the Poverty Reduction and Growth Trust (PRGT) at the International Monetary Fund.

IDA Replenishment: The PBR includes meeting full funding levels for IDA to meet its commitments to IDA20. Like arrears, underfunding IDA compared to the U.S.’s commitment would jeopardize the U.S.’s influence at the MDBs and across the international landscape by damaging the U.S.’s negotiating power and reducing the international finance institution's effectiveness at delivering on its goals.   

Debt relief: The G20 Debt Service Suspension Initiative (DSSI) is an agreement among bilateral official creditors to suspend debt service payments from the world’s 73 poorest countries during the COVID-19 pandemic. It is a way to temporarily ease the financing constraints for those countries and free up scarce money that they can use to mitigate the human and economic impact of the COVID-19 crisis. The G20 Common Framework for Debt Treatments Beyond the DSSI aims to address sovereign debt challenges and ensure broad participation of creditors with fair burden sharing and importantly brings in official creditors that were not part of the Paris Club process. The FY24 budget requests $52 million for funds to support the G20 DSSI and the Common Framework.

Climate: The significant increase in Treasury’s FY24 budget on climate requests reflects the U.S.’s commitment to climate action.
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Food Security: The PBR includes a $40 million request for the Global Agriculture and Food Security Program (GAFSP). GAFSP is a multilateral financing platform that provides financial assistance to governments, farmer and producer organizations, and the private sector in the form of grants, concessional loans, and blended finance. It also provides technical assistance and advisory services, supporting more than 16 million rural people including nearly 7 million women since 2010.

President’s Budget Request for Fiscal Year 2024 - Funding for International Financial Institutions (IFIs) 

IFI WG Hill Handout - FY24 Appropriations .pdf

IFI WG Hill Handout - FY24 Appropriations

This is a draft of proposed reforms to the World Bank for 2023 that would seek to increase transparency. 

A proposal to reform the transparency of the World Bank IDA and IFC in 2023

World Bank Roadmap - Transparency Reforms.V4 (1).docx

E3G’s Maria Pastukhova moderated a panel workshop on World Bank gas finance, within the civil society policy forum of the World Bank Spring Meetings, hosted by The Big Shift Global and Climate Action Network.

Colleagues from countries where the World Bank Group is supporting gas joined this panel on World Bank gas finance. The panel discussed the myths around gas as a transition fuel, exposed the impacts of ongoing WBG investment in gas and outlined the arguments for leapfrogging to renewables.

Maria Pastukhova, Senior Policy Advisor, E3G

Bronwen Tucker, Oil Change International

Haneea Isaad, Institute for Energy Economics and Financial Analysis (IEEFA)

Victoria Ibezim-Ohaeri, Spaces for Change

Speakers at Exploding the Myths: World Bank Gas Finance Panel Discussion

International financial institutions (IFIs) provide financial and technical assistance to lower-income nations to support economic growth and improve people’s living standards. Financial assistance may be in the form of grants or loans with zero or low interest rates.

IFI-Fact-Sheet-2022.pdf

The Congressional IFI Education Caucus and the IFI Working Group hosted a virtual panel discussion on how the IFIs are responding to the growing global food crisis, highlighting the work of the International Development Association (IDA) and the International Fund for Agricultural Development (IFAD).

Abby Maxman, President and CEO of Oxfam America

Rep. Dean Phillips, Co-Chair of the IFI Education Caucus, 

Samuel Munzele Maimbo, Director of IDA Resource Mobilization,

 Thouraya Triki, Director of IFAD’s Sustainable Production, Markets and Institutions Division

What is the role of the IFIs in responding to the growing hunger crisis?

The stakes are high for the African Development Fund (AfDF) as it kicks off its replenishment fundraising exercise this spring. Countries in sub-Saharan Africa (SSA) are still grappling with the health and economic fallout of the COVID-19 crisis, with over 30 million of their citizens pushed into poverty since the onset of pandemic. According to the IMF, an extra $425 billion in SSA government spending will be needed over 2021-2025 to make up for the lost ground in the fight against poverty. African countries are also strongly impacted by the war in Ukraine, including through higher food and energy prices. Ninety percent of East Africa’s wheat imports, for example, come from Russia and Ukraine. Debt dynamics in the region are increasingly precarious, with nearly half of sub-Saharan African countries in or at a high risk of debt distress. We anticipate increased volatility in capital flows to the region as global monetary conditions tighten. And accelerating climate change disproportionately threatens sub-Saharan Africa, a region that produces less than 3 percent of global emissions but is home to a third of the world’s droughts.

replenishing-africas-development-fund-time-for-ambition.pdf

Replenishing Africa’s Development Fund: A Time for Ambition

With the COVID-19 pandemic hitting government balance sheets especially hard in low-income countries, the World Bank’s shareholders—including the United States—agreed to an advance replenishment of its grant and low-interest loan window, the International Development Association (IDA). By holding a pledging session one year early, donors sought to ensure IDA, which serves the world’s poorest countries, would have the resources to provide financing where it was needed most. In December 2021, following the final meeting of the 20th replenishment of IDA (IDA20), the World Bank announced a $93 billion replenishment package, leveraging $23.5 billion in contributions from 48 high- and middle-income countries. The United States reclaimed its position as IDA’s top donor, pledging $3.5 billion over three years to support pandemic response and an economic rebound in the world’s poorest countries.

understanding-IDA20.pdf

This Action Plan stems from a meeting convened in April 2022 by Secretary Yellen on “Tackling Food Insecurity - The Challenge and Call to Action”, which included the heads of the IMF, World Bank, IFAD, and the Finance Ministers of Indonesia and Germany representing the G20 and the G7, respectively, as well as lead technical experts on food security and agriculture from the International Financial Institutions (IFIs).

The Russian war against Ukraine is the latest global shock that is exacerbating the sharp increase in both acute and chronic food insecurity in recent years driven by conflict, climate change and economic downturns, such as those associated with the COVID-19 pandemic.  The IFIs are working swiftly to bring to bear their financing, policy engagement, technical assistance, and knowledge work to address rising food insecurity.  TheIFI Action Plan to Address Food Insecurity details how IFIs are stepping up, surging, and scaling their work on food security and agriculture.

IFI_Action_Plan.pdf

INTERNATIONAL FINANCIAL INSTITUTION (IFI) ACTION PLAN TO ADDRESS FOOD INSECURITY

Resources