The challenges of the world are piling up: the impact of the COVID-19 pandemic, the Russian war in Ukraine, the climate crisis and much more. We all know: all these global crises urgently need global solutions.
Multilateral development banks (MDBs) play an important role. They ensure that certain global public goods –– such as health care, environmental protection measures and peace –– are also financed and promoted in low-income countries in order to strengthen sustainable economic growth. The use of multilateral development banks was also essential during the COVID-19 pandemic for example.
A special panel of experts provides a simple reform roadmap for the future. New reforms must be implemented as quickly as possible so that multilateral development banks can be deployed in an even more targeted manner in the future. Ahead of the G20 summit, which will bring together the world's most powerful leaders in Bali, Indonesia, in mid-November, a special panel of experts has been tasked with examining strategic changes to maximize the impact of existing development bank capital. In its review report, they identified opportunities in five areas to provide additional funds for the world's poorest countries and thus play a key role in advancing the fight against poverty.
It is unclear whether Germany will support the reform plans. Let’s take the opportunity now and send your email to Chancellor Scholz and Finance Minister Lindner. Send your email now (don't worry – we drafted a template for you) and call on Germany to support the current reform plans so that the G20 countries can collectively come up with an ambitious and time-bound roadmap for implementing the recommendations of the G20 experts internal committee to reform the capital adequacy framework!