Podcasts about Asian Development Bank

A ceasefire between the two main rivals of a global trade war. The US and China have struck a complicated deal to de-escalate a soaring tariff face off that had nations on the edge. So will the agreement reverse fears of a global recession? And can it revive world business sentiment? In this episode: William Lee, Chief Economist, Milken Institute. Huiyao Wang, Founder, Center for China and Globalization. Jayant Menon, Former Lead Economist, Asian Development Bank. Host: Elizabeth Puranam Connect with us:@AJEPodcasts on Twitter, Instagram, Facebook

アジア開発銀行の年次総会で演説する加藤勝信財務相、５日、イタリア・ミラノ【ミラノ時事】当地で開催中のアジア開発銀行の年次総会で５日、２０２７年の６０回目の総会が名古屋市で開かれることが正式に決まった。 The Asian Development Bank formally decided Monday to hold its 60th annual meeting in the central Japan city of Nagoya in 2027.

The Asian Development Bank formally decided Monday to hold its 60th annual meeting in the central Japan city of Nagoya in 2027.

The Asian Development Bank has lowered its growth forecast for Asia further after the region found itself the hardest hit by tariffs from the US. The multilateral institution said those tariffs will shave growth in the region by a third of a percentage point in 2025 and a full percentage point in 2026. In its annual outlook report released Wednesday - numbers for which were calculated before the April 2 tariff announcements by President Donald Trump - ADB forecast growth in emerging Asia to moderate to 4.9% in 2025 and 4.7% in 2026. ADB President Masato Kanda speaks exclusively with Bloomberg's Shery Ahn in Tokyo. Plus - a late-day wave of dip buying in the US erased losses in stocks, with Wall Street investors awaiting a slew of corporate earnings and economic data for insights on the impacts of President Donald Trump's tariff war. As the S&P 500 closed higher for five consecutive sessions, the American equity benchmark posted its longest winning streak since November. Monday marked the fifth time in the past month the index fully wiped out an intraday gain or drop of 1% or more. The number of reversals already matches the total seen in the entire year of 2024. We take a look at the US economy with Clayton Triick, Head of Portfolio Management at Angel Oak Capital Advisors.See omnystudio.com/listener for privacy information.

Governments are some of the biggest buyers of construction services, putting them in a powerful position to shape a more sustainable future. In this episode, Andrew Minson, Concrete and Sustainable Construction Director at the Global Cement and Concrete Association, and Jenny Yan Yee Chu, Procurement Specialist at the Asian Development Bank explore how sustainable public procurement can change industry, spark sustainable growth, and build a low-carbon future for Asia and the Pacific. Script: https://adbi.me/3Ya2UGq

In this episode, our guest is Woochong Um, Chief Executive Officer of the Global Energy Alliance for People and Planet (GEAPP). With a distinguished career spanning more than 30 years in international development, Woochong shares his journey from senior leadership at the Asian Development Bank to now spearheading one of the world's most ambitious efforts to end energy poverty and combat climate change. He discusses GEAPP's mission to bring clean, affordable energy to 1 billion people by 2030, reduce carbon emissions, and generate millions of green jobs across Africa, Asia, Latin America, and the Caribbean. Woochong also reflects on the role of public-private-philanthropic partnerships, flexible capital, and local innovation in scaling climate solutions—highlighting transformative projects in Rajasthan, Haiti, Indonesia, and beyond. From off-grid solar and battery storage to digital grid management and electric mobility, this conversation offers insight into what it takes to deliver a just, inclusive energy transition in emerging markets. Please join to find more. Connect with Sohail Hasnie: Facebook @sohailhasnie X (Twitter) @shasnie LinkedIn @shasnie ADB Blog Sohail Hasnie YouTube @energypreneurs Instagram @energypreneurs Tiktok @energypreneurs Spotify Video @energypreneurs

In this episode of Energypreneurs, our guest is Jaimes Kolantharaj, Principal Energy Specialist at the Asian Development Bank (ADB). Jaimes shares insights on renewable energy projects in South Asia, highlighting ADB's role in shifting investments from government funding to private sector-driven initiatives. He discusses solar and battery storage deployment in the Maldives, electric ferries for sustainable transport, and policy trends in India, Sri Lanka, Nepal, and Bhutan. The conversation also explores the impact of AI, digitalisation, and energy-efficient solutions, particularly in agriculture and electric mobility. Jaimes offers valuable advice to young entrepreneurs entering the renewable energy, emphasising the need for innovation and digital solutions in an evolving energy landscape.   Connect with Sohail Hasnie: Facebook @sohailhasnie X (Twitter) @shasnie LinkedIn @shasnie ADB Blog Sohail Hasnie YouTube @energypreneurs Instagram @energypreneurs Tiktok @energypreneurs Spotify Video @energypreneurs

With Marwa Abdou, Senior Research Director, BDL, Canadian Chamber of Commerce.After over 15 years of multidisciplinary experience abroad, taking on this unique role in June 2022 at the Canadian Chamber has been an opportune and fitting homecoming for Marwa. In her role with the BDL, Marwa leads the Research Center of Excellence and is responsible for developing and implementing an innovative long-term research agenda.Prior to her role at the Chamber, Marwa served as the Advisor to the Minister of International Cooperation of Egypt for Private Sector Engagement. She also worked directly with and within some of the world's most renowned multilateral organizations, private sector organizations, and country governments including the World Bank Group, Commonwealth Secretariat, APEC, OECD, Ernst and Young, Nathan Associates and the Asian Development Bank. In addition to leading dozens of capacity and technical assistance projects, consulting on regulatory, legal and policy reforms with these institutions, she also co-authored several publications and working papers. Marwa's journey has seen her through a number of professional pit stops spanning the Middle East, Africa and the Asia-Pacific region where she's worked on trade facilitation, gender equity, equality, social, and financial inclusion as well as the enablement, engagement and empowerment of the private sector. Still, one driver and common thread has always remained: championing, advocating and catalyzing impactful interventions for vulnerable, underrepresented and underserved groups, including businesses and SMEs, through rigorous data analysis, inventive research and storytelling. Marwa received her master's degree in international relations and international economics from the School of Advanced International Studies at Johns Hopkins University. She received her bachelor's degree in finance and economics from Queen's University Smith School of Business in Canada.Please listen, subscribe, rate, and review this podcast and share it with others. If you appreciate this content, if you want to get in on the efforts to build a gender equal Canada, please donate at ⁠canadianwomen.org⁠ and consider becoming a monthly donor. Facebook: Canadian Women's Foundation LinkedIn: The Canadian Women's Foundation Instagram: @canadianwomensfoundation TikTok: @cdnwomenfdn X: @cdnwomenfdn

In this episode, Alfredo Baño Leal, an energy expert with the Asian Development Bank (ADB), discusses Uzbekistan's evolving energy sector. The conversation highlights the country's transition from gas dependency to renewable energy, with recent policy reforms driving energy efficiency and reducing waste. With over 1-2 GW of rooftop solar already installed and a target of 40% renewable capacity by 2030, Uzbekistan is rapidly reshaping its power grid. Alfredo shares insights into the challenges of modernising the grid, the growing adoption of electric vehicles, and how distributed generation is becoming a cost-effective alternative for rural electrification. He also discusses Uzbekistan's push toward clean energy investments, including the development of local solar manufacturing and a new BYD electric vehicle assembly plant. The episode closes with a look at Uzbekistan's cultural richness, its emerging role as an energy leader in Central Asia, and why it's a fascinating place to visit. Connect with Sohail Hasnie: Facebook @sohailhasnie X (Twitter) @shasnie LinkedIn @shasnie ADB Blog Sohail Hasnie YouTube @energypreneurs Instagram @energypreneurs Tiktok @energypreneurs Spotify Video @energypreneurs

“Nutrition has a branding issue – it's about so much more than nutrition - I'd rather call it ‘super development', the art of bringing together different areas of expertise for a tailor made policy for a given problem in a given context.” Listen to fascinating ‘behind-the-scene' insights from Brieuc Pont, Special Envoy on Nutrition and Secretary General of the Nutrition for Growth (N4G) Summit to be held on 28-29 March in Paris, France. Career diplomat and Secretary General of the N4G Summit Brieuc Pont shares his challenging journey to ‘peak summit', in this latest podcast in our “More - and better - financing for nutrition” series. How has he been making the case for ambitious policy and financial commitments and action from political leaders ahead of N4G 2025? “Diplomats act as bridge-builders – we need to understand the technicalities of a particular issue after discussions with experts, then package this as a political process and bring it to a decision-making level”. N4D's directors ask Brieuc about:his hopes and expectations for the summit;the positive experiences and challenges he has experienced in the summit build-up;which arguments have worked in convincing decision-makers to prioritise nutrition investment in such challenging times; what are the financing alternatives in the light of USAID's suspended budgets;and how the sector can keep momentum going in between summits?Tune in to hear Brieuc's views on what the nutrition sector needs to do to improve its “branding” – as the most cost-effective development policy, with the highest return of $23 for every $1 invested. Adapting to new realities at a time when many high income countries are reducing aid means mobilising new investment partners – including development banks, such as the Asian Development Bank that pledged US$3 billion at COP26.“We need to push for integrating nutrition at the highest political level among national institutions. N4G 2025 is an opportunity for raising the profile of nutrition among politicians and for transforming the way we ‘do' development.”Please join the debate! Credits: Recorded edited and published by: N4D & Nutriat.coTheme tune: Saraweto, used with kind permission of Just East of Jazz© N4D Group 2025 Hosted on Acast. See acast.com/privacy for more information.

In his address to the IIEA, Governor Makhlouf shares insights into the nation's current economic position and the Central Bank of Ireland's priorities for 2025. His address offers perspectives on monetary policy, fiscal stability, and future economic priorities for Ireland and the euro area. About the Speaker: Gabriel Makhlouf took up his position as Governor of the Central Bank of Ireland on 1 September 2019. He chairs the Central Bank Commission, is a member of the Governing Council of the European Central Bank, a member of the European Systemic Risk Board, and is Ireland's Alternate Governor at the International Monetary Fund. Prior to joining the Central Bank, Governor Makhlouf was Secretary to the New Zealand Treasury and the Government's chief economic and financial adviser from 2011 to 2019. During his time as Secretary, he led reviews of New Zealand's three macroeconomic pillars (monetary, financial stability and fiscal policy) and the development of a new framework for the development of economic and public policy focused on intergenerational wellbeing. In addition, Governor Makhlouf was New Zealand's Alternate Governor at the World Bank, the Asian Infrastructure Investment Bank, the Asian Development Bank, and the European Bank for Reconstruction and Development. He was also co-chair of the Trans-Tasman Banking Council.

In this episode, author and journalist Puja Mehra speaks to economist Rajeswari Sengupta to scrutinize the government's fiscal strategy in the latest budget. Sengupta offers candid insights on how the shift from transparent fiscal deficit targets to a more opaque debt-to-GDP approach—coupled with expenditure cuts and generous tax reliefs—is unlikely to spur growth. Tune in for a discussion that goes into the arithmetic of fiscal management, the risks of masking structural weaknesses, and the broader implications for India's economic future.ABOUT RAJESWARI SENGUPTARajeswari Sengupta is currently an associate professor of economics at Indira Gandhi Institute of Development Research (IGIDR). Her research focuses on policy-relevant issues of emerging economies in general and India in particular, in the fields of empirical macroeconomics, international finance, monetary policy, banking and financial institutions, firm financing and national accounts measurement.In the past she has held research positions at the Institute for Financial Management and Research (IFMR) in Chennai, San Francisco Federal Reserve, the World Bank, the International Monetary Fund (IMF) in Washington DC and Reserve Bank of India, Delhi. She was a member of the research secretariat to the Bankruptcy Law Reforms Committee that drafted India's Insolvency and Bankruptcy Code (IBC, 2016). She has published in reputed international journals such as Journal of Money, Credit and Banking, Economic Policy, Journal of International Money and Finance, The World Economy, Emerging Markets Review, Pacific Economic Review, Open Economies Review as well as the Economic and Political Weekly in India. She has also written chapters in various books published by the Asian Development Bank, G20, the Centre for International Governance Innovation (CIGI), among others.For more of our coverage check out⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow us on:⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠ |⁠⁠⁠⁠⁠⁠⁠⁠⁠Youtube

From the White House & the Department of Energy to founding SustainabiliD, Catherine McLean spoke with Kerry Duggan about how to foster public-private sector collaboration to advance sustainability goals. They spoke from the WRISE Leadership Forum in D.C. about this & the intersection of environmental justice & sustainability consulting. Kerry is a corporate Board Director at BlueGreen Water Technologies, Envergia & Perma-Fix Environmental Services, & in this episode she “shared the password” (as she says) on strategies to earn board positions, & tactfully ensure your expertise & qualifications become known. SustainabiliD has partnered with leading organizations, including think tanks, major universities, national laboratories, philanthropy, global manufacturers, global investment banks and funds, climate tech companies and business accelerators, including Elemental Impact, Emerson Collective, Our Next Energy, LuxWall, Aeroseal, ClearFlame Engine Technologies, Commonwealth Fusion Systems, Mill, Wallbox, Aclima, Walker-Miller Energy Services, Newlab, BlueConduit, Yardstick Management, Information Technology and Innovation Foundation (ITIF), Asian Development Bank, Ceres, University of Michigan School for Environment and Sustainability (SEAS), Syzygy Plasmonics, Adaptive Energy, Aspen Institute, Milken Institute, National Academies of Sciences, Engineering, and Medicine, Argonne National Laboratory, Energy Foundation, ONsemi, Whirlpool Corporation, RockCreek Global Investment, University of Michigan Erb Institute, Vesta.Thank you, Kerry, for sharing sustainability success stories from some of these companies in this episode!If you're a clean energy employer & need help scaling your workforce efficiently with top tier staff, contact Catherine McLean, CEO & Founder of Dylan Green, directly on LinkedIn: https://bit.ly/3odzxQr. If you're looking for your next role in clean energy, take a look at our industry-leading clients' latest job openings: bit.ly/dg_jobs. 

On Episode 456 of The Core Report, financial journalist Govindraj Ethiraj talks to Avinash Gorakshakar, Head of Research of Profitmart Securities. SHOW NOTES (00:00) The Take (04:50) FIIs are back, as markets gear up for Santa rally (06:46) Chief Economic Advisor makes indirect case for bitcoins and crypto day after conservative RBI governor departure (08:31) Rupee hits fresh low on reports of China loosening Yuan (10:17) Asian Development Bank lowers India growth estimates ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Listeners! We await your feedback....⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ The Core and The Core Report is ad supported and FREE for all readers and listeners. Write in to shiva@thecore.in for sponsorships and brand studio requirements For more of our coverage check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecore.in⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Join and Interact anonymously on our whatsapp channel⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to our Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow us on:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Youtube⁠

This week on News Flash, Denker Wulf and Energie Engineering Nord are merging, Tata Power partners with the Asian Development Bank for $4.25 billion in clean energy projects, and TPG is considering buying Siemens Gamesa India assets. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Pardalote Consulting - https://www.pardaloteconsulting.comWeather Guard Lightning Tech - www.weatherguardwind.comIntelstor - https://www.intelstor.comJoin us at The Wind Energy O&M Australia Conference - https://www.windaustralia.com Welcome to Uptime News Flash. Industry news lightning fast. Your hosts, Alan Hall, Joel Saxum, and Phil Totaro discuss the latest deals, mergers, and alliances that will shape the future of wind power. News Flash is brought to you by IntelStor. For market intelligence that generates revenue, visit www.intelstor. com. Allen Hall: Well, Phil, Tata Power has signed a 4. 25 billion memorandum of understanding with the Asian Development Bank for clean energy projects. And the agreement was signed during the ongoing COP 29 conference in Baku, Azerbaijan. The key initiatives coming out Out of this include a 966 megawatt solar wind hybrid project and a pump hydro storage project. Now the partnership will support India's target of 500 gigawatt renewable energy capacity by 2030. This is really important, Phil, because Tata plays a significant role in that. A role in India's economy. Philip Totaro: And not just in renewable energy project development and asset ownership and operations. Obviously they've got automotive, they've got steel making, they do any number of things. They're a pretty diversified industrial company. And what actually a lot of people may not know is Tata Power is actually one of the top five asset owners and operators of renewable energy assets in India already. So getting an additional, MOU signed for, for 4. 25 billion is, is not going to hurt. But keep in mind, they also have broader ambitions outside of India. They, they signed an agreement with a company in Bhutan recently to do a five gigawatt renewable project there. They've had ambition in Sri Lanka and, other kind of regional markets within the Asia Pacific region there that it gives them, they've been kind of quietly going about, spreading their influence. And I, again, I think this is a fantastic move for them and, and to be able to get this Asian Development Bank agreement in place, I think is, if they get 100 percent of that, that money that they're, they're talking about in this MOU, that, that's really gonna help push Tata Power forward. Allen Hall: Well, staying in India, TPG is in advanced talks to acquire the Siemens Gamesa Indian assets. And that deal could, well, it's valued at more than 300 million currently. Now, TPG has emerged as a front runner after outbidding industry players and a number of private equity firms. And Phil, this is a valuable asset. I know a number of companies in India were really shooting for this Siemens Gamesa business. Thank you very much. But TPG has really rocketed to the top. Philip Totaro: Yeah, and it's, it's fascinating because I wouldn't actually have expected private equity to win this one. Mainly because the, what Siemens is, is really offering in terms of their asset portfolio in, in India is their manufacturing facilities. Any operations and maintenance agreements that they have and, and that entire side of the business, I would have thought that, They would have either split off that side of the business. Maybe the Chinese were going to come in and take over the factory space. So this is,

This week on News Flash, Vattenfall invests 5 billion euros in Germany through 2028, Octopus Energy has surpassed two billion dollars in offshore wind investments, and the Asian Development Bank has secured groundbreaking sovereign guarantees for climate finance. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Pardalote Consulting - https://www.pardaloteconsulting.comWeather Guard Lightning Tech - www.weatherguardwind.comIntelstor - https://www.intelstor.comWind Energy O&M Australia Conference - https://www.windaustralia.com Welcome to Uptime News Flash. Industry news lightning fast. Your hosts, Allen Hall, Joel Saxum, and Phil Totaro discuss the latest deals, mergers, and alliances that will shape the future of wind power. News Flash is brought to you by IntelStor. For market intelligence that generates revenue, visit www. intelstor com. Allen Hall: First up, Swedish utility Vattenfall is investing 5 billion euros in Germany through 2028, showing major commitment after selling their Berlin heating business. The company plans to build 500 megawatts of solar parks and 300 megawatts of large batteries annually. Two major offshore wind parks, the Nordelake 1 and 2, will add 1. 6 gigawatts of wind capacity. And they're also investing 500 million euros in EV charging infrastructure. Wow, Phil, Vattenfall's going a little crazy in Germany at the moment. This is a big investment. Philip Totaro: Well, and it's coming at a kind of an interesting time because, there's been some, uh, hard to say whether it's mild or moderate disarray in the German government at this point particularly in terms of the level of support that is, is gonna be provided long term to, to renewables. But Vattenfall at least understands and appreciates the fact that, they've got a pipeline that, that's pretty big besides the Nordlicht 1 and 2 projects. I think they've got an additional 1. 5 gigawatts of onshore wind and or solar and, and battery pipeline That they have in, in Germany. So, they're, they're really swinging for the fences here and committing a rather large amount of capital at 5 billion Euro. So that's it, it's, again, it, it could be challenging short term timeframe, but long term they're positioning themselves to be, as big of a player in, in Germany as they, they are in some of the other markets outside of, of Sweden. Where they operate. Joel Saxum: I think a big part of this five billion euros as well as that Nordlicht one and two for 1. 6 gigawatts of offshore wind capacity, because that's just a lot of money to build that big of wind farms offshore. But when you look onshore in Germany, it's a bit harder to develop wind. You have permitting issues and those kind of things, but the tracks of land, it's not like we're here in the United States where we can put 100, 150 turbines out. The tracks of land are smaller, The setback limits are a lot bigger. They have different rules, right? It's a little operations and maintenance is a bit more difficult, more expensive because you have, it's like you have to test your lightning protection systems every two years. You, you have to have multiple ice detection systems. If you're within a certain setback of a road, there's, there's all kinds of little nuances in Germany there. But Vattenfall clearly sees the the advantages of doing some business there. And I know that Germany as a whole. Like you said, Phil, they're in a little bit of a turmoil right now, but they need it. So good on them. Allen Hall: In our second story, Octopus Energy has surpassed two billion dollars in offshore wind investment...

In this episode, our guest is Jamie Leather, Director of the Transport Group at the Asian Development Bank. Jamie shares insights on the progress and challenges in accelerating electric vehicle adoption across Asia. He discusses the role of strong government policies, financing, and partnerships in driving the transition from internal combustion engines to electric vehicles, with a focus on public transport and infrastructure development. He also highlights some of ADB's interesting projects and explains the sources of grants and concessional funding for which such projects can qualify. Link to ADB's Transport site.  Please join to find more. Connect with Sohail Hasnie: Facebook @sohailhasnie Twitter @shasnie LinkedIn @shasnie ADB Blog Sohail Hasnie

Last month, the Asian Development Bank has forecast that India's economic growth will remain robust with GDP expected to increase by 7% this year and 7.2% next year. The Nifty 50 Index is also at historical highs, having breached the 26,000-point level in late September. Avi Satwalekar, President of Franklin Templeton Asset Management India shares some insights.Image Credit: Shutterstock.com

In episode 3 of our new series Echoes of Impact, we meet Patricia Mulles, an independent consultant specialising in marketing, customer experience, and data governance. As Director and Global Partnerships Head for She Loves Data, a 25,000-member nonprofit, she empowers women to shape a data-driven future. Patricia's forward-thinking approach and dedication to bridging the gender gap in tech make her a key advocate for women in the digital age.Patricia's significant contributions across various industries includes pioneering information systems for the Asian Development Bank, digital transformation projects for Samsung and Pearson, and co-founding tech startups Cross Media and ThumbMOB, as well as iconic art and music bar Big Sky Mind in Manila. Patricia has recently co-launched We Love MarTech, aimed at growing martech literacy in the APAC region. Her work has earned her features in Forbes Asia and Business World, and she was recognised as one of Asia's Women Leaders at the CMO Awards in 2019. Additionally, She Loves Data, the non-profit she leads, was honoured with the "Diversity Initiative of the Year" award by WiT Asia in 2019. Tune in now with our host Payal Nayar.Episode available on all podcast streaming platforms and on YouTube.Apple Podcasts: https://buff.ly/2Vf8vv8⠀Spotify: https://buff.ly/2Vf8uHA⠀-Original music credit: Rish Sharma.His music is available on Spotify, Apple Music, YouTube and other streaming platforms.-October2019 voicesandmore Pte Ltd All rights reservedDo support the show with reviews, shares and a one time donation to help bring you a lot more important content.https://www.paypal.com/paypalme/meltingpotcollective Become a member at https://plus.acast.com/s/melting-pot. https://plus.acast.com/s/melting-pot. Hosted on Acast. See acast.com/privacy for more information.

Dr. Omkar Lal Shrestha is a professor of economics at Singapore National University. He has over 25 years of experience working with the UN and Asian Development Bank in various countries including Bangladesh, Vietnam, China, and Singapore. In this podcast, he explains how Singapore developed in such a short time.

政府からアジア開発銀行の次期総裁候補に推薦され、記者団の取材に応じる神田真人前財務官、１０日午後、財務省鈴木俊一財務相は１０日の閣議後記者会見で、アジア開発銀行の次期総裁候補に、日本政府として、神田真人前財務省財務官を推薦すると発表した。 The Japanese government will recommend Masato Kanda, former vice minister of finance for international affairs, to be the next president of the Asian Development Bank, Finance Minister Shunichi Suzuki said Tuesday.

財務省の神田真人前財務官、７月２６日、ブラジル・リオデジャネイロ政府は９日、アジア開発銀行の次期総裁候補に、内閣官房参与の神田真人前財務省財務官を擁立する方向で調整に入った。 Masato Kanda, Japan's former chief currency diplomat, will likely head the Asian Development Bank, it was learned Monday.

The Dr B S Harishankar Memorial Lecture, Bharatiya Vichara Kendram, Trivandrum, 27th August 2024.A Malayalam version of this has been published by Janmabhumi newspaper at https://janmabhumi.in/2024/09/01/3258051/varadyam/geo-political-implications-for-bangladesh/It was startling to hear from retired Ambassador G Sankar Iyer on Asianet's program with Ambassador TP Sreenivasan that the celebrated Malayalam author Vaikom Mohammed Basheer (once nominated for the Nobel Prize in Literature) said in 1973: “In Bangladesh, we have created yet another enemy.” With his novelist's insight, Basheer understood that the Two-Nation Theory held sway among certain sections of Bengalis.In the current crisis situation in 2024, the ongoing pogrom against Hindus (amounting to a virtual genocide) and the forced resignation of teachers, police officers and other officials based only on the fact that they are Hindus (there are videos that show them being beaten and humiliated even after resigning) suggests that anti-Hindu feeling is running rampant in Bangladesh. It is another kristallnacht.This is coupled with anti-India feeling. For instance, the current floods in Bangladesh are being blamed on India opening a dam in Tripura after torrential rains, although the Indian government has said that it provided all the hydrological data that it always has. The fact of the matter is that the departure of Sheikh Hasina is a blow to India's geo-political ambitions. It now appears as though India erred in “putting all its eggs into one basket” by cultivating only her Awami League, and not the Bangladesh National Party of her arch-rival Khaleda Zia. The indubitable fact that Indian influence in Bangladesh has now been supplanted by forces inimical to India raises the question of who might be behind the regime change operation. Beyond that, there is the question of whether it was indeed a popular uprising based on the suppressed ambitions of the people that led to the ouster of Sheikh Hasina.The third question is what this means for Bangladesh, India and the region going forward, especially as climate change may alter the very geography of the area. It is predicted that as much as 11% of the land area of Bangladesh could be underwater by 2050. This could displace 18 million people, which would lead to unprecedented migration of their population into India. Regime Change operation: Who benefits from it?Cui bono? Who benefits? That Latin phrase is used to consider who might be motivated to commit a crime (the other part is who has the means to commit it). In this case of regime change in Bangladesh, there are several entities who might benefit. Obviously Pakistan. That country has never lived down its balkanization in 1971, and it had a number of its sympathizers already in place at that time. There were many who collaborated with the Pakistani Army in identifying Hindus and facilitating their killing or rape or ethnic cleansing, and also Muslims who were their political opponents. These are the people Sheikh Hasina referred to as “razakars”, and they are essentially in control now. China is a clear winner whenever something happens that hurts India's interests. There is the perennial issue of the Chicken's Neck, that narrow strip of land that connects the Seven Sister states of India's Northeast to the Gangetic Plain. It is a permanent threat to India that somebody (most probably China) will cut this off and truncate India, with the Northeast then becoming part of a Greater Bangladesh, with associated genocide of Hindus and Buddhists. Former Ambassador Veena Sikri spoke to Ambassador TP Sreenivasan about something very odd indeed: Sheikh Hasina made a state visit to China in mid July, and she was thoroughly humiliated there. Xi Jingping refused to meet her; and she cut her visit short by one day and returned to Dhaka. This is an unheard-of protocol violation for a State Visit; what it suggests is that China had decided that Sheikh Hasina was on the way out. This is in sharp contrast to a Xi visit in 2016 when he made grand promises about Belt and Road Initiative investments. The United States also has interests. Sheikh Hasina had alleged two things: * An unnamed Western power wants St Martin's Island (aka Coconut Island) off Cox's Bazaar as a military base to keep an eye on both China and India, * An unnamed Western power intends to form a new Christian Zo nation (for Mizo, Kuki, Chin) just like Christian homelands were carved out in East Timor and South Sudan.The implication was that the unspecified Western power was the US. It is not entirely clear that the US benefits greatly from a military base in the Bay of Bengal but there has been a long-running Great Game initiated by the British to keep India down as a supplier of raw materials and a market for their products. The US may have inherited this mantle.Intriguingly, the US Deep State and its proxies in the Western media had built a narrative around Sheikh Hasina as a model leader for developing Asia, a woman who also succeeded in improving the economic status of her country. That Bangladesh's per capita GDP had overtaken India's, and that its garment industry was doing well were used to mock India's own economic achievements. The switch to Hasina being a ‘dictator' was a sudden change in narrative.There is, therefore, enough circumstantial evidence to suggest that there was a foreign hand in the happenings in Bangladesh, although we will have to wait for conclusive evidence. Was this indeed a regime-change coup or a true popular uprising?It is true that Bangladesh under Sheikh Hasina's fifteen-year rule was not a perfect democracy. But there are mitigating factors, including a violent streak that led to the assassination of her father and independence hero Sheikh Mujibur Rahman just four years after the bloody birth of the new State after the Pakistan Army's assault on its Bengali citizens. The toppling and desecration of his statue shows that his national hero status may not be accepted by the entire population: in fact it looks like friends of Pakistan wish to erase his entire legacy. The history of democracy in independent Bangladesh is checkered and marred by violence. Before he was deposed and killed in 1975, Mujibur Rehman himself had banned all opposition parties. After Mujib, there was outright military rule till 1986, when the erstwhile Chief Martial Law Administrator Hussain Mohammed Ershad became the elected President. When Ershad was deposed after (student-led) agitations in 1991, Khaleda Zia (BNP or Bangladesh National Party) became the PM and after that she and her arch-rival Sheikh Hasina (Awami League) alternated in power. The BNP boycotted the 2018 elections partly because Khaleda Zia was jailed on allegations of corruption. In all of these twists and turns, ‘students' were involved. In 1971, when Yahya Khan launched Operation Searchlight, the Pakistani army went straight for students and professors in Dhaka University, especially if they were Hindus. Later too, ‘student' protests were instrumental in the overthrow of Ershad. The proximate cause of the troubles in 2024 was also a ‘student' uprising. There had been a 30% quota in government jobs for the children of freedom fighters; along with other such set-asides e.g. for minorities and women, a total of 56% of government jobs were ‘reserved' by 2018. This reservation system was largely abolished by Sheikh Hasina's government in 2018 after yet another student agitation. In June 2024, a High Court in Bangladesh overturned the 2018 judgment as unconstitutional. Even though the Supreme Court reversed it, and restored the status quo ante (of drastically reduced reservations to 7% in total), the peaceful ‘student' agitation suddenly morphed into a violent confrontation led by members of the Jamaat e Islami (an Islamist party) and the BNP. There was police firing. The Daily Star, a respected daily, found out that 204 people were killed in the first few days, out of which only 53 were students. It appears the supposed ‘student revolution' was taken over by professional agitators and agents provocateurs, and it rapidly led to the overthrow of Sheikh Hasina, with escalating violence, especially against Hindus, and the Army getting involved. Even though the Army is in charge now, there is a smokescreen of an ‘interim government' that allows entities like the UN an excuse to not impose sanctions on Bangladesh. It is hard to take it on face value that this was a popular uprising; circumstantial evidence suggests that there was a clear agenda for regime change, and since it suits both China and the US to keep India constrained, either of them could have been behind it. The diplomatic snub to Hasina in July suggests the Chinese were well aware of the coming coup. On the other hand, the sudden U-turn in the narrative about Hasina in the Western media suggests that the US might have decided to dump her. The process by which the regime change happened is also similar to what happened in other countries that experienced ‘color revolutions'. The actions of the National Endowment for Democracy (NED), and of some diplomats in supporting the BNP, have been offered as possible evidence of US bad faith.What is obvious is the role of the fundamentalist group, the Jamaat e Islami, which has strong connections with Pakistan. It seems likely that they were the enforcers, and had invested assets within the armed forces. They have called for the secular Bangladesh constitution to be replaced by Islamic Sharia law, and for non-Muslims to be treated as second-class citizens. The Yunus government has just unbanned the Jamaat e Islami.The attacks on Hindus, including large numbers of lynchings, rapes, and abductions of women, suggests that there is a religious angle and the Jamaat e Islami's prejudices are coming to the fore. Notably, the entire Western media, Amnesty International, the United Nations, and the USCIRF, human rights specialists all, had nothing at all to say about the horrific oppression of Hindus. The New York Times even had a headline about “revenge killings” of Hindus, as though somehow the 8% minority Hindus had been responsible for whatever Sheikh Hasina was accused of. Upon being called out, the NYT changed the headline to just  “killings” of Hindus with no explanation or apology.The role of Professor Mohammed Yunus is also intriguing: he had been invited to head an interim government in 2007 but abandoned the attempt and in fact left politics. He had been close to Sheikh Hasina at one point, for instance he got the licenses for his Grameen Phone during her rule, but they later fell out. Yunus' Nobel Peace Prize and his earlier stint in the US have raised questions about whether he is in fact managed by US interests.Given all this, it is much more likely that it was a coup than a popular agitation. It remains to be seen who was behind the coup. What next for India and the region?There are several long-term challenges for India. None of this is positive for India, which is already facing problems on its periphery (eg. Maldives and Nepal). The coup in Bangladesh also makes the BIMSTEC alliance as unviable as SAARC.1. Deteriorating India-Bangladesh RelationsThe overthrow of Sheikh Hasina, seen as a close ally of India, has led to a rise in anti-Indian sentiment in Bangladesh. The new government may not be as friendly towards India, especially on sensitive issues like trade and security. This could jeopardize the gains in bilateral ties over the past decade. The presence of hardliners among the ‘advisers' to the interim government suggests that India will have little leverage going forward.2. Increased Border Security RisksIndia shares a long, porous border with Bangladesh. The political instability and potential increase in extremist groups could lead to more infiltration, smuggling, and illegal migration into India's northeastern states, posing internal security risks. Monitoring the border region will be critical. As it is, there are millions of illegal Bangladeshis and Rohingya residing in India, which actually poses a threat to internal Indian security.3. Economic FalloutBangladesh is India's largest trading partner in the region, with $13 billion in commerce under the Hasina government. A deterioration in relations could hurt Indian exports and investments. The economic interdependence means India also has a stake in Bangladesh's stability and prosperity. Brahma Chellaney pointed out that Bangladesh is in dire straits, and has requested $3 billion from the IMF, $1.5 billion from the World Bank, and $1 billion each from the Asian Development Bank and the Japan International Cooperation Agency to tide over problems. 4. Climate Change ChallengesBoth countries are vulnerable to the effects of climate change, including rising sea levels, floods, droughts and extreme weather events. Bangladesh is especially at risk due to its low-lying geography. Millions of climate refugees could seek shelter in India, straining resources and social cohesion.  5. Geopolitical ImplicationsThe regime change has opened up space for China to expand its influence in Bangladesh. India will need to balance its ties with the new government while countering Chinese inroads in the region. The U.S. is also closely watching developments in Bangladesh. Instability in the region plays into the hands of Pakistan, whose medium-term ambition would be to detach India's Northeast as revenge for the creation of Bangladesh and for increasing normalization in J&K.6. Quota ImplicationsIndians, especially those agitating for ‘proportional representation' should note that the Bangladesh quota system was abolished in its entirety by Sheikh Hasina's administration in 2018 in response to student demands. India has a constitutional limit of 50% for reservations, but some are agitating for even more, which is a sure recipe for resentment and possibly violence. It is not inconceivable that it could be the spur for regime change in India as well.7. Human rights for Hindus and Buddhists; Citizenship Amendment Act and the Right to ReturnThe Hindu population in Bangladesh has fallen dramatically from about 28% in 1971 to about 8% now, and there is every indication that this is a demographic under extreme duress. Buddhist Chakmas in the Chittagong Hill Tracts are also under stress. India should enhance the CAA or create a formal Right to Return for Hindu and Buddhist Bangladeshis. Writing in Open magazine, Rahul Shivshankar pointed out that Hindus had faced attacks and threats in 278 locations across 48 districts.In summary, the fall of the Hasina government and the long-term threat of climate change compel India to rethink its Bangladesh policy. Fostering stable, democratic and economically prosperous neighbors is in India's own interest. Rebuilding trust and deepening cooperation on shared challenges will be key to navigating the new realities in the region.2350 words, Aug 26, 2024 Get full access to Shadow Warrior at rajeevsrinivasan.substack.com/subscribe

Dr. Omkar Lal Shrestha is a professor of economics at Singapore National University. He has over 25 years of experience working with the UN and Asian Development Bank in various countries including Bangladesh, Vietnam, China, and Singapore. In this podcast, he discusses the US dollar, the International Monetary Fund, and dedollarization.

Please text on topics, guest ideas, comments. Please include your email if you want a reply.In this episode we analyse national and corporate transition trends in Asia. We have invited a distinguished guest to discuss this topic: Prof. Dr. Sayuri Shirai. Dr. Shirai is an Advisor for Sustainable Policies at the Asian Development Bank Institute. She is also a professor of economics at Keio University. We discuss areas such as adaptation and mitigation in Asia. We also cover the phase-down or phase-out of coal-fired power plants. Additionally, we explore corporate climate disclosure and transition planning.ABOUT DR SAYURI SHIRAI. Sayuri Shirai has been the Asian Development Bank Institute's Advisor for Sustainable Policies since 2022. She is also currently a professor of economics under Keio University's faculty of policy management since 2016. From 2020-2021, she was a senior advisor to London-based EOS at Federated Hermes, which provides environmental, social, and governance (ESG)-related stewardship services on firms and public policy. She was a full-time member of the Policy Board of the Bank of Japan from 2011-2016, participating in making decisions on monetary policy and other central banking matters. She also taught at Sciences Po in Paris from 2007–2008 and served previously as an economist at the International Monetary Fund. She has published extensively on topics such as central bank digital currency, monetary policy, global finance, and ESG investment. She is also a contributing writer to the Japan Times and a frequent Japanese and international media commentator on Japan's economy and global monetary policies. She holds a PhD in economics from Columbia University. FEEDBACK: Email Host | HOST, PRODUCTION, ARTWORK: Joseph Jacobelli | MUSIC: Ep0-29 The Open Goldberg Variations, Kimiko Ishizaka Ep30- Orchestra Gli Armonici – Tomaso Albinoni, Op.07, Concerto 04 per archi in Sol - III. Allegro. |

At the 56th Annual FCI Meeting in Seoul, Deepesh Patel, Editorial Director at Trade Finance Global, was joined on Trade Finance Talks by Steven Beck, Head of Trade and Supply Chain Finance, Asian Development Bank to discuss the role of MDBs in the facilitation of trade and supply chain finance.    Read the article here: https://www.tradefinanceglobal.com/posts/podcast-s2-e18-steven-beck-on-the-development-and-role-of-mdbs-in-global-trade/ 

Episode Notes Last-minute travel booking sites have often done well during economic downturns. Executive Editor Dennis Schaal provides information about companies like last-minute vacation rental site Whimstay, which has announced discounted inventory deals with several major travel brands.   Whimstay recently unveiled a partnership with Expedia Group and Vrbo that will furnish the company with up to 250,000 new listings. Whimstay, which targets Millennial and Gen Z travelers, gets its inventory from property managers eager to offer rooms at discounted rates rather than see them unoccupied.  Schaal notes the partnership, to be implemented during the third quarter of this year, will enable travelers to access discounts on Whimstay, especially when they book within 30 days of the stay.     Next, tours and activity brand Viator has unveiled two new ads with the catchphrase “Regret Less. Do More” that highlight travel mishaps and how Viator could have helped avoid them, writes Travel Experiences Reporter Jesse Chase-Lubitz.  One ad features a family on an empty, rundown bus in London while the other shows two people hanging from a cliff after a mountain biking trip goes haywire. The campaign emphasizes Viator's offerings, such as guided tours and an option for free cancellations.  Viator said it wants to avoid the temptation of producing typical ads with smiling people against beautiful backdrops.  Finally, international air travel from China is making progress in its recovery from the pandemic. But getting back to 2019 levels is taking longer than anticipated, writes Reporter Christiana Sciaudone. Sciaudone notes the number of flights between China and the U.S. will be a quarter of pre-Covid levels this year due to China's weak economy and geopolitical tensions between the two countries. In addition, a study by the Asian Development Bank found that the aviation industry should prepare for a “possible permanent reduction in future growth” in air travel from China.  Get more travel news at https://skift.com Producer/Presenter: Jose Marmolejos

In the latest New Money Review podcast, I interview Richard Comotto, a specialist in repo, the multi-trillion dollar marketplace used by large financial institutions to borrow and lend money in the short term.Richard, who started his career at the Bank of England, works for the International Capital Markets Association (ICMA), for whom he has authored the ICMA “Guide to Best Practice in the European Repo Market”, its website FAQs on repo and the semi-annual survey of the ICMA European repo market, which has been running since 2000. He has also advised on the development of domestic money and repo markets for bodies such as the Asian Development Bank, the International Monetary Fund and the World Bank. He is also co-founder and chief product officer at London Reporting House, a fintech providing data and analytics on the repo market.In the podcast, we cover:What is the repo market?The role of repo in the bond marketsDid repo help trigger the 2008 financial crisis?The difference between repo and a pledgeThe difference between repo and a securities loanWhy repo has largely replaced unsecured wholesale lendingWhen and how can repo go wrong?How do central banks use repo?Is quantitative tightening (QT) the reverse of quantitative easing (QE)?The effect of blockchain on the repo marketHow shorter settlement cycles affect repoCould central clearing trigger a repo market accident?

In this episode of Walk Talk Listen we sit down with Glenn Denning, Professor of Professional Practice and founding Director of the Master of Public Administration in Development Practice (MPA-DP) at Columbia University's School of International and Public Affairs (SIPA). Glenn shares his extensive experience in international agriculture and food security, reflecting on his significant contributions to institutions like the International Rice Research Institute, the World Agroforestry Centre, and the Earth Institute. He discusses the establishment of the Global Agriculture and Food Security Program (GAFSP) and his advisory role with the Asian Development Bank on aligning its strategy with the 2030 Agenda and the SDGs. Glenn also highlights his new book, "Universal Food Security: How to End Hunger While Protecting the Planet." The conversation delves into the importance of sustainable development and the challenges of achieving universal food security. He emphasizes the need for a holistic approach that balances agricultural productivity with environmental conservation. Maurice and Glenn explore various strategies and policies that can drive meaningful change, drawing from Glenn's extensive career and recent work. This episode provides valuable insights into the intersection of agriculture, food security, and sustainable development, making it a must-listen for anyone interested in these critical global issues.   Listener Engagement: Discover the songs picked by Glenn and other guests on our #walktalklisten here.  Connect with Glenn's SIPA: Instagram, Twitter, YouTube and Facebook Share your thoughts on this episode at innovationhub@cwsglobal.org. Your feedback is invaluable to us. Follow Us: Support the Walk Talk Listen podcast by liking and following us on Twitter and Instagram. Visit our website at 100mile.org for more episodes and information about our initiatives. Check out the special WTL series "Enough for All" featuring CWS, and as well as the work of the Joint Learning Initiative (JLI).

Looking back on the Asian Development Bank's Asia Clean Energy Forum (ACEF), WRI experts, Marlon Apanada and Jennie Chen explain the important role that WRI plays as a thought-leader, as well as convening stakeholders and implementing innovating solutions to help Asia achieve its clean energy transition goals. Apanada and Chen explore pre-conference predictions and anticipate upcoming major regional agreements that will impact the future of renewable energy on the continent, as well as how WRI's work aids Asia in meeting these goals while ensuring benefits for people, nature and climate.

As ACEF 2024 wraps up, WRI brings you a closer look at the innovative aspects of agrivoltaics that China is tapping into to reach its goal of tripling renewable energy by 2030. Looking beyond the clean energy conference, Shengnian Xu, a research associate in WRI China's Energy program, sees WRI being well-positioned to help lead the global discussions around critical minerals...a topic that dominated the discussions at the Asian Development Bank's week-long event. Check out our full coverage of ACEF at: https://www.wri.org/podcasts

In a landmark move towards modernising its trade framework, the Mongolia National Chamber of Commerce and Industry (MNCCI) has embarked on an innovative initiative to utilise Blockchain and Distributed Ledger Technology (DLT) for issuing Certificates of Origin (COOs). This effort is poised to streamline operations under various trade agreements, including the Generalized System of Preferences for 37 countries, the Asia-Pacific Trade Agreement (APTA) for six countries, and the Mongolia-Japan Economic Partnership Agreement (EPA). Mongolia and Blockchain The traditional process of verifying the authenticity of COOs has long been plagued with inefficiencies. Businesses frequently encounter inconsistencies, necessitating direct verification with the MNCCI - a process that incurs additional costs and delays, undermining the advantages of preferential trade arrangements and heightening the risk of fraud. In a decisive response to these challenges, the MNCCI, with support from the Asian Development Bank's (ADB) Digital Learning Labs and in collaboration with ADB's East Asia Department (EARD), embarked on an exploratory venture into blockchain technology. The stringent criteria for the project demanded an innovative solution that ensured security, efficiency, and scalability. Morpheus.Network, a firm renowned for its expertise in blockchain services, was selected as the partner for this initiative. Between April and November 2023, Morpheus.Network developed a Minimum Viable Product (MVP) that digitises, tracks, and manages the digital footprints of COOs on the blockchain. This pioneering approach promises to eliminate the inefficiencies of paper-based systems, providing an immutable record of authenticity and enhancing security and trust among all stakeholders. The blockchain solution, aptly branded as "Trust Powered by Blockchain," integrates seamlessly with MNCCI's existing systems, ensuring a smooth transition with minimal operational disruption. Despite the complexities inherent in integrating such advanced technology into established infrastructures, Morpheus.Network delivered the project within the stipulated timeframe and budget. Their adept problem-solving skills, responsiveness to MNCCI and ADB requirements, and ability to navigate challenges were particularly noteworthy. Looking to the future, MNCCI is keen on expanding this solution through partnerships with international donor organisations, underscoring its commitment to leveraging cutting-edge technology for enhanced transparency and efficiency in international trade. See more breaking stories here. More about Irish Tech News Irish Tech News are Ireland's No. 1 Online Tech Publication and often Ireland's No.1 Tech Podcast too. You can find hundreds of fantastic previous episodes and subscribe using whatever platform you like via our Anchor.fm page here: https://anchor.fm/irish-tech-news If you'd like to be featured in an upcoming Podcast email us at Simon@IrishTechNews.ie now to discuss. Irish Tech News have a range of services available to help promote your business. Why not drop us a line at Info@IrishTechNews.ie now to find out more about how we can help you reach our audience. You can also find and follow us on Twitter, LinkedIn, Facebook, Instagram, TikTok and Snapchat.

To uncover more about how digital innovation is poised to revolutionise this vital field and enhance transparency, security, and inclusivity in global trade, Trade Finance Global (TFG) spoke with Steven Beck, Head of the Trade Finance Private Sector Operations Department at the Asian Development Bank and Neil Shonhard, CEO of MonetaGo. Read the article here: https://www.tradefinanceglobal.com/posts/podcast-s2-e8-it-takes-a-village-adb-and-monetago-on-digital-trade-and-partnerships/

Christopher Luxon is defending spending millions on clean energy in Asia while cutting costs and Government jobs in New Zealand.  The Government has committed $41 million towards an Asian Development Bank clean energy transition initiative.  Luxon says the funding demonstrates New Zealand's commitment to help reduce global carbon emissions.  He told Mike Hosking the money comes out of an existing budget, specifically set aside for overseas projects like these.  He understands things are tough in New Zealand at the moment, but the Government needs to do what it can to get the books back in shape.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Hear from Daniel Wagner, CEO of Country Risk Solutions, about the complexities of the global geopolitical risk landscape. In these volatile and uncertain times, identifying, measuring and managing geopolitical risk is a daunting task. Everywhere we turn, geopolitical struggles are grabbing headlines, whether we're talking about, for example, the Israel-Hamas and Russia-Ukraine wars, U.S.-China strategic relations, or Red Sea hostilities. These multi-layered events are having a huge impact across the risk management spectrum, affecting everything from market risk to supply-chain risk to credit risk, cyber risk and liquidity risk. Complicating matters further, they are idiosyncratic and very difficult to predict. Keeping all this in mind, there are certainly still steps that financial risk managers can take to better measure and mitigate geopolitical threats. Our guest speaker, Daniel Wagner, is the perfect person to shed light on today's complex geopolitical environment and to peer into the future.  Links From Today's Discussion: GARP Benchmarking Initiative (GBI)®   Speaker's Bio Daniel Wagner, founder and CEO, Country Risk Solutions Daniel has more than three decades of experience assessing cross-border risk. He is an authority on political risk insurance and analysis and has worked for some of the world's most respected and best-known companies, including AIG, GE, the African Development Bank, the Asian Development Bank, and the World Bank Group. Until the end of 2023, he was Adaptation Finance Lead and Technical Advisor on Private Capital Mobilization for COP28 in Abu Dhabi. Prior to that, he was Senior Investment Officer for Guarantees and Syndications at the Asian Infrastructure Investment Bank in Beijing and Abu Dhabi. Daniel has published 10 books – Decision-Making in the Polycrisis Era, The Chinese Epiphany, The Chinese Vortex, The America-China Divide, China Vision, AI Supremacy, Virtual Terror, Global Risk Agility and Decision-Making, Managing Country Risk, and Political Risk Insurance Guide – as well as more than 700 articles on current affairs and risk management. He is a regular contributor to such publications as the South China Morning Post, Sunday Guardian, Diplomatic Courier and Fair Observer, among many others. Please see www.countryrisksolutions.com for a full listing of his publications and media interviews.

While much of the western world struggles with depressed economies, the Asian Development Bank, the ADB, is predicting mostly healthy growth across the Pacific over the next several years.

Ep#089 Kshitiz Dahal is an economist at South Asia Watch on Trade, Economics and Environment with key interests in international trade, development economics, and econometrics. He has worked extensively in Nepal's international trade, trade in digital services, migration and remittances, Nepal's industrial policy, and public debt. He has contributed to the research initiatives of international organizations, including the Asian Development Bank, United Nations Economic and Social Commission for Asia and the Pacific and Organisation for Economic Co-operation and Development. Aslesh and Kshitiz discuss Nepal's public debt, exploring its origins, implications, and current scenario. Beginning with an examination of the concept of public debt and historical examples worldwide, they unravel the rising concerns surrounding Nepal's per capita debt. Through an analysis of various indicators and drivers behind the recent surge in public debt, they navigate the intricate landscape of debt financing and its repercussions on the Nepali economy and society. From understanding key lenders to dissecting the explicit and implicit costs associated with debt servicing, we shed light on the multifaceted nature of this economic phenomenon. If you liked the episode, hear more from us through our free newsletter services, PEI Substack: Of Policies and Politics, and click here to support us on Patreon!!   

On this episode of About Sustainability…, Andre,  Alice and Simon celebrate the contribution of an IGES legend, Mr Hideyuki Mori. Mori-san has been a leader at IGES for most of the institute's history, following diverse experience at other institutions including the United Nations Environment Programme and Asian Development Bank. He retired last year and we wanted to speak to him about his career including his long tenure at IGES. In this discussion we also reminisce about long-time colleague Peter King, who appeared on the podcast last year, but unexpectedly passed away a few months ago.  Mori-san and Peter were friends, and played a key role in steering IGES' course as in international institute.This episode will probably be of particular interest to IGES staff members or prospective IGES staff, but there should be something for anyone who is interested in careers in the environment. "About Sustainability..." is a podcast brought to you by the Institute for Global Environmental Strategies (IGES), an environmental policy think-tank based in Hayama, Japan. IGES experts are concerned with environmental and sustainability challenges. Everything shared on the podcast will be off-the-cuff discussion, and any viewpoints expressed are those held by the speaker at the time of recording. They are not necessarily official IGES positions.

Henry Cornwell is a lawyer with the Asian Development Bank and a passionate environmentalist who explores the role of the rule of law in preserving natural capital for the next generation. We touch upon the evolution of today's car from the early invention of the bicycle and its impact on society. Henry literally “talks the talk” and runs to his work at least three days a week and avoids all forms of machine-driven transport. He also explored his views on autonomous vehicles and the overall adoption of electric vehicles.   Connect with Sohail Hasnie: Facebook @sohailhasnie Twitter @shasnie LinkedIn @shasnie ADB Blog Sohail Hasnie

David Morgado, a Senior Energy Specialist at the Asian Development Bank, discusses clean energy initiatives across Asia and the Pacific. David highlights the drivers, challenges, and opportunities for investment in energy efficiency and clean energy solutions. He emphasizes the urgent need for regional collaboration and invites all listeners to participate in ADB's Asia Clean Energy Forum from June 3-7, 2024. Connect with Sohail Hasnie: Facebook @sohailhasnie Twitter @shasnie LinkedIn @shasnie ADB Blog Sohail Hasnie  

The sizzle has come off of China's decades of economic growth, as the country contends with deflation, slumping consumer confidence, plummeting foreign investment, a cratered urban property sector, high local government debt, overcapacity in manufacturing, and a private sector cowed by government crackdowns, as well as a shrinking workforce and an aging population.For all that, China is still the world's second largest economy, the largest trading partner of most of the world's countries, and one of the world's biggest bilateral lenders. And China listed its economic growth rate in 2023 as a respectable 5.2 percent, causing more than one economist to raise a eyebrow.  How to make sense of all this, and get an idea of what China's options are to sustain a future path of comfortable economic growth?  Settle back, put your earbuds in, and listen as the two respected China-born economists in this episode lay out the challenges, choices, and possibilities that could shape China's future.Tao Wang, author of Making Sense of China's Economy  (2023) is chief China economist, managing director, and Head of Asia Economic Research at UBS Investment Bank in Hong Kong, and was formerly an economist at the International Monetary Fund.  Her research on China covers a wide range of topics including monetary policy, the debt problem, shadow banking, local government finance, US-China trade disputes, supply chain shifts, RMB internationalization, the property bubble, the demographic challenge, the urban-rural divide, and the long-term growth potential. Dr. Wang has been consistently ranked as one of the top China economists by institutional investors. She is an invited fellow of the China Finance (CF) 40 Forum and a member of the China Global Economic Governance 50 Forum. Yasheng Huang, author of Capitalism with Chinese Characteristics: Entrepreneurship and the State (2008, now being updated), The Rise and Fall of the East: How Exams, Autocracy, Stability and Technology Brought China Success, and Why They Might Lead to Its Decline (2023) , and nine other books in English and in Chinese, holds the Epoch Foundation Professorship of Global Economics and Management at MIT Sloan School of Management, and founded and runs MIT's China Lab, India Lab, and ASEAN Lab.  Dr. Huang is a 2023-24 visiting fellow at the Kissinger Institute at the Woodrow Wilson Center in Washington DC. The National Asia Research Program named him one of the most outstanding scholars in the United States conducting research on issues of policy importance to the United States. He has served as a consultant at World Bank, Asian Development Bank, and OECD.The China Books podcast is hosted and produced by Mary Kay Magistad, a former award-winning China correspondent for NPR and PRI/BBC's The World, now deputy director of Asia Society's Center on U.S.-China Relations. This podcast is a companion of the China Books Review, which offers incisive essays, interviews, and reviews on all things China books-related. Co-publishers are Asia Society's Center on U.S.-China Relations, headed by Orville Schell, and The Wire China, co-founded by David Barboza, a former Pulitzer Prize-winning New York Times China correspondent. The Review's editor is Alec Ash, who can be reached at editor@chinabooksreview.com.

While we usually speak with our customers or partners on the Ciena Insights Podcast, in this special episode, we speak with Yoonee Jeong, a Senior Digital Technology Specialist with the Asian Development Bank's Digital Technology for Development Division to get a different perspective on what is driving connectivity in Asia. Yoonee also shares with us what more can be done by the public and private sectors and the impact of continued innovation.

Pushpendra Mehta meets with Paul Galloway, Senior Director, Advisory Services at Strategic Treasurer, to review the latest treasury news and developments. Topics of discussion include the following: 1:40 Part 1: Top 8 areas of priority for corporate treasury in 2024 10:54 ING to ditch upstream oil and gas business by 2040 19:05 Asian Development Bank bullish on growth in India and China 24:26 China uses digital yuan for gold cross border payments

On this rebroadcast of the Core Report Weekend Edition, financial journalist Govindraj Ethiraj talks to Economist Arvind Panagariya. He is the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University and is also the Director of Deepak and Neera Raj Center on Indian Economic Policies at School of International and Public Affairs at Columbia University in New York City. He served as first vice-chairman of the government of India think-tank NITI Aayog between January 2015 and August 2017.Professor Panagariya is a former Chief Economist of the Asian Development Bank and was on the faculty of the Department of Economics at the University of Maryland at College Park from 1978 to 2003. During these years, he also worked with the World Bank, IMF and UNCTAD in various capacities. Professor Panagariya has authored more than fifteen books. His book India: The Emerging Giant (2008, OUP, New York) was listed as a top pick of 2008 by The Economist and described as the “definitive book on the Indian economy” by Fareed Zakaria of the CNN. The Economist has described his book, Why Growth Matters, (with Jagdish Bhagwati) as “a manifesto for policymakers and analysts.”In this conversation you will learn about the significance of exports in global trade, how exports influence economic growth, how Indian real estate laws restrict growth, who Harish Ahuja is, why businesses should focus more on non-tech related sectors and more.Connecting the Dots with Professor Arvind Panagariya on YoutubeFor more of our coverage check out thecore.inSubscribe to our NewsletterFollow us on:Twitter | Instagram | Facebook | Linkedin | Youtube | Telegram

Professor Ilan Noy is the Chair in Economics of Disasters and Climate Change - Te Āwhionukurangi, at Te Herenga Waka – Victoria University of Wellington. Ilan's research and teaching focus on the economic aspects of natural hazards, disasters, climate change, and other related topics in environmental, development, and international economics. Ilan is also the founding Editor-in-Chief of the SpringerNature journal Economics of Disasters and Climate Change. Having previously worked at the University of Hawai'i and consulting for the World Bank, Asian Development Bank, and Inter-American Development Bank (to name a few!), Ilan brings a wealth of knowledge to this conversation.Professor Noy recently co-authored an article, published in Nature Communications, assessing the global cost of extreme weather attributable to climate change. Their findings revealed that extreme events attributable to climate change cost the world US$143 billion per year, yet the loss and damage funding agreement arrived at from COP27 will only offer an average of US$10 billion a year – a drop in the bucket compared to what's truly needed. Ilan unpacks the paper's findings and much more in our conversation.In this episode, we discuss:Ilan's personal and professional backgroundThe diversity of topics that fall under the umbrella of the economics of disasters and climate changeThe driving force behind establishing the Journal Economics of Disasters and Climate ChangeLack of consideration towards climate change in the field of economicsThe deficiencies of current assessment methods regarding the financial costs of climate changeConsidering the wide-ranging damage costs associated with climate change, as well as the costs associated with the loss of human lifeThe need to reduce vulnerabilities and exposure to avoid increased costs associated with anthropogenic extreme weather eventsHow economists attach a dollar value to human lifeWhich countries and regions of the world feel the impact mostThe lack of economist engagement with the IPCCChanging the dialogue in future COPsPrioritising financial support where it's truly neededTo view all the links to the websites and documents, visit the show notes on our website. Don't forget to subscribe to this podcast, leave us a review and share this episode with your friends and family.Please support our work and enable us to deliver more content by buying us a coffee.Follow us on Instagram, Facebook, and LinkedIn.

Ahmed Saeed of Allied Climate Partners and formerly the Asian Development Bank joins CGD's Karen Mathiasen and Clemence Landers for a conversation on his organization's new approach to blended finance, how to bridge the private and public sectors more effectively, and how to balance climate mitigation with traditional development goals. 

Tamar Gutner, associate professor of international affairs at American University's School of International Service, leads the conversation on the international financial architecture. FASKIANOS: Thank you. Welcome to today's discussion of the Fall 2023 CFR Academic Webinar Series. I'm Irina Faskianos, vice president of the National Program and Outreach at CFR. Thank you for joining us. Today's discussion is on the record and the video and transcript will be available on our website, CFR.org/academic if you would like to share them with your colleagues or classmates. As always, CFR takes no institutional positions on matters of policy. We are delighted to have Tamar Gutner with us to discuss the international financial architecture. Dr. Gutner is an associate professor at American University's School of International Service, and expert on the performance of international organizations and their roles in global governance. In 2019, she held a CFR Fellowship for Tenured International Relations Scholars at the International Monetary Fund's Independent Evaluation Office. She is the author of International Organizations in World Politics, published by CQ Press; and Banking on the Environment: Multilateral Development Banks and Their Environmental Performance in Central and Eastern Europe, published by MIT Press. And she recently completed a book manuscript on the birth and design of the Asian Infrastructure Investment Bank and its role in the landscape of development banks. So, Dr. Gutner, thank you very much for being with us today. I thought we could begin by having you outline for us the various change-related proposals and activities facing the World Bank, other multilateral development banks, and the International Monetary Fund. Just a small question, but—(laughter)—over to you. GUTNER: Thank you. Thank you, Irina, for introducing me, and thank you for having me as part of this seminar. I think these seminars are just a fantastic way for scholars, professors, students, and others to engage with these important issues, and I'm really excited to see so many people from around the world and professors and students and I see some colleagues in the audience. So I'm really looking forward to engaging with all of you. Right, so this is a critical time for the IMF and the World Bank and other development banks because their importance has been heightened by the need for them to respond to the various crises and challenges that we're facing now. Many of these, as you know, are quite difficult to solve, like climate change. And the world is also dealing with the ongoing economic and social and health repercussions from the pandemic, the repercussions of Russia's invasion of Ukraine including food insecurity. And we're also living in a time when a lot more countries are at high risk of debt distress, and it's a time when it's becoming clear that progress toward achieving the Sustainable Development Goals are stalling. We also have major geopolitical tensions, which is an issue as well. So the IMF and the World Bank are leading international organizations in this scenario today. The IMF has been called the center of the global financial safety net. And the World Bank, meanwhile, is the leading multilateral source of climate finance, and is also playing a huge role in responding to various development challenges that impact its borrowing countries. And also, the regional development banks are addressing these issues as well. So for people who support multilateralism, there's widespread agreement that no one state or actor can solve any of these cross-border issues on their own. And that means we're living in a time when cooperation and multilateral action is absolutely essential, and these people agree we need more to be done to address these issues. But we're also living in a time when many states have inward-looking politics, where there's rising nationalism and populism. And this has produced people and leaders who either don't see the value of international organizations (IOs) like the World Bank and IMF or they see them as contrary to national interests. The IOs themselves—the international organizations themselves—also struggle with relevance sometimes and mixed performance sometimes. And the IMF and World Bank constantly face criticism. They're always being criticized. But I think one important thing to remember is that there's no consensus among the critics. There are always people who want them to do more. There are people who want them to be abolished. So when you're exploring the kind of critiques of these organizations it's important to keep that in mind, just they're coming from different actors and they have different thoughts. And, meanwhile, these institutions themselves, they have—it's tricky for them because they have a tough job. They have to be responsive to their member-state shareholders, who don't always agree with each other. They have to try to be responsive to other stakeholders, for example civil society actors; they don't always agree with each other or with their member states. And so these institutions are constantly being pulled in different directions and they have to navigate that. To their credit, they do try to adapt and adjust, not always effectively. And there's also variation in what they've done well and haven't done well. But it's precisely at this time today with these international crises that the Bank and the Fund and the other MDBs—multilateral development banks—have to try to do better. And what I want to do is offer you a brief overview of some of their efforts to do so and some of the challenges that face these efforts. So I'll begin with the World Bank, which is in the midst of a process to figure out how to update its mission, its vision, its strategy, and its operating model. And this is a process that has been driven by shareholders, including the G20 members, and lots of other consultations. Last fall—well, first of all, I want to say there are a number of proposals on the table on how to reform the World Bank and other MDBs, and they have in common calling for these institutions to do a lot more to address climate change and other global public goods. And some of them call for more effort to better engage with private capital and to rethink how these institutions, which are in part banking institutions, how they can maximize the impact of their capital. So last fall the World Bank embarked on what's been called an evolution roadmap to think through ideas for what should be done. This came out late last year amid calls for the Bank to be bigger and better. And this initiative was launched by U.S. Treasury Secretary Janet Yellen a year ago, and she led an effort with other non-borrowing and borrowing countries to call for the whole multilateral development bank system to evolve. As she put it, the world has changed and we need these vital institutions to change along with it. So the idea underlying all of these proposals is for MDBs to be more innovative and efficient. India made MDB evolution a priority in its presidency of the G20 this year, and there have been different expert panels that have also called for radically reformed and strengthened multilateral development banks. So what's interesting for this audience is this evolution roadmap process will eventually turn into the World Bank's strategy, its corporate strategy, and the latest version of it will be discussed next week at the IMF-World Bank annual meetings in Marrakesh. So if you're interested in following that, keep your eyes on the news. And the latest version is seeking approval for measures that will allow the World Bank to boost its lending by $100 billion. So this—the document circulating now for the development—the Joint Ministerial Committee of the World Bank and IMF—and we'll see what happens with it. And I'm happy to talk more about the document itself in the Q&A. These efforts to reform the World Bank are also impacting other regional development banks. So, for example, the Asian Development Bank recently announced it, too, will lend an additional $100 billion over the next ten years by relaxing some of its risk rules for its banking, how it manages its assets, without jeopardizing its triple-A credit rating. The IMF also has been trying to change and adapt in recent years. It's not directly part of this evolution framework that's focusing on MDBs, but the IMF has really turned attention to climate change and also to gender and inequality. And it's essentially pushing forward a kind of a slow change in thinking where economists, and finance ministers, and central bank leaders have realized that these issues are essential to macroeconomic stability. So climate change has become a more visible focus of the IMF's work, its work in surveillance, its capacity development activities, and its general work with countries. Its first strategy for mainstreaming gender was adopted in July 2022. And, like the World Bank, it has also created a number of mechanisms to respond to the pandemic. So it has a new resilience and sustainability trust. And the goal of it is to help low-income member states to address climate change and issues like pandemic preparedness. And it also has a new food shock window to offer emergency financing for countries facing food insecurity as a result of everything going on today. So this is—it's interesting to watch both of these institutions. The IMF typically has a harder time changing because it's a more rigid, set in its ways organization. But it, too—it's not your grandmother's IMF anymore. But all of these efforts are going to face their own sets of challenges. And I want to briefly highlight a few of them before we have our Q&A. So in the World Bank's roadmap, which is also being called a new playbook, the question is: Is it a zero-sum game to balance more focus on global public goods like climate change with individual countries' own development priorities? And there are many people who say, no problem. Kristalina Georgieva, the managing director of the IMF, when talking about this balancing issue, she said: Well, we can chew gum and walk at the same time. But these goals may have areas of overlap, where a country's own development issues do coincide with these global public goods, but there may be areas where they do not. And that's something that has to be worked out. There's also some criticism in civil society and other actors about asking the multilateral banks to do much more to engage with the private sector. First of all, this idea has been around for a while, this idea of turning billions and trillions, for example, was part of the 2015 UN Financing for Development Conference. And it hasn't really come through. So it's a difficult issue to do. There's going to be more work on it. But some organizations actually are concerned about potential negative effects of prioritizing incentives for private finance to provide co-financing to development efforts, because private sector goals are not always the same as public goals, right? So there's some areas of tension. And finally, I just want to flag that all of these organizations are calling for more collaboration. Collaboration is almost the magic wand that will help all these efforts to work out better. And, in fact, if you look at the IMF's new annual report, which was just published, it lists on its front page “committed to collaboration.” But, in fact, it's not that easy for these organizations to collaborate. And I'm happy to break that down a little bit more. And so this great emphasis on something that can be difficult will be something that these organizations have to grapple with. I'm happy to talk about more of the issues in our Q&A, but I think I should stop here and open it up to questions or comments. FASKIANOS: Thank you, Tammi. That was fantastic. So we're going to go to all of you for your questions. (Gives queuing instructions.) OK, so I'm going to take the first question from Mojúbàolú Olúfúnké Okome. Q: Thank you. Mojúbàolú Olúfúnké Okome. I'm a professor of political science at Brooklyn College. And I'm just wondering about this financial architecture that is much criticized, as you said. And I'm wondering the extent to which the criticism informs new decisions that are taken. So the criticisms about people who say the organization should be abolished is coming from the Global South, where there's been feeling since the 1970s that these organizations are not sufficiently sympathetic or understanding of the challenges faced by the countries that had unsustainable debt, and are still in a deeper state of unsustainable debt today. So how is the global architecture on these—in these organizations dealing with these challenges? I heard for the first time, like, in the last five years—Lagarde, I think it was—that said, oh, we made mistakes in some of the advice that we were giving. So who pays for those mistakes? People's lives are damaged, economies are wrecked. And you know, so what are the—what's the good of these changes, really? GUTNER: Yeah, thank you so much for that question, because that's a really good reflection on some of the harsh criticism that these institutions face. And I also would not be someone who says they do everything right, because they don't. But it has been interesting to watch some of the ways that they've evolved. So, for example, they do interact much more with civil society than they used to. I mean, it used to be in the old days when the IMF and World Bank had their annual meetings, civil society actors would protest outside on the street in Washington, DC. And I would tell my students, feel free to go down there but please maybe try not to get arrested, you know? So there were—there were very large protests. Now, when they have the annual meeting, civil society actors are in—are part of it. They're engaged in seminars. They're engaged in discussion. The institutions have strengthened some of their accountability measures, although I could argue some of them are also still weak. But there have been changes. So for example, the IMF now addresses and thinks about social protection, which it didn't used to do, and social safety nets, which it didn't used to do in the past. So you can argue that these changes aren't enough, and they're too late, and it's still harmful. But I think there is evidence that they do try to evolve and adapt, maybe not perfectly. And also, it's really difficult to change a huge institution. It's like turning a large ship. You know, it doesn't happen quickly. But the narrative today is different from the past. I mean, there is—there is more focus on climate change, for example. Which you can argue some countries, it's not really their priority. But even that's changing. More countries, more developing countries, are realizing that issues of climate change are related to them, whether it's through natural disasters, you know, hurricanes, floods, mud—you know, all of this. So I think it's—I think this criticism is still out there. And it exists. The institutions are imperfect. But they do—they do slowly try to adjust and adapt. And if you dig into it, if you go into detail, you'll find that they do a better job in some issues than others, in some countries than others, in some periods of time than others. So as a scholar I would argue that you—it's hard to make a blanket statement about them without kind of unpacking, you know, specific cases and over time. FASKIANOS: Thank you. I'm going to take the next written question from Jon-Paul Maddaloni, a military professor at the U.S. Naval War College: For the World Bank, what is the definition of creditworthy? Is this a debt-to-GDP ratio? Is there a standard here that may be part of the developing world grievance against the World Bank? GUTNER: So there are complex ways of assessing that. But basically, one of the major ones is to decide if a country is eligible for IBRD loans, which are International Bank for Reconstruction and Development, the main part of the World Bank, which are loans that have to be repaid. And if a country is relatively less creditworthy or poor countries can access grants, or no-interest loans, or concessional funding from the World Bank's arm that's called IDA, the International Development Association—or, Agency. (Laughs.) I just—I just call it IDA. So if you're—if you're able to access IDA funding, you're relatively less creditworthy. The World Bank also has other facilities to offer—both the bank and also the IMF—capacity development, which is just money given for technical assistance. And those are the different categories for the World Bank. So countries can change category. So if a country becomes more economically stronger, it can graduate from IDA concessional financing. If it becomes weaker, it can access that financing. And there are some countries which can get a blend. In other words, they're creditworthy enough to be able to take some amount of loans, but not enough so that all of their financing can be a loan form. So these are some of the ways that the World Bank responds to different categories of creditworthiness. FASKIANOS: Fantastic. I'm going to take the next question from Fordham's International Political Economy and Development Program. They have a raised hand. If you can just say who you are. (Laughter.) Q: Thank you for being with us today. I'm Genevieve, part of the Fordham IPED Program. My question is, what are some specific examples of how a country's national political landscape and private interests cause these setbacks for cross-sectoral collaboration in these development banking efforts? And how do these large banking institutions work around corruption, for example? GUTNER: I'm sorry. Can you repeat the first part about collaboration—cross-sectoral collaboration? Q: Yeah. What are some specific examples of how a country's national political landscape and private interests cause setbacks for cross-sectoral collaboration for these development banks? And then we could take corruption as an example. GUTNER: So I'm not 100 percent sure what you mean by the—by the cross-sectoral collaboration. When I'm focusing on collaboration, or when the narrative is focusing on collaboration, it's really focusing more on collaboration between, for example, the World Bank and IMF. How do they collaborate? And the answer to that is, they haven't collaborated well for almost eighty years. But that's not—what I think you're asking is, what happens between these institutions and the national level? Well, one issue—the issue of corruption has become much more widely discussed in both the World Bank and the IMF. In the past, it was seen as a domestic political issue, which is really outside their articles of agreement. They're not supposed to get involved in these domestic political issues. But there's much more awareness today that corruption—for example, in the IMF—corruption impacts a government's health—the fiscal health, their ability to have money to spend on development. And the same is true for the World Bank. So there's much more attention on these issues. The institutions still have to navigate carefully so that they don't look like they're getting involved in politics, even though they can't really avoid it. But so corruption is much higher on the priority list. And it can impact a country's ability to get funding from either institutions. So from the World Bank, and they have—they have lists of companies they won't work with in procurement, for example, who are barred from engaging in procurement. And it's part of discussions. It shows up in the partnership—the framework documents that both countries produce for individual countries. So a kind of a—this is a long way to say, it's on the radar and it matters. But a lot of the collaboration issues are related to how the institutions work with each other. But also in country, I should add, that in some countries the donors collaborate on the ground. So they meet together and they try to make sure they're not overlapping. There's—it doesn't always work very well. You know, in some cases it works better than others. But for the institutions to collaborate more with each other, they have faced many challenges in doing that. FASKIANOS: Thank you. I'm going to take the next question from Joshua McKeown, associate provost and director of the international education at State University of New York at Oswego: For context, how much lending does the World Bank do in comparison with regional development banks? GUTNER: Well, I guess it depends. I don't have all that data at my fingertips, but the World Bank in the last—in—let's see, I do have the World Bank data at my fingertips. Let me just pull it up. See where I had it. The World Bank in its current annual report, the IBRD committed $38 and a half billion in 2023. IDA committed $34 billion. The regional banks are much smaller, so the World Bank tends to be the largest. But there's also a lot of variation across the regional banks as well. Now it's important to say that they will often cofinance projects with each other. So the regional banks will engage with the World Bank, and they'll have shared projects, and they'll work together. There are times where they also will compete with each other on occasion. They might both be interested in funding an airport—building an airport somewhere. And one of them may offer more attractive terms than the other. But the competition is not kind of a serious problem, because basically wherever you look in the world, there's almost an infinite demand for infrastructure finance. You know, show me a city that doesn't need a new metro, or the roads repaired, right? So there's a lot of demand out there for these banks to be able to do what they do. And but that has to be tempered with the, on the other side, how much debt can an individual country take on? And that's where we're seeing more serious problems today. FASKIANOS: Thank you. I'm going to take the next question from Samia Abdulle from Professor Fazal's class. And she is at the University of Minnesota: How has COVID-19 renewed the debate about the World Bank's role in international development? GUTNER: That's a great question, because when it comes to crisis, member states turn to these institutions right away. And this is a little separate from your question, but before the global financial crisis, for example, the IMF and the World Bank had seen their demand for their services drop dramatically. There were questions about the legitimacy of the IMF. Then the global financial crisis hit and, boom, they were kind of the go-to organizations to help respond to these issues. So the World Bank and the IMF both responded pretty rapidly to the pandemic. And they each came up with new facilities, they got money out the door quickly, they relaxed some of their conditions. So they both had a kind of a robust response. Now, there are people who are saying, well, it was not enough. It should have been more. But, you know, they did a lot. And in an emergency situation, also, you have to remember, they all had to work at home as well. So everybody was working at home. Nobody could travel, but yet they got a lot of money out the door quickly, in different kinds of ways. And I think what we're going to have to revisit down the road is, did any of that money disappear? You know, where—was there accountability for all this money, because it was moved out the door so quickly. And the head of the IMF, Kristalina Georgieva, would say: Just save your receipts. (Laughs.) Just save your receipts. But that's going to be something to see, what happened with this money, where did it actually go, how did accountability work? But the World Bank alone got $30 billion—it dispersed $30 billion in fifteen months at the beginning of the pandemic in emergency support. So they really did step up. And whether it was enough or not is a matter of opinion. But they moved—they did move quickly. And I should just add, since you asked about—I just want to add one thing. The World Bank was involved in getting people access to vaccines, helping weak health infrastructures in countries, and all kinds of issues related to the pandemic. FASKIANOS: Fantastic. So I'm going to take the next written question from Yiagadeesen Samy, who's the director of the School of International Affairs at Carleton University in Canada: You already covered the AIIB in your opening remarks, and we will be circulating this transcript in the video later, but let's look at the second part of the question. Can you comment a little bit on whether the proposed changes to MDBs are a reaction to China's growing influence? And if so, what your views are about the changing geopolitical economic dynamics? GUTNER: It's so great people are asking these simple questions. (Laughs.) FASKIANOS: I know! GUTNER: Yes. FASKIANOS: Keeping you on your toes! (Laughs.) GUTNER: Yes. So let me preface by saying this: China has different strategies in development banking. On one side, you have the AIIB, for example. On the other side, the Belt and Road Initiative. The AIIB is not—in my research, it's cut from the same cloth as other development banks. It's not a threat. It's a part of the landscape of development banks. It's part of the community. It was designed by an international group of experts. In fact, the person who wrote the AIIB's articles of agreement was an American. And the person who designed the AIIB's environmental and social framework was an American. So it was a—it was a real international effort. And in fact, the World Bank helped the AIIB get set up. So the World Bank volunteered staff and gave the AIIB advice on things like vacation policy and office furniture. This is the Beijing office of the World Bank. And the World Bank even ran the AIIB treasury at the beginning, and it cofinanced projects. So the AIIB is cut from the same cloth as development banks. Now, it does have some differences. It's has—it's much smaller. It has a staff under four hundred. The World Bank is ten thousand, for example. And so there are some people who think it might have spurred the World Bank to pay more attention to doing more on infrastructure, which it had moved away from a little bit because that's the AIIB's focus. But the Belt and Road is something different. It's a bilateral initiative. It's an umbrella for Chinese financial institutions to lend money for infrastructure. It's not actually an organization. It's just an umbrella term. And there are differences, because the banks lending under the Belt and Road, Chinese institutions, they don't follow global norms on environmental and social framework, on safeguards. They're not transparent. We can't—we don't know how the loan is structured. They don't report the lending numbers to the Paris Club, for example. So there's a real difference between China's strategy in the AIIB and China's strategy in the Belt and Road, which reflects the different natures. There's not one Chinese strategy. So I think, in a way, the existing development banks help the AIIB more, and their staff help the AIIB more. The Belt and Road is a separate thing. But what I think is going to be interesting is to see if the borders, the boundaries between what is done following global norms, and rules, and procedures, if there's any kind of crossover with what's inside those borders and what's outside those borders. So for example, the AIIB is hosting a facility to help countries better design infrastructure projects that might be undertaken under Belt and Road. And so we just have to keep an eye on that. But it's not—it's not a bleak or black and white picture, the way some people describe it. FASKIANOS: Fantastic. A good follow up question from Steven Shinkel, who's the military professor of national security affairs at U.S. Naval War College: Can you compare the relative use of concessional loans between the World Bank and China? What about loan forgiveness, especially in regions such as Africa and South America? GUTNER: Right. So most of the Chinese lending under Belt and Road is not concessional. Most of it is not concessional. And often interest rates are higher than a comparative loan, even from the IBRD, even non-concessional lending. So they will often charge higher interest rates, but they will have less conditionality. So a country trying to decide who to take a loan from will have to weigh that. Do we want a lower interest rate loan from the World Bank that might have more policy conditionality, we might have to adjust our policy, we might have to think about environmental impacts more? Or do we want a slightly more expensive loan from a Chinese lending institution, but it doesn't have any strings attached? So that's kind of the part of the decision-making that borrowers have to go through. On debt—the second part was on, I'm sorry, the question disappeared. On debt? FASKIANOS: Oh, sorry. Yes, the second question is: What about loan forgiveness, especially in regions such as Africa and South America? GUTNER: Well, that's something that's being widely discussed right now, because Chinese institutions haven't been as comfortable about that, or as used to that. And they're—you know, they're being pushed by other institutions. Hey, you have to take a haircut too. We all have to—we all have to do that. There is a little bit of that going on. But it's something—I mean, if you read the article suggested in the email about this talk by Deborah Brautigam, she really unpacks that in great detail. And she makes an argument that there's some kind of learning and give and take that's happening and we need to see more of it. FASKIANOS: Fantastic. Next question from Lindsey McCormack, who's a graduate student at CUNY Baruch College: There's a lot of activity in the U.S. and Europe with new disclosure standards on climate and social impacts of corporations. How do the multilateral development banks relate to this activity? Are they seeing more pressure to discuss—oh, sorry—disclose climate and social impacts of their lending? GUTNER: Yes. (Laughs.) Yes. Now, they already do a lot. They already have environmental and social safeguards. And they've all moved away from funding oil and gas, or mostly oil and some gas. So they're moving away from that. And they're all working together, actually—I mean, I think it's an important example of networking—of the network of MDBs—that they're all moving toward meeting—complying with the Paris Agreement and showing how they're doing that. Now, some of this is how they measure things, and how they label things, and how they account for things. So there's still some debate on whether they're doing enough. But there's, for sure, pressure from NGOs and others. And the banks are moving in that direction. And they're—they're proudly touting how their projects comply. A high percentage of their projects are complying with the Paris Agreement. But there's still some interesting criticism coming out. So, for example, there was a recent report by a German NGO that said the World Bank's private sector lending arm, the IFC—that the IFC was making loans for trade support where that money might go into oil and gas. But you can't tell, right? So they were calling for more transparency on how the IMF is—how the IFC is doing trade credits. So that's something that's very recent. You can look that up and read more about it. FASKIANOS: Just to follow on, how are the multilateral development banks structured? And how effective do you think they are? GUTNER: Structured in terms of what? I mean, I can talk generally in case—so they— FASKIANOS: Yeah, I think corporate structure. GUTNER: So they have—they all have board of governors, which are all the top relevant officials of their member states, typically the finance minister or the central bank head. And they meet once or twice a year. And they make the big decisions. So one thing that's important to realize is a lot of these countries are members of a lot of development bank—there's a lot of overlap in membership. And that's also a way to cross-fertilize ideas, and policies, and things like that. They all have boards of directors, which are more engaged with the day-to-day business. And the—voting is based on your shareholding in the development bank. And that is based broadly on your economic strength. So the economically stronger companies have—stronger countries have a larger share and more voting power. And then you have the presidents of these organizations that have an important leadership role. And then you have the staff. So that's basically the structure of these development banks. And meeting next week are the board of governors and the directors in Marrakech for the World Bank and IMF. And you can see how they engage with staff and how they help set the strategic tone for the institutions. FASKIANOS: Fantastic. And I just want to remind everybody to raise your hand if you want to ask a question. Everybody's a little bit shy today, or else Tammi's been so thorough that you have no questions. (Laughter.) But I have more questions. But first, I'm going to go to Don Habibi, who is a professor at the University of North Carolina Wilmington: With yesterday's stock market plunge and political instability in the U.S., how much concern should we have over the multitrillion-dollar national debt? GUTNER: So that's not an issue that directly impacts the international financial institutions, the IMF, and the World Bank, right now. I mean, the U.S. is the largest shareholder of both, and they both—or, the World Bank has a AAA credit rating. So it's not really—we might be concerned over national debt, but so far it's not having a big impact on the dollar. So far, it's not having a big impact on investment. So there's always kind of some concern, but it's not—it's not translating into anything that's making people nervous about how these organizations operate. But, you know, one place to look for an answer, I'll tell you this, is when the IMF does surveillance, it does—which are its reports on the economic health of individual member states. It does these surveillance reports even on the rich countries. It does them for everyone. So I would suggest you look for the latest article for surveillance report that the IMF has done on the United States, and see what it has to say about concerns about debt. FASKIANOS: Fantastic. You recently completed a book manuscript on the Asian Infrastructure Investment Bank. Some policymakers and scholars have argued it is a threat to the World Bank. Can you talk about if you agree with that or disagree? GUTNER: Oh, right. So I answered a little bit of that earlier, actually, which is: I don't think it's a threat because I think it's cut from the same cloth as these other development banks in terms of it has similar policies, it has similar governance rules. The World Bank—it's signed MOUs, memoranda of understanding, with all these other development banks. It cooperates with them. It cofinances projects with them. So I think the narrative of the AIIB being a threat is not correct. Could something change in the future? Who knows. But there has been a recent scandal at the AIIB. And we don't know how that will yet be resolved, where this past summer the Canadian director of communications resigned dramatically, suddenly, arguing that Communist Party committees were somehow involved in the work of the bank. And we—so, Canada froze its membership. So that's a bit of a scandal and a crisis at the AIIB. And Canada is doing its own report on what happened. So I kind of think we have to see what comes out of that report. If Canada decided to leave the AIIB, would it impact any other members? Too early to say. But so far, there's nothing directly threatening about its work. It's walked and talked and behaved like other development banks. It does have some differences. It has a nonresident board, which was seen as a cost-saving measure. You know, why have all these people sit around and cost a lot of money? But there are some civil society actors who think that that could produce less accountability. If the board is not there, you know, the bank has more kind of autonomy to do—more independence. So there are some differences. But so far, it's been just another member of the multilateral development bank system. FASKIANOS: Thank you. All right. We have more hands raised, which I'm very excited about. Tanisha Fazal, who is the Weinstein chair of international studies at University of Richmond: You mentioned the difficulties of collaboration between IMF and the World Bank. Can you please elaborate on what you see as the primary obstacles to collaboration between MDBs? GUTNER: Yes. I'm happy to talk about that. So that was the topic of my year—my Council on Foreign Relations fellowship at the International Monetary Fund's Independent Evaluation Office. And we were evaluating Bank-Fund collaboration. And I was part of the overall evaluation, which you can find online. And I also wrote a separate paper on the history of Bank-Fund collaboration. And I found it to be absolutely fascinating, because these two institutions were created together at the Bretton Woods Conference. And they're called the Bretton Woods twins. They're literally across the street from each other. There's an underground passage that connects the two. They interact all the time. They have a joint orchestra. I don't know if anybody knew that. (Laughs.) They used to share a library. So there's a lot of—if any two organizations should be able to work closely together, it's these two, right? This should be your best case, and yet they've struggled for their entire existence. And I think one of the obstacles is that over time their issues have overlapped. So an example of that is today, when the IMF is doing more on climate change, gender, and inequality, which traditionally is the work of the Bank. So their work has kind of—over time, given the issues facing the world, it's kind of naturally overlapped. And what I found that was very interesting is in over twenty-five different formal attempts the two institutions produced to collaborate with each other—memos and announcements by the heads of the institutions—for decades, what they meant by collaboration was turf delineation. Collaboration meant you stay out of my territory. (Laughs.) I don't think of that as collaboration. It's working together on a common objective, right? So that was what they meant by it, and for many years what they—what the solution was, that the institution that's not in charge of this issue should yield to the judgment of the other one—the yield to the judgment one. So I think turf overlap has been a problem. But even when they make an effort, often they have different incentives, they have different budget cycles, they have different—you know, it's just not that easy. And the IMF's latest strategy for collaboration has been when IMF staff encounter an issue that they don't have expertise in, they should leverage the expertise of the World Bank and other partners. Well, that, to me, sounds like one-way collaboration, which is an oxymoron, right? That if the IMF needs help, it should call the IMF and get help—I mean, call the World Bank and get help. But for the World Bank, they might be busy. (Laughs.) So those kinds of challenges persist. There have been times where they do create a truly collaborative effort, like the HIPC Initiative, or the FSAPs, or the PRSP—sorry for all the acronyms—but where they—where they have a shared work program and shared guidance and shared expectations. Those have tended to work better than big umbrella exhortations by the leaders saying: Collaborate! You know, do more collaboration. Those have tended to work better, but they also run into individual problems. So really, the upshot is, even though you would expect collaboration to be the easiest and make most sense between these two institutions, in fact, it's often been a struggle. And some people found, when I mentioned the IMF's resilience trust, that's something that would normally have been undertaken by the World Bank. So they have not—they have had challenges collaborating, and those continue. FASKIANOS: Thank you. And I need to correct the record, my apologies. So that question was from Tanisha Fazal, who is an associate professor of political science at the University of Minnesota. So the next question is from Sandra Joireman, who is the Weinstein chair of international studies at University of Richmond. So my apologies. So this this question is from Sandra: Some of the previous efforts to address the environmental impacts of certain projects were ineffective. Do you think new efforts to address the environment and climate challenge change will be better? If so, why? GUTNER: So I'm guessing you're referring to the World Bank? And, yes, there's a whole long history of the Bank addressing environmental issues. And it really started in the 1980s, when NGOs identified projects that had gone horribly wrong and caused enormous environmental degradation. Like the Polonoroeste highway in Brazil. It was a famous—infamous example. And the Narmada dam in India. These are infamous examples. But when you look over the years, there have been improvements to what kinds of things the Bank can lend money to, how strong the environmental and social safeguards are. So when I look at the whole history of the World Bank and environment, I basically see it is not a one-way trajectory, and as forward or backward. I see it as more zigzag steps, some forward steps, some backward steps, some forward steps, some backward steps. So overall, because climate change is becoming one—it's about to become a major part of the Bank's mission and vision. So before it was shared prosperity and poverty reduction, and now it's going to—if it's all approved next week—it will be shared prosperity, poverty reduction, and a livable planet. So climate change is kind of moving the front row and center. And that will make it harder for the Bank to fund projects that can be criticized. It will make it much more important that it follows these solid environmental and social framework rules. So I think it's a move in the right direction. But as I mentioned earlier, we're still seeing criticism from NGO about things slipping through the cracks, like trade finance, right? Or another area that's weak is the World Bank—the IFC and the World Bank will sometimes lend money to financial intermediaries. So it's like—it's like lending money to a local bank that then lends it out for something else. And there's been less oversight about how that money is on lent, and whether that can go for something that's damaging to climate change or the environment. So they're moving in the right direction. I think there's been progress. I think there's been backward steps and forward steps over the whole arc of the World Bank's efforts in this area. And I think there's still going to be some criticism as they address some of these areas where there's slippage. FASKIANOS: Thank you. I'm going to take the next question, a raised hand from Sheri Fink. So, Sheri, if you can say who you are and accept the unmute prompt. Q: Oh, I'm sorry. I think I pressed the wrong button. I didn't mean to raise my hand. Sorry about that. FASKIANOS: OK. No problem. All right. I will take the next question from Eric Muddiman, master's student at Norman Paterson School of International Affairs in Ottawa, Canada: In terms of mobilizing more private capital and development, there has been discussion on MDBs' role in mitigating risk. Private sector are not allowed to invest in BB/BBB ZIP code investments from a regulatory perspective. Are there concrete proposals advancements in these discussions? GUTNER: Yes. Do I know what they all are? No. It's kind of a live discussion. And I know, in the new World Bank—the latest version of the evolution roadmap, there's talk about creating, like, a lab—an innovation lab, or a private sector lab, to try to do more. Some of the banks have hubs in some areas where they—areas in the developing world where they might have better access to private sector actors. And they're trying to engage with private sector actors in conferences and find ways of discussing project ideas. So that's not as concrete as you like, perhaps, but there are efforts to think about this. And there was a seminar at the spring meetings with private sector actors who are also saying that they felt they could do more to engage colleagues and find ways to bring the private sector and public sector together. So there are initiatives, seminars, hubs, labs. You know, all of this stuff is kind of lively and happening right now. And I do think it will be interesting to see what, if anything, catches on. Because, as I mentioned earlier, this discussion has been going on even before 2015, but the turning billions into trillions discussion. And it just hasn't worked out that well, because of these issues like risk, right? Private sector actors may not want to involve in countries where the risk is too great and where countries don't have capacity, where they have weaker capacity. So there are many challenges in this area. And just a variety of activities and ideas being put forward to try to respond. FASKIANOS: Thank you. Next, a raised hand for Walton Brown. You can accept the unmute. There you go, Walton. Q: So I too—I didn't intend to hit anything. I'm so sorry. FASKIANOS: OK. That's OK. GUTNER: You can still ask a question. (Laughter.) FASKIANOS: That's OK! You can still ask a—exactly, Tammi. We can—we can still—we love hearing from you all. So, all right. Well, we will continue on— Q: And my phone is troubled. FASKIANOS: Phone is troubled. (Laughs.) No problem. That's just fine. OK, so I'm going to go next to—let's see, we've got several who don't have affiliations, but let me go to Holley Hansen: A lot of previous questions have focused on the World Bank or IMF operations. But going back to your original remarks, there also been discussion on how internal rules and procedures, such as voting, leave stakeholders out of the decision-making process. What major suggested reforms to internal decision-making do you think are viable? And what are the pros and cons of changing those rules? GUTNER: Well, the voting is part of internal decision-making. So the voting is part of that. And the real issue has been, how can—well, one of the real issues is shouldn't China have a greater stake? Shouldn't China have a higher stake? Because China is now the number-three largest stakeholder in the World Bank and the IMF, after the U.S., number one, and Japan, number two. But its stake, at around 6 percent, is really less than it should be if you follow the kind of formula they use to calculate a state's economic strength. It's been calculated that really it should be more like 12 percent, right? So part of the discussion is how to give developing countries, and especially China, more weight in governance through the—through the voting share. And that's an ongoing discussion. Right now, in today's kind of more tense political—global political environment, it's hard to imagine the U.S. supporting something like that at this juncture of time, although there have been reports that the managing director of the IMF is open to it. So I think this is going to be one of the issues that is discussed in Marrakesh next week, what to do with these voting shares? But they do adjust them every so often. So China did move up from having a lower ranking to now being number three in the IMF and World Bank. So it does happen over time. Internal decision-making is a whole complicated other kind of issue. And these development banks, you know, they all face internal decision-making challenges. They all face kind of common tensions. So one of them is how you balance authority between the country—people who work in the country and people who work on sectoral issues. So how do you—who should—who should have more decision-making authority, the country level or the sector level? There are decision-making issues and tensions between the public sector lending arms of these development banks and the private sector lending arms, because they have different incentives and different goals. So there have been challenges inside these development banks with kind of internal silos and where power and authority should be held. And it's hard to come up with what the right answer is. You know, there are pros and cons to giving more power to the country or more power to the sector. And in fact, these banks restructure from time to time. And if you look at kind of the history of the restructuring of some of the major development banks, they sort of move back and forth between where they think authority should be located. So these issue—it's a whole other can of worms than voting power on the board of directors. But it's important, because it can affect their performance. It can affect their performance and their ability to function effectively. FASKIANOS: Thank you. I'm going to take the last question. We have several quick questions from Fordham again. Let's see. There you go. Q: OK, thank you. So in the worst case scenario that the U.S. and China engage in conflict in Taiwan, how would the World Bank respond to the economic shocks of this in geographically vulnerable neighboring countries, such as Vietnam, Laos, and the Philippines? GUTNER: That's a tough question. Thank you for ending this with a really tough question. We're not supposed to say I don't know. (Laughs.) We're supposed to have—that's a tough one, because, again, China is number three at the World Bank. So if China—couldn't—most of the time voting doesn't happen. Most of the time, it's consensus. So it's hard to predict. I mean, you'd have to unpack a lot of different things there. You'd have to unpack what kind of—what would the World Bank normally do? Would it normally—would it affect development lending to neighboring countries? I mean, it's interesting to look at the case of Russia's invasion of Ukraine and how—what the response to that has been, because Russia's a member of all these institutions too. But the development banks mostly froze lending to Russia. Also, the AIIB did, because it had to comply—to comply with these sanctions. So Russia lending has been frozen. And these institutions are all giving money to Ukraine to help Ukraine rebuild. So there is kind of a situation that can be—that can be used to compare, to kind of get ideas about what might happen, right? And even at the AIIB, Russia is number three largest shareholder in the AIIB. It's China, India, and Russia. And the AIIB immediately froze lending to Russia. So we could—we could kind of play out different scenarios, but there's a lot of unknowns in that case. And I do think looking at the response of MDBs to Russia's invasion of Ukraine could provide some useful lessons. FASKIANOS: Tammi, we are at the end of our time. And I apologize that we couldn't get to all the questions. I wonder if you could just take a minute. You were awarded a CFR Fellowship for Tenured International Relations Scholars, which allowed you to work—be placed in a government office. So if you could just take a minute to talk about that experience and encourage other professors to apply. The deadline's coming up. It's the end of October. So it just would be great for you to just give us your— GUTNER: Absolutely, yes. All the professors in the audience, please apply for this, because it's a special, invaluable experience. When you're—when you're studying something, and you have the opportunity to be an insider for a year, I can't even tell you how much you learn. I learned being—and it's a two-way street. They benefit from the expertise of the scholars who are coming in because we bring a different perspective. We bring different analytical and methodological tools. And I just can't tell you how much I learned that I could never find out as an outsider, including the IMF-World Bank orchestra, or the—(laughs)—yeah, actually, maybe some outsiders know that. But really, to open up the black box of an organization and see firsthand about how things work internally, what the culture's like, how things get done, what happens in the hallways. I mean, all that stuff, all of those kinds of details really enhanced my scholarship and shaped my research direction, working on these issues of collaboration, for example. So if any of you are considering applying, please feel free to get in touch with me if you have any questions about the fellowship. I'd be happy to discuss it with you. FASKIANOS: Thank you. Thank you for that, and for your amazing insights into these issues. And to all of you for your great questions. You can follow Dr. Gutner on X, the app formerly known as Twitter, at @TGutner. And for the students on this call, CFR has paid internships. So to learn more about the internships you can go to—and also the fellowships—you can go to CFR.org/careers. Follow us at @CFR_Academic, and visit CFR.org, ForeignAffairs.com, and ThinkGlobalHealth.org for research and analysis on global issues. And the next Academic Webinar will take place on Wednesday, October 11, at 1:00 p.m. (EDT). Landry Signé, senior fellow at the Brookings Institution, will talk about Africa on the global stage. So, again, thank you to Tamar Gutner. And to all of you, have a great rest of your day. GUTNER: Thanks for having me. And thanks to everyone for attending. (END)

This episode features Ramesh Subramaniam, Director General of the Southeast Asia Department for the Asian Development Bank (or ADB), a regional development bank that works to promote social and economic development in Asia. Under his department, he has managed over $24 billion in projects under implementation. In addition, he currently holds positions as a member of various Global Agendas/Future Councils of the World Economic Forum (WEF) since 2012, and is a co-chair of the ASEAN Hub of WEF's Sustainable Development Investment Partnership. He started his career in 1991 in teaching and research, with a teaching position at McMaster University, Canada, where he also got a Ph.D, before becoming a Research Fellow on Industry at University of St. Andrews in United Kingdom and a Rockefeller Fellow at Yale University Economic Growth Center.Mr. Subramaniam speaks to Amelie about ADB's development initiatives within ASEAN, namely ADB's commitment toward climate financing, and their new operational plan toward poverty reduction and economic growth, entitled ‘Strategy 2030'.Graphic by Sam Tran. Support the show

The U.S. dollar's status as the global reserve currency is diminishing, which reduces the power that U.S. leaders have over the global economic system. In this episode, hear highlights from recent Congressional testimony during which financial elites examine the current status of the global financial system and what Congress is being told to do to address perceived threats to it (and to their own power). Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via PayPal Support Congressional Dish via Patreon (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: 5753 Hwy 85 North, Number 4576, Crestview, FL 32536. Please make checks payable to Congressional Dish Thank you for supporting truly independent media! View the show notes on our website at https://congressionaldish.com/cd276-the-demise-of-dollar-dominance Background Sources Recommended Congressional Dish Episodes CD269: NDAA 2023/Plan Ecuador CD230: Pacific Deterrence Initiative CD195: Yemen CD187: Combating China CD102: The World Trade Organization: COOL? International Monetary Fund “IMF Financial Activities List 2023.” Updated June 21, 2023. International Monetary Fund. “Weekly Report on Key Financial Statistics.” June 9, 2023. International Monetary Fund. “IMF Lending.” Updated December 2022. International Monetary Fund. Argentina “Argentina: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding” October 17, 2018. International Monetary Fund. “Argentina Policy Memorandum.” January 11, 1999. International Monetary Fund. Ecuador “Ecuador—Supplementary Letter of Intent.” March 13, 2003. International Monetary Fund. Smaller Banks within the World Trade System International Finance Corporation China “Members and Observers.” World Trade Organization. “ China and the WTO.” World Trade Organization. “From ‘China Shock' to deglobalisation shock: China's WTO accession and US economic engagement 20 years on.” Stephen Kirchner. January 24, 2022. United States Studies Centre. “The China Reckoning: How Beijing Defied American Expectations.” Kurt M. Campbell and Ely Ratner. February 13, 2018. Foreign Affairs. The World Bank “Who can borrow from the World Bank?” December 10, 2020. Bretton Woods Observer. “Domination of the United States on the World Bank.” Eric Toussaint. April 2, 2020. Committee for the Abolition of Illegitimate Debt. “Why Is the World Bank Still Lending to China?” Yukon Huang. January 15, 2020. Carnegie Endowment for International Peace. Congressional Stock Trade Tracking Quiver Quantitative Unusual Whales US Abuse of Sanctions “The Other Counteroffensive to Save Ukraine.” Lawrence Summers et. al. June 15, 2023. Foreign Affairs. Allies Pivoting “Europe must resist pressure to become ‘America's followers,' says Macron.” Jamil Anderlini and Clea Caulcutt. April 9, 2023. Politico. “US State Dept backs latest raft of Saudi, UAE, Jordan arms sales.” February 2, 2022. Al Jazeera. Witnesses Mark Rosen on Linkedin Daniel F. Runde on Linkedin “Membership Roster.” Accessed June 24, 2023. Council on Foreign Relations. Tyler Goodspeed on Linkedin Carla Norrlof - “Board of Directors.” Atlantic Council. Daniel McDowell bio Marshall Billingslea on Linkedin Audio Sources Dollar Dominance: Preserving the U.S. Dollar's Status as the Global Reserve Currency June 7, 2023 House Financial Services Committee Watch on YouTube Witnesses: Dr. Tyler Goodspeed, Kleinheinz Fellow, Hoover Institution at Stanford University Dr. Michael Faulkender, Dean's Professor of Finance, Robert H. Smith School of Business at University of Maryland Dr. Daniel McDowell, Associate Professor, Maxwell School of Citizenship & Public Affairs at Syracuse University Marshall Billingslea, Senior Fellow, Hudson Institute Dr. Carla Norrlöf, Senior Fellow, The Atlantic Council and Professor, University of Toronto Clips 34:05 Dr. Tyler Goodspeed: In 2022, as the Ranking Member highlighted, 88% of all foreign exchange transactions by value involved the United States Dollar, a figure that has been roughly constant since 1989, which is testament to the substantial path dependence in international currency usage due to large positive network externalities. As the Ranking Member also highlighted, 59% of all official foreign exchange reserves were held in US dollars, which is down from a figure of 71.5% in 2001. By comparison 31% of all foreign exchange transactions by value involve the Euro, which is the second most commonly transacted currency, which accounted for 20% of official foreign exchange reserves. 34:50 Dr. Tyler Goodspeed: The fact that 90% of all foreign exchange transactions continue to involve the United States dollar, and that global central banks continue to hold almost 60% of their foreign exchange reserves in US dollars confers net economic benefits on the United States economy. First, foreign demand for reserves of US dollars raises demand for dollar denominated securities, in particular United States Treasury's. This effectively lowers the cost of borrowing for US households, US companies, and federal, state and local governments. It also means that on average, the United States earns more on its investments in foreign assets than we have to pay on foreign investments in the United States, which allows the United States to import more goods and services than we export. Second, foreign demand for large reserves of US dollars and dollar denominated assets raises the value of the dollar and a stronger dollar benefits us consumers and businesses that are net importers of goods and services from abroad. Third, large reserve holdings of US currency abroad in effect constitutes an interest free loan to the United States worth about $10 to $20 billion per year. Fourth, the denomination of the majority of international transactions in US dollars likely modestly lowers the exchange rate risks faced by US companies. Fifth, the given the volume of foreign US dollar holdings and dollar denominated debt, monetary policy actions by foreign central banks generally have a smaller impact on financial conditions in the United States than actions by the United States Central Bank have on financial conditions in other countries. 36:40 Dr. Tyler Goodspeed: However, the benefits of the US dollar's global reserve status are not without costs. The lower interest rates in the United States benefit US borrowers, especially the federal government. They also lower returns to US savers. In addition, though a stronger dollar benefits US consumers and businesses that net import goods and services from abroad, it does also disadvantage US firms that export goods and services abroad as well as firms that compete against imported goods and services. Furthermore, the perception of the US dollar as a safe haven asset means that demand for the dollar tends to increase in response to adverse macroeconomic events that are global in nature. As a result, the competitiveness of US exporters and US firms that compete against imported goods and services are likely to face an increased competitive disadvantage at times of elevated global macroeconomic stress. 37:35 Dr. Tyler Goodspeed: However, despite these costs, studies generally find that the economic benefits of the dollar's prominent global status outweigh the costs, providing a modest net benefit to the United States economy. This does not include the substantial benefit to which the chairman referred of the United States dollar's centrality in global transactions, allowing the United States to utilize financial sanction tools when appropriate in support of national security objectives. 44:50 Dr. Daniel McDowell: With little more than the stroke of the President's pen or through an Act of Congress, the US government can use financial sanctions to impose enormous economic costs on targeted foreign actors, be they individuals, firms, or state institutions, by freezing their dollar assets or cutting them off from access to the banks through which those dollars flow. The consequences for individual targets, known as specially designated nationals or SDNs, are severe, significantly impairing targets capacity to participate in international trade, investment, debt repayment, and depriving them of access to their wealth. Over the last two decades, the United States has used the tool of financial sanctions with increasing frequency. For example, in the year 2000, just four foreign governments were directly targeted under a US Treasury Country Program overseen by the Office of Foreign Assets Control (OFAC). Today that number is greater than 20, and if we include penalties from secondary sanctions the list gets even longer. The more that the United States has reached for financial sanctions, the more it has made adversaries and foreign capitals aware of the strategic vulnerability that stems from dependence on the dollar. Some governments have responded by implementing anti-dollar policies measures that are designed to reduce an economy's reliance on the US currency for investment in cross-border transactions. But these measures sometimes fail to achieve their goals. Others have produced modest levels of de-dollarization. Notable examples here include Russian steps to cut its dollar reserves and reduce the use of the dollar and trade settlement in the years leading up to its full scale invasion of Ukraine, or China's ongoing efforts to build its own international payments network based on the Yuan, efforts that have taken on a new sense of urgency as Beijing has become more aware of its own strategic vulnerabilities from Dollar dependence. 47:05 Dr. Daniel McDowell: The United States should reconsider the use of so-called symbolic financial sanctions. That is, if the main objective of a tranche of sanctions is to signal to the world or to a domestic audience that Washington disapproves of a foreign government's policy choices, other measures that can send a similar signal but do not politicize the dollar system ought to be considered first. Second, the use of financial sanctions against issuers of potential rival currencies in particular, China and its Yuan should face a higher bar of scrutiny. Even a small targeted sanctions program provides information to our adversaries about their vulnerabilities, and gives them time to prepare for a future event when a broad US sanctions program may be called upon as part of a major security crisis, when such measures will be most needed. Finally, whenever possible, US financial sanctions should be coordinated with our allies in Europe and Asia, who should feel as if they are key stakeholders in the dollar system and not vassals to it. Such coordinated efforts will prevent our friends from seeking to conduct business with U.S. adversaries outside of the dollar system and send a message to the whole world that moving activities into secondary currencies, like the Euro or the Yen, is not a safe haven. 48:35 Marshall Billingslea: I'll say at the outset that I agree with you and others that to paraphrase Mark Twain, reports of the dollar's demise have been greatly exaggerated. That said, we need to remind ourselves that in the 16th century the Spanish silver dollar was the dominant currency, in the 17th century it was Dutch florins, in the 18th century it was the pound sterling. The link between a nation's currency and its role as the relatively dominant political actor on the world stage is pretty clear. And that is why people like Lula from Brazil, Putin and Xi all aspire to undercut the role of the dollar as the global reserve currency. 50:00 Marshall Billingslea: If we look at what Russia did in the run-up to its further invasion of Ukraine, they began dumping ownership of treasury bonds in 2018. In that year, they plummeted from $96 billion and holdings down to $15 billion and they also started buying large amounts of gold. China is now, as the Ranking Member has observed, embarking on its own its own gold buying spree. I haven't seen the data for May, but April marked the sixth straight month of Chinese expansion in its gold holdings, and I'm not sure I believe the official figures. We have to recall that China is the dominant gold mining player around the world and half of those gold mining companies are state-owned. So the actual size of China's war chest when it comes to gold reserves may be far higher. In fact, I suspect inevitably far higher than official numbers suggest. Last year China also started dumping its treasuries. 2022 marked the largest or second largest decrease on record, with a drop of about $174 billion, and China stood at the lowest level since 2010. In terms of its holdings, though, this past March they did reverse course. This bears close watching because a sell-off may be a strong indicator of planned aggression. 51:20 Marshall Billingslea: The sheer size of the Chinese economy dwarfs what we've been contending with in the form of Iran, Russia, and so on. And one of the first things that the Biden administration did in the wake of Russia's attack was start sanctioning Russian banks and de-SWIFTing them. That's one thing when you're going after an economy smaller than the size of Texas; it's quite another when you consider that out of the 100 largest banks in the world, China has 20, and all four of the top four are Chinese banks. And that is why many within the Treasury contended when I was there, and they will contend to this day, that these Chinese banks are simply too big to sanction. I don't agree that we can allow that to stand but I do believe we have to start taking very swift action to put us in a situation where we could take punitive measures on these banks if necessary. 54:10 Dr. Carla Norrlöf: I will note that the Dollar's dominance is not quite as strong amongst private actors and private markets as it is with governments. In private transactions, it averages about 45% of the world's total. That includes FX transactions, but also things like issuance of international debt, securities, and cross-border banking. 54:55 Dr. Carla Norrlöf: The Chinese Yuan poses no immediate threat to dollar dominance. It accounts for roughly 3% of overall reserves. So far China has been successful in promoting the Yuan with its trade partners, but the Yuan is scarcely used by countries outside trade with China. China is a potential long term challenger due to its active pursuit of trade and investment relationships. If the Yuan is increasingly used by third countries, it will pose a greater threat to the dollar. 55:30 Dr. Carla Norrlöf: And in addition to these external threats, there is also a domestic threat. Flirting with the possibility of a voluntary default puts dollar dominance at risk. What should the US do to maintain dominance, to curb the domestic threat? Congress should consider creating an alternative mechanism for resolving political differences on government spending and its consequences. 56:00 Dr. Carla Norrlöf: To rein in external threats the United States should, whenever possible, implement multilateral sanctions in support of broadly endorsed goals to shore up the liberal international order. This is likely to limit dollar backlash. 59:40 Marshall Billingslea: The thing I do worry -- I come back to this fact that they've been buying a lot of gold -- that one of the things that they could do, which would be very concerning, if they wind up having larger reserves of gold than we believe, is they could start issuing Yuan or gold denominated, gold-backed Yuan contracts and that would further their ambition for introducing the Yuan onto the world stage. 1:05:00 Marshall Billingslea: China considers the actual composition of its foreign exchange reserves to be a state secret. So they don't publish and they they view it as a criminal offense to try to obtain that information in terms of the balance of how much is gold, how much Dollar or Euro denominated. But the numbers I've seen suggest that still at this moment, about 50% to 60% of their Foreign Exchange reserves are still in Dollars or Euros, which means that they are at high risk of sanctions; we can affect them. The problem is that that war chest that they've built up is enormous. It's more than $3 trillion that they have in Foreign Exchange reserves. Compare that with what Russia had at the onset of its assault, which was around $680 billion, of which we managed to freeze overseas half of it, but Russia is still keeping its economy going despite the Biden administration sanctions. So imagine how they're going to be able to continue with that sizable war kitty in Beijing if they do decide to go after the Taiwanese. 1:09:00 Dr. Tyler Goodspeed: Short term I think the risk is that we continue to see diversification away from the dollar, PRC continuing to push other countries to use trade inverse invoicing and Renminbi, that they continue to promote the offshore Renminbi market, that they continue to promote or force bilateral clearing. Longer term, I think the bigger risk is that foreign investors no longer perceive the United States federal government debt to be as safe and risk free as it is today perceived. 1:41:20 Dr. Daniel McDowell: The demonstration of US control over the actual flow of dollars, of communication, absolutely provides information to adversaries to prepare for events where they may face similar circumstances. And so I think what we're seeing is China, we're seeing Russia, we're seeing other countries try to create alternative payments networks. Russia has its own SPFS payment messaging system. It's quite small. It was launched in 2014, not coincidentally, after the initial round of sanctions targeting Russia. In terms of CIPS, China's cross border payments network, Belarus announced it was having banks join immediately following the 2022 sanctions. So what I'm saying is there's a pattern between when the United States mobilizes control over the pipes and the messaging of cross-border payments and adversaries looking for alternatives. It doesn't mean they're using them, but they're getting plugged into the system as at least sort of a rainy day option in the event of a future targeting. 1:45:35 Dr. Daniel McDowell: I look at China not just as a typical country, because I think they're an alternative service provider. Most countries fall into alternative service users; they're looking for an alternative to the dollar. China, you could perhaps put Europe in this as well, are the only two sort of economic BLOCs capable, I think, of constructing an attractive enough cross-border payments network that could attract those alternative service users that are looking for that network. And so that's why I think again, with China, there should be a higher bar of scrutiny. 2:02:20 Dr. Tyler Goodspeed: As deficits mount and as the debt burden rises above 100%, I think the Congressional Budget Office has it ending the budget window at about 119% of our economy, then we will probably observe an acceleration of diversification away from the dollar as a hedge. Again, I don't see another single currency displacing the dollar as the major international currency or as the major reserve currency, but continued diversification. International Financial Institutions in an Era of Great Power Competition May 25, 2023 House Financial Services Committee Watch on YouTube Witnesses: Jesse M. Schreger, Associate Professor of Business, Columbia Business School Mark Rosen, Partner, Advection Growth Capital and former Acting Executive Director, International Monetary Fund (IMF) Daniel F. Runde, Senior Vice President, Center for Strategic & International Studies(CSIS) Rich Powell, Chief Executive Officer, ClearPath & ClearPath Action Daouda Sembene, Distinguished Nonresident Fellow, CGD and CEO, AfriCatalyst Clips 39:55 Mark Rosen: The IMF is the global lender of last resort to countries that are in economic distress. IMF borrowers usually have a balance of payments problem, are running out of foreign exchange reserves, and so cannot meet their obligations. The IMF negotiates a set of economic policies with the borrower in government to alleviate the crisis, and, conditional on the government implementing the agreed policies, provides a loan in tranches, normally over a three year period. 41:00 Mark Rosen: The biggest challenge the IMF faces today is China which, as we've heard, has lent vast sums to emerging market and low income countries in a non-transparent and irresponsible manner. Many IMF members are now struggling to repay China. 42:05 Mark Rosen: The United States is the largest shareholder in the IMF and has veto power over certain key decisions and it's critical that the US continues to maintain its ownership of more than 15% which enables it to have this veto power. 42:20 Mark Rosen: China for some time, has been pressing for an increased quota share at the IMF. However, given its irresponsible lending, and then willingness to provide debt relief to developing countries, this is not the time to reward China with increased ownership at the Fund. Two other issues I'd like to focus on are anti-corruption and the catalytic role of the private sector in the work of the IMF. Corruption is a severe problem for many emerging market countries, which do not have strong institutions that can confront and root out corruption. The IMF is certainly doing a much better job than it did historically on anti-corruption, but I believe it's critical that it continues to make anti corruption laws and policies front and center in the conditions of its lending programs, as well as a focus of its technical assistance. Only by reducing corruption will many of these countries be able to attract the vast amount of private sector investment which is potentially available and remains the ultimate key to reducing poverty. Establishing a rule of law, including laws to protect private property is key to unlocking this investment. And it should be a focus of the IMF and World Bank to encourage these countries to improve the rule of law and to fight corruption. If they do that, emerging market countries can attract private capital and grow rapidly as many countries that have followed that path have already done so successfully. 44:45 Daniel Runde: Multilateral development banks, MDBs, under US and Western leadership are one way that we can respond with something. The United States built and strengthened the MDB system. MDBs provide money, advice, data and convening power to help developing countries solve problems. If the US exerts its influence over these institutions, they are forced multipliers of a US-led global system. If we disregard our leadership role, then other actors, including China, can exert influence over them. The World Bank Group is a series of institutions: it lends money to national governments, it has a private sector arm, and has an insurance arm. There are a series of other regional development bank's including the InterAmerican Development Bank, the Asian Development Bank -- Taiwan is a member of the Asian Development Bank -- the African Development Bank and the EBRD, the European Bank for Reconstruction Development Bank, focused mainly on countries that used to be behind the Iron Curtain. The United States has been instrumental in creating the majority of these institutions and remains the largest, or one of the largest, shareholders of every afformentioned MDB. Since the founding of these institutions, the US has used its shareholding power to shape the policies and activities of MDBs in indirect support of American foreign policy. 47:10 Daniel Runde: What role does China play in the MDBs? They're a shareholder. China continues to borrow from the World Bank and the Asian Development Bank. That is crazy. That needs to stop. China is a shareholder. Also, Chinese firms can bid on MDB projects. China wins a lot of in terms of dollar value, a lot of the dollar value of World Bank contracts. Something to take a look at. 47:35 Daniel Runde: How does the Belt and Road figure into the MDBs? You all have heard of the Belt and Road. Infrastructure is now a strategic issue. China's Belt and Road Initiative is a combination of construction and financing projects for roads, airports, and energy around the world. Unfortunately for us, BRI is an ambitious project that speaks to the hopes of China's friends and potential friends. To counter the BRI, the US needs a positive alternative that says more than, "Don't work with China." Right? That's not a strategy. We've got to have an alternative. 1:12:50 Rep. Andy Barr (R-KY): How do we end China's eligibility to borrow from the World Bank? Daniel Runde: The Asian Development Bank has said they're going to end their eligibility by 2025. We should absolutely hold them to that. There is a temptation for the World Bank and the Asian Development Bank to continue to loan for a couple of reasons. One is they say, "Well, this is a window into how we can understand China better." There's lots of other ways to understand China better. And or this is a way for us to -- for a bunch of lending reasons that they do it. You all have the power of the purse, you have an ability, I think you should have blunted conversations with the administration about this. I suspect it's an open door, but it's going to require, I think, some pushing from Congress. I would encourage this committee to push the administration on ending lending to China. 1:14:30 Jesse Schreger: So fundamentally right now, the Renminbi is not yet positioned to compete with the US dollar for a number of reasons. First and foremost, the reason that the dollar plays the role it does in the international financial system is it provides the global safe asset. You're confident, except for the upcoming debt ceiling, that you will always be paid back if you own US dollars. That's fundamentally what you know. When you contemplate investing in China and holding Chinese Renminbi as reserves, you're not necessarily sure that you're gonna be able to turn that piece of paper into the goods and services that you need or intervening in FX markets. 1:21:15 Jesse Schreger: First and foremost, what China is trying to do is essentially convince countries around the world that the Renminbi is an alternative asset to invoice your trade and to invest in. And so on the investment side, they've been working very hard to actually allow in foreign capital, encouraging foreign central banks to hold Renminbi denominated bonds as their reserves. And on the trade side, they're encouraging firms to invoice, basically price their goods, in Renminbi. There's a few areas in which they've had challenges there. So first, we actually don't know who are holding most of these Renminbi denominated assets. What you can see is after the US sanctioned Russia back in 2014, it was the Russian Central Bank that effectively announced they were moving out of US dollar denominated assets and into Renminbi, so they did that publicly. And so China has effectively been trying to attract foreign capital of that form and a lot of the reasons for that is that China finds itself vulnerable in the dollar-based financial system. And so what I would say the fundamental area in which the United States can assure the dominance of the dollar is making everyone understand that US Treasuries are the world's safe asset that there is no state of the world in which the United States can or will default. 2:03:25 Jesse Schreger: I think the real way in which people start being able to issue and borrow in Renminbi is when people start thinking in terms of the goods that they need to buy and consume are in Renminbi. Fundamentally, most countries around the world, if they issue a bond in Renminbi, the calculation they have to do is then "okay, I'm going to take my renminbi and convert it into US dollars to buy the thing in which I need." And so while actions in the US financial system are certainly going to affect other countries decisions to borrow in Renminbi, the kind of underlying challenges in Chinese financial markets and fundamentally the lack of goods priced and sold in Renminbi are going to continue to hold back kind of a growth of this market for a while. And in particular, the fact that many countries are reluctant to try to raise money inside of China's liquid onshore capital markets for, effectively, fear of capital controls. If you've raised renminbi in China, you can't get that out and to your projects the way you can if you raise money in the US in dollars. 2:14:55 Daniel Runde: The business model of the World Bank is they lend money to richer countries with a pretty good credit rating and then they cross subsidize that by lending to poor countries with a poor credit rating. My view is, China can finance its own development, we should stop this practice. I think the Asian Development Bank has sort of gotten the memo, but the World Bank has not fully gotten the memo and they'll give you kind of World Bank-y answers to this sort of thing. We got to stop it. Rep. Zach Nunn (R-IA): Mr. Runde, I could not agree with you more. And you highlighted earlier, you know, by 2025, China should graduate from this program. I'd offer that 25 is two years too late. We can start funneling them off that now. Daniel Runde: I agree, sir. Rep. Zach Nunn (R-IA): I think you're in the right spot. Thank you. Music Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Editing Pro Podcast Solutions Production Assistance Clare Kuntz Balcer Cover photo Eric Prouzet on Unsplash

In this episode of Investing In Integrity, we talked with one of sustainable finance's most innovative and impactful leaders, Kara Succoso Mangone. Kara is a Managing Director and Head of the Sustainable Finance Group at Goldman Sachs where she drives Goldman's $750B firmwide commitment to providing sustainable finance solutions to clients and investors.This conversation dives into Kara's perspectives on issues from the pragmatics of global decarbonization, to purchasing nature offsets in emerging markets, to the successes of public-private partnerships to scale sustainable development.  Kara layers in many helpful examples from her work at Goldman Sachs, including the firm's recent partnership with Bloomberg Philanthropies and the Asian Development Bank to accelerate climate finance in lagging developed markets; and also the firm's progress financing the first fleet of electric buses in Vietnam. Kara also digs into trends and changes in metrics and reporting, drawing on her expertise in investor relations.  And of course, the episode includes career advice and Kara's own recollections of her journey – such as her perspective on how taking maternity leave three times helped her improve how she reflects and re-prioritizes in her life.  We hope you enjoy this episode and share in Kara's excitement for innovations in sustainable finance!