News & Analysis: Multilaterals

Multilateralism’s failure to tackle our biggest challenges is compounding them

“Our collective failure to end the pandemic now will create and compound even deeper and more costly problems in the future. The immediate knock-on effects, including for the West, will be severe. But this historic failure of multilateralism is also undermining the trust and incentives necessary for effective international cooperation on the other existential challenges of the day – most notably, climate change.”

via European Council on Foreign Relations

A Global Warning System: Mobilizing Surveillance for Emerging Pathogens

“The pandemic revealed significant gaps in early warning capabilities to detect and respond to emerging pathogens before they cause global harm. Given the current situation, how can we leverage existing systems and emerging technologies to better characterize the various risk factors that could signal the next pandemic?”

via Milken Institute

Scott Morris: ‘How China Lends’ and the Implications for Africa’s Economic Recovery

“Better disclosure of the terms of the contracts themselves would certainly be better practice going forward, and in times of stress, it can facilitate quicker and easier engagement with the key multilateral actors.”

via COVID-19 Africa Watch

Why is the world still being hit by wave after wave of COVID-19 when we know how to stop it?

“To end this pandemic, high-income countries with a vaccine pipeline for adequate coverage of their populations should, alongside their own scale-ups, immediately commit to providing the 92 low- and middle-income countries of Gavi’s COVAX Advance Market Commitment with at least 1 billion vaccine doses by no later than September 2021, reaching more than 2 billion doses by mid-2022.”

via The Guardian (UK)

Experts say ‘myriad’ failures fueled the pandemic

“The global community needs to empower WHO with the clear authority to investigate outbreaks of concern rapidly and there must be clear criteria for the agency on when to declare a public health emergency of international concern.”

via Devex

Want to prevent the next pandemic? We’ll need a more powerful World Health Organization.

“The best global response to a potential pandemic is to prevent an outbreak in the first place. That involves better sanitation and protection in factory farms, live animal markets, hospitals and laboratories.”

via Los Angeles Times

IFC Partners with Djibouti-Based EAB Bank to Strengthen its Risk and Credit Framework

“A partnership signed today between IFC and Djibouti-based East Africa Bank (EAB) will help EAB better mitigate financial risks which have been amplified by the COVID-19 pandemic and improve its sustainability.”

via IFC

Surprising resilience: DFIs take stock of their COVID-19 response

“Many DFIs focused on supporting their existing clients through the crisis rather than finding new clients. Investing has been more challenging, but concerns that their balance sheets would take a hit didn’t materialize, nor did the type of demand they expected for liquidity support.”

via Devex

Cameroon signs 3-year XAF413 bln framework agreement with the ITFC

“ITFC (a subsidiary of the Islamic Development Bank -IsDB) will provide $250 million (about XAF138 billion) to Cameroon every year for the acquisition of medical equipment and consumables as well as the importation of commodities in strategic sectors like mining and energy.”

via Business in Cameroon

Sovereign Debt: A Critical Challenge

“Today, the earlier fear of a dangerous lack of liquidity has been replaced in large part by concerns about the ability of the international financial architecture to support countries with increasing levels of debt and uncertain access to capital. One worrisome aspect seems clear: Many countries will require debt relief in the next few years if they are to maintain or restore access to financial flows. Higher interest rates in advanced economies, and the United States in particular, could compound the difficulties of emerging market countries in servicing existing debt and refinancing maturing debt.”

via Bretton Woods Committee