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Unlocking MDB Power for Sustainable Development

Session 12 | Can the Global South Come Together to Accelerate MDB Reforms? | While the Multilateral Development Banks (MDBs) claim to have embarked on significant reforms to become better, bigger, and more effective, the outcomes of their effort continue to fall short of expectations. One of the constraints has been the unwillingness of the major shareholders to encourage and facilitate the harmonisation of operating procedures across MDBs. In contrast, borrowers of MDBs have often restrained from speaking on this matter, and when they do, their views are not in unison. In fact, the developing countries within the G20 hold different views on the matter of MDB reforms compared to the harmonised view of the G7. This session will explore the role that borrowing countries could play, and how South Africa can mobilise their voice through its G20 presidency, to fast-track MDB reforms. Driving Questions: How can the developing countries come together under the auspice of South Africa’s G20 Presidency to give the much-needed push to fast-track MDB reforms? What can be done to ensure major stakeholders can agree to harmonise standards and operating processes across MDBs? How can MDBs themselves involve and engage with Global South more effectively in formulating their reform plans? How can policymakers, academia, the private sector and civil society in the Global South contribute to this agenda? Speakers: Balázs Sárvári, Rector, Saint Ignatius Jesuit College; Assistant Lecturer, Corvinus University of Budapest, Hungary M. Sait Akman, Director for G20 Studies Center, Economic Policy Research Foundation of Turkey (TEPAV), Türkiye Elizabeth Sidiropoulos, Chief Executive, South African Institute of International Affairs, South Africa Bambang Permadi Brodjonegoro, Professor, Institute for Economics and Social Research, University of Indonesia, Indonesia Moderator: Tanu Goyal, Senior Fellow, Indian Council for Research on International Economic Relations, India