October 31, 2023
The 4th edition of the Finance in Common Summit held in September 2023 in Cartagena (Colombia) offered a platform to look beyond the current focus on the reform of multilateral development banks as well as to think of ways to better anchor the reforms according to specific regional and country needs. While the discussions highlighted the gap is not yet fully closed, the closed-door workshop IDDRI organised allowed for important contributions further specifying the way ahead.
Push for change of the financial architecture for international development has not come from the institutions’ shareholders themselves, or from usual places of power such as Washington, New York or European capital cities. Instead, it came from the work done by outsiders, such as independent experts, civil society or think tanks who actively contributed to the discussions and put solutions forward. This needs to continue, at speed and scale, to be translated into lasting political decisions.
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