Multilateralism is at a crossroads as global crises like spiraling debt, climate change, pandemics, and conflicts strain its efficacy. The upcoming International Development Association (IDA) replenishment in Seoul offers a pivotal chance to address these challenges. Poland and Norway have already increased their previous contributions to the fund to support the world’s low-income countries. Others must now follow suit, considering the IDA’s strong track record. Over the years, the initiative has funded vital projects that have improved health, water, and energy access for millions in low-income countries. However, funding alone isn’t enough. Efficient mechanisms to allocate resources, such as the $650 billion in unused post-Covid Special Drawing Rights, are essential. Africa, with its youthful workforce and rich natural resources, stands as a key player in global development. Addressing its energy gap and fostering digital and sustainable infrastructure could unlock its potential and help ensure a peaceful and prosperous world.
SOURCE: THE GUARDIAN
