The World Bank Needs a New Approach on Africa

With more than 3 billion people still living on less than $5.50 a day, poverty reduction is central to human flourishing. It’s also key to preventing the worst effects of climate change—people are much less vulnerable to climate shocks if they aren’t poor.

That should be the main task of the two key multilateral institutions tasked with reducing poverty and promoting development: the World Bank, which provides loans and grants for development projects, and the International Monetary Fund (IMF), which helps poor countries overcome currency crises and keep their finances stable.

Now, however, both institutions are under pressure from their rich donor governments