Latin American financial ministers and central bankers will have a lot at stake and a lot to worry about at the upcoming spring meetings of the IMF and World Bank in Washington.
Let’s be clear: NATO isn’t encroaching in the hemisphere, nor does China represent a stable path out of dependency for Latin America. The former is a convenient, traditional boogey man and the latter an ahistorical pipe dream.
The “golden decade” of Latin American economic growth and social mobility was not shared equally by indigenous groups. Unfortunately, all the World Bank can offer as an answer is the notion of “development with identity.” What?
The World Bank annual meeting in Lima, Peru this weeks offers a unique opportunity. While China’s massive investments in infrastructure are much-needed, they come with huge risks. The World Bank can reduce those by working with these new efforts—with all their capital—to apply the Bank’s experience in protecting the environment and local communities.
A snapshot of the World Bank’s data on financial inclusion in Latin America.