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Year Three: The Pandemic Continues

As we enter year three of the COVID-19 pandemic, three leading global health experts examine how the United States and the world have dealt with the evolving situation, the lessons learned, and the way forward. ....

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China's Belt and Road Initiative Should Be on the World Bank and IMF's Agenda

As the World Bank and IMF seek to put the world economy on a more stable footing and promote sustainable growth, there is one issue they cannot ignore: China’s Belt and Road Initiative (BRI). China’s massive global infrastructure program has increased debt levels to a worrying extent in many developing countries, threatening to hinder their economic recovery. The Bretton Woods institutions need to confront this issue head-on, rather than sweeping it under the rug.
BRI meets significant development needs, by funding and building physical and digital infrastructure projects around the world. That is the good news. The bad news, as our recent Council on Foreign Relations Independent Task Force points out, is that BRI also contributes to economic instability. China’s lending practices have increased indebtedness to alarming levels in some BRI partner nations. Because they enjoy state backing, China’s state-owned commercial and policy banks can relax lending criteria and fi ....

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