Luis Alberto Moreno, the new president of the IDB, is a consummate diplomat. He'll need those skills as he sets a new agenda for the bank and seeks to satisfy its critics.
Luis Alberto Moreno, the new president of the Inter-American
Development Bank (IDB), faces a daunting agenda. He must
streamline a bureaucracy of 2,000 employees. He has to deal
with declining demand for loans from the bank's traditional
clientele, the 26 governments of Latin America and the
Caribbean. Moreno must also cope with the IDB's 21 increasingly
dissatisfied rich-world supporters. More fundamentally still,
he has to rethink the bank's very purpose. Should it be a
development agency with a broad agenda that encompasses
infrastructure projects and macroeconomic reforms or should it
tighten its focus by concentrating most of its energy on the
poor? In recent years, the IDB's identity crisis has deepened
as demand for its main product plain vanilla loans to
Latin America's public sector has slumped. Yet career
bank officials complain that the IDB's bosses have failed to
respond with a coherent strategy for the private sector,...
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