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Skip to main content MAIN NAVIGATION * Research * Back * All Research * Papers * Reports * Briefs and Notes * Commentary * Back * All Commentary * Blogs * Op-Eds * Podcasts * Experts * Back * Senior Staff * Non-Resident * Events USER ACCOUNT MENU * About * Donate * Subscribe * Press * HAMBURGER MOBILE NAVIGATION * About * About Us * Funding * Impact * Leadership * Staff Directory * Board of Directors * Careers * Contact Us * Topics * Africa * Climate, Environment and Energy * Commitment to the Development Index * Education * European Development Policy * Financial Inclusion and Regulation * Gender Equality * Global Health * Latin America Initiative * Measuring Development Effectiveness * Migration, Displacement, and Humanitarian Policy * Sustainable Development Finance * UK Development Policy * US Development Policy * Research * All Research * Papers * Reports * Briefs and Notes * Commentary * All Commentary * Blogs * Op-Eds * Podcasts * Experts * Senior Staff * Non-Resident * Events * Subscribe * Donate Back TOPICS * Africa * Climate, Energy and Environment * Commitment to Development Index * Education * European Development Policy * Financial Inclusion and Regulation * Gender and Equality * Global Health Policy * Latin America Initiative * Measuring Development Effectiveness * Migration, Displacement and Humanitarian Policy * Sustainable Development Finance * UK Development Policy * US Development Policy POPULAR: * Publications * Blogs * Events * Press * Careers * Subscribe ABOUT * About Us * How We're Funded * Our Impact * Leadership * Staff Directory * Board of Directors * Careers * Contact Us BLOG POST WHAT DAVID MALPASS GETS WRONG ABOUT THE ASIAN DEVELOPMENT BANK by Scott Morris February 14, 2020 In remarks this week, World Bank president David Malpass took the unusual step of calling out the bank’s peer institutions, the Asian Development Bank (ADB) and African Development Bank, for lending irresponsibly into unsustainable debt environments. He called out the ADB in particular for “pushing” billions of dollars of loans on Pakistan. Even if the charges were accurate, the public shaming would be an odd strategic choice for the World Bank president, given the degree to which these institutions need to coordinate and cooperate on a wide range of issues, including sustainable lending practices. One might conclude from his public remarks that any such coordination has broken down completely and that the ADB and other multilateral development banks (MDBs) are on a reckless lending spree. But that’s a misguided take on the role of the other MDBs, and the need for coordination is greater than ever. So, are the MDBs lending recklessly? Let’s look at Pakistan. Certainly, external debt risks are high, as identified in International Monetary Fund staff reports in July and December. And the MDBs constitute a large share of Pakistan’s current debt stock, on par with lending by other governments (“bilateral creditors”). It’s worth noting that the World Bank accounts for over half of MDB lending to the country ($15.2 billion of the $27.8 billion owed to MDB creditors). Composition of Pakistan’s External Creditors Image Source: World Bank International Debt Statistics 2020 But a key consideration on debt sustainability are the terms of finance on offer from different types of creditors. Harder terms (higher interest rates, short-to-no grace periods, shorter maturities) exacerbate debt risks compared to more concessional terms. ADB loans to Pakistan have 2 percent interest rates, 25-year maturities, and 5-year grace periods, which are comparable to the World Bank’s own terms for Pakistan. Though these are not the highly concessional terms that the world’s poorest countries receive from the MDBs, the terms are favorable compared to the alternatives. For example, in forthcoming work at CGD, we find that Chinese government lending terms (to all countries) average about 4 percent with average maturities of just under 16 years and grace periods under 5 years. As a leading creditor to Pakistan, China’s terms suggest that Pakistan’s bilateral loans as a whole are less concessional than those of the MDBs. And when it comes to private credit, a smaller but significant share of external debt, Pakistan faces very steep borrowing costs, relative to official sources: current 10-year bond yields average 11 percent. Another key consideration: what is the lending for? Does Pakistan’s borrowing support quality projects and investments? Malpass didn’t directly say that he thinks the ADB’s projects are less likely to deliver a positive economic return for Pakistan than those from the World Bank, though something like this may be implied in the charge of “pushing” loans on the country. But there is no evidence to suggest that the ADB’s project portfolio in Pakistan performs better or worse than the World Bank’s. So, are MDBs like the ADB the “problem” for countries at risk of debt distress? In the case of Pakistan, they certainly account for a large share of the country’s external borrowing. But given the full picture, it would seem that more lending by the Asian Development Bank and other MDBs and less by other creditors would improve Pakistan’s debt picture. Would more ADB and World Bank lending cause Pakistan to borrow less from other sources? Not necessarily. But this is where MDB coordination can help. These institutions have a shared interest (and comparable set of policies) in ensuring access to development finance on sustainable terms. They can coordinate the carrots and sticks they use to incentivize borrowing countries to avoid unsustainable sources of credit. The World Bank is preparing to launch a new sustainable development finance policy for its low-income country borrowers, which sets out creditor coordination as a key pillar. Chiding the ADB publicly for “pushing” loans on Pakistan is an inauspicious way to launch a new joint MDB approach to engagement with borrowing countries. Hopefully the ADB’s new president Masatsugu Asakawa will be able to look past Malpass’s remarks and seek to forge a stronger coordinated approach to sustainable finance and quality investment. Cooperation from Aksakawa and other MDB heads will be critical to this new policy, and to ensuring debt sustainability in Pakistan and other developing countries. DISCLAIMER CGD blog posts reflect the views of the authors, drawing on prior research and experience in their areas of expertise. CGD is a nonpartisan, independent organization and does not take institutional positions. TOPICS Sustainable Development Finance Multilateral Development Banks World Bank MORE READING BLOG POST Development and Climate Finance Targets Charles Kenny December 17, 2024 BLOG POST IDA Prevails, Others Flail Clemence Landers et al. December 17, 2024 BLOG POST How IDA Could Help Borrowers Reduce Vulnerability to Debt Crises Nayke Montgomery and Daouda Sembene December 16, 2024 WORKING PAPERS Ghana: A Case Study of Sovereign Debt Restructuring under the G20 Common Framework David Grigorian and Lili Vessereau December 18, 2024 Ideas to action: independent research for global prosperity ABOUT * Our Funding * Our Impact * Leadership * Staff Directory * Board of Directors * Contact Us EXPLORE * Publications * Blogs * Events * Podcasts * Press * Careers © 2024 Center for Global Development|Privacy Notice and Cookie Policy SubscribeDonate SIGN UP TO GET WEEKLY DEVELOPMENT UPDATES: Country Afghanistan Åland Islands Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia (Plurinational State of) Bonaire, Sint Eustatius and Saba Bosnia and Herzegovina Botswana Bouvet Island Brazil British Indian Ocean Territory Brunei Darussalam Bulgaria Burkina Faso Burundi Cabo Verde Cambodia Cameroon Canada Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos (Keeling) Islands Colombia Comoros Congo Congo (Democratic Republic of the) Cook Islands Costa Rica Côte d'Ivoire Croatia Cuba Curaçao Cyprus Czechia Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Eswatini Ethiopia Falkland Islands (Malvinas) Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Holy See Honduras Hong Kong Hungary Iceland India Indonesia Iran (Islamic Republic of) Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea (Democratic People's Republic of) Korea (Republic of) Kosovo Kuwait Kyrgyzstan Lao People's Democratic Republic Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macao Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia (Federated States of) Moldova (Republic of) Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Macedonia Northern Mariana Islands Norway Oman Pakistan Palau Palestine, State of Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Réunion Romania Russian Federation Rwanda Saint Barthélemy Saint Helena, Ascension and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Martin (French part) Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten (Dutch part) Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Sweden Switzerland Syrian Arab Republic Taiwan Tajikistan Tanzania, United Republic of Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Türkiye Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States United States Minor Outlying Islands Uruguay Uzbekistan Vanuatu Venezuela (Bolivarian Republic of) Viet Nam Virgin Islands (British) Virgin Islands (U.S.) Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Subscribe Subscribe Comments This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. 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