The leader of one of the world’s most prominent development banks today accused the U.S. of a lack of leadership, and called for a new global agreement for development financing to help repair economic damage from the pandemic
— of a lack of leadership, and called for a new global agreement for development financing to help repair economic damage from the Covid-19 pandemic.
EBRD was set up in 1991 to foster markets and multiparty democracy in the former Soviet Union and Warsaw Pact states, but now also operates in the Middle East and North Africa. While Treasury Secretary Steven Mnuchin is officially the U.S. EBRD board governor, the U.S. is represented on a day-to-day basis by an “executive director” based in London. That post is currently vacant, after the resignation of Judy Shelton, who was nominated to the U.S. Federal Reserve Board in 2019. President Trump’s new nominee, J. Steven Dowd, is awaiting Senate confirmation. Until then the U.S. is represented by Colin Mahoney, a U.S.
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