Even bail-outs are getting expensive
This illustration shows a hand in a suit giving money (a green bill) to several raised hands reaching for it, symbolizing financial aid or distribution.
Illustration: Vincent Kilbride
For75 years the World Bank has been one of the developing world’s main sources of cheap finance. Its aid arm, the International Development Association (ida), distributes roughly $30bn a year to 78 of the poorest countries. On December 6th the fund was topped up by $100bn for three years—an amount touted by Ajay Banga, the bank’s president, as its biggest-ever replenishment. But the fanfare disguises a sad truth. The world’s multilateral institutions are turning away from its poorest countries.