India, Oct. 28 -- I have attended nearly every International Monetary Fund (IMF) and World Bank Annual Meeting since 1991, when they had an iconic place in the economic calendar. It was a great congregation of policymakers and bankers trading ideas, technical insights, and getting enriched with the prevailing economic ethos. 2025 broke that tradition. The meeting came, and the meeting went.

This mirrors a profound transition in the global multilateral development bank landscape. The US and the EU are divided by competing visions, while institutions such as the Asian Development Bank, Inter-American Development Bank, African Development Bank, and New Development Bank are gaining prominence. The lack of fanfare reflected a fragmented view ...