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With the Millennium Development Goals deadline only five years away, the international donor community faces significant challenges due to the global economic crisis, record government deficits, and simultaneous funding requests from nearly every multilateral development institution. This paper proposes a new World Bank financing model for creditworthy emerging economies, such as India and Vietnam, which currently receive billions of dollars in IDA assistance. In contrast to the current IDA-centric financing model, the IBRD would provide the same loan volumes to qualifying emerging economies while IDA would provide grant subsidies to buy down the concessionality level of these IBRD loans.
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