Luis Alberto Moreno has taken over as president of the Inter-American Development Bank just as the nations of Latin America are weaning themselves off the dollar funding that the IDB exists to provide. The bank will not stay relevant for long if it continues to concentrate on making dollar-denominated loans at the sovereign level.
Latin American countries are either moving towards populism, in which case they don’t request an IMF seal of approval and can’t get IDB loans, or else they’re serious about fiscal prudence, in which case they don’t want to increase their indebtedness by borrowing money from any bank.
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