Last year, World Bank President Ajay Banga called for the largest-ever replenishment of the Bank’s soft-lending arm, IDA. Citing rising demand driven by a slow COVID rebound, the Ukraine invasion, and climate pressures, he asked donors to step up. “No amount of creative financial engineering will compensate for the fact that we need more,” he suggested, setting a $100 billion replenishment target. But as we approach the pledging session in December this yearwith donors looking distinctly tightfisted, it is vital that IDA does not try to resort to expensive financial engineering to meet Banga’s target at the cost of the quality of its support. […]