Multilateral institutions are turning away from the poorest countries

For 75 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.