Development Policy Financing (DPF) is a major instrument of multilateral development banks and has played a prominent role in the World Bank’s pandemic response. Also known as policy-based lending, DPF is a fast-dispersing instrument that provides non-earmarked funds to a country's national budget. How does DPF work and how successful has it been in achieving its various goals? The World Bank’s Director of Policy Operations, Stéphane Guimbert, and IEG host Jeff Chelsky take stock of the trends and lessons of using policy-based lending to support developing economies. Conversation highlights: [00:04-07:55] How does Development Policy Financing (DPF) and its prior actions work? [07:56-14:44] What are key lessons emanating from the Bank’s fifth DPF Retrospective? [14:45-20:07] The role of Development Policy Operations (DPOs) in crisis response. [20:08-22:25] Measuring success – what makes a DPO good? [22:26-25:08] The use of DPOs in countries affected by fragility, conflict or violence (FCV). [25:09-27:30] Determining the size of a Development Policy Operation.