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World Bank Group announces reforms to meet goals
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World Bank Group announces reforms to meet goals

Oct 11 2013, 4:22pm CDT | by IANS

Washington, Oct 12 (IANS) World Bank Group (WBG) Friday revealed a set of reforms to make its staff, finances and priorities better serve the twin goals of the institution -- ending extreme poverty by 2030 and boosting shared prosperity for the bottom 40 percent of the population in developing countries.

Washington, Oct 12 — World Bank Group (WBG) Friday revealed a set of reforms to make its staff, finances and priorities better serve the twin goals of the institution -- ending extreme poverty by...

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50 weeks ago

World Bank Group announces reforms to meet goals

Oct 11 2013, 4:22pm CDT | by IANS

Washington, Oct 12 (IANS) World Bank Group (WBG) Friday revealed a set of reforms to make its staff, finances and priorities better serve the twin goals of the institution -- ending extreme poverty by 2030 and boosting shared prosperity for the bottom 40 percent of the population in developing countries.

Washington, Oct 12 — World Bank Group (WBG) Friday revealed a set of reforms to make its staff, finances and priorities better serve the twin goals of the institution -- ending extreme poverty by 2030 and boosting shared prosperity for the bottom 40 percent of the population in developing countries.

Addressing the plenary session of the annual meetings of the International Monetary Fund (IMF) and the WBG, which started here Friday, attended by representatives of WBG' 188 member countries, WBG President Jim Yong Kim said that the organisation had avoided tough choices for too long, Xinhua reported.

"That's changing. We are taking our own medicine. Just as we tell finance ministers, we also need to plan for the longer term, shore up our revenue base, seeking ways to save, and building a stronger foundation for years to come," said Kim.

He said over the next three years, the WBG will seek to reduce at least $400 million in administrative costs, and these savings will directly benefit its clients, as the organisation will work to reinvest these resources toward new financing.

Kim also said WBG needs to reform the way it designs its budget, to align budgets with its priorities, to invest selectively in the future, and to aggressively explore new ways to grow revenue to better serve its clients.

"We can't revert to business as usual," he said. "When I started my tenure at the World Bank Group some 16 months ago, I discovered a staff with a tremendous depth of knowledge and experience. I also found a staff frustrated with the institution."

"Many wanted their work to have greater impact. They chafed at a bureaucracy that had turned our six regional units into silos, with each one reluctant to share its technical expertise with the others," he added.

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'Growth and Comfort Never Co-Exist': Clinton Global Initiative Panelist

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New York City (Kitco News) - Former U.S. Secretary of State Hillary Clinton opened Monday's 10th annual Clinton Global Initiative program, hosting a discussion with World Bank Group president Jim Yong Kim and IBM's CEO, Ginni Rometty. This year's theme, Reimagining Impact, requires world le ...
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Paris (AFP) - France on Wednesday prepared to receive its first Ebola patient, as the World Bank warned the spiralling epidemic is threatening economic catastrophe in west Africa.Doctors Without Borders, known by its French acronym MSF, said a female volunteer had contracted the killer virus while on assignment in Liberia.France's health ministry said she "will be repatriated to France in conditions of ...
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