360° Coverage : World Bank Group announces reforms to meet goals

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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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1 year 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.

IANS

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11

15 hours ago

Experts urge caution over Ebola hopes

Oct 30 2014 1:51pm CDT | Source: Business Insider

Monrovia (AFP) - Health authorities called Thursday for renewed vigilance over the Ebola epidemic and caution over claims it is retreating as the World Bank announced a $100-million fund for more health workers.The warning follows an announcement by World Health Organization (WHO) that data from funeral directors and treatment centres indicated lower admission rates and burials in Liberia, the nation hit hardest by the ...
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1 day ago

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MOGADISHU - UN chief Ban Ki-moon warned Wednesday that Somalia risks returning to famine without urgent aid, as he visited the war-torn country three years since more than 250,000 people died of hunger. Ban, along with World Bank chief Jim Yong Kim, met Somali President Hassan Sheikh Mohamud inside the fortified airport zone in Mogadishu, guarded by ...
Source: The Nation - Pakistan   Full article at: The Nation - Pakistan
 

 
Update
9

2 days ago

Red Cross, Obama see progress in Ebola battle

Oct 29 2014 12:35am CDT | Source: Business Insider

Monrovia (AFP) - The Red Cross and US President Barack Obama and have offered hope that the battle against the deadly West African Ebola outbreak is being won, amid a dramatic drop in bodies collected in Liberia's capital.Obama on Tuesday hailed progress in the fight against the disease, which has already killed almost 5,000 people, but said Washington would remain "vigilant," and stressed that science, not fear, should guide the response to the virus.The R ...
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2 days ago

Aid workers see hope as Ebola body count drops in Liberia

Oct 28 2014 1:06pm CDT | Source: Business Insider

Monrovia (AFP) - The Red Cross offered hope Tuesday of a turning point in the battle against the deadly west African Ebola outbreak, saying  it had seen a dramatic drop in bodies collected in Liberia's capital.The charity announced its workers were now picking up little over a third of the late September peak of more than 300 bodies a week in and around Monrovia -- an indication, it said, that the outbreak was retreating.  The announcement appear ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
7

4 days ago

Donors pledge $8 billion for Horn of Africa

Oct 27 2014 2:50am CDT | Source: Business Insider

Addis Ababa (AFP) - International donors pledged $8 billion in development aid Monday for projects across eight countries in the Horn of Africa, UN chief Ban Ki-moon announced at the start of a visit to the region.The aid, from organisations including the World Bank, African Development Bank (AfDB), European Union and Islamic Development Bank (IDB), will support efforts to boost economies and stem conflict and ...
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Update
5

6 days ago

Capitol Report: World Bank’s Kim sees new Asian bank as possible partner

Oct 24 2014 11:21am CDT | Source: MarketWatch

Despite Washington’s concerns that the new Asian Infrastructure Investment Bank may undercut existing institutions, it may be a co-investment opportunity and is a step towards sustained growth in emerging Asia, ...
Source: MarketWatch   Full article at: MarketWatch
 

 
Update
4

2 weeks ago

A Bank Chief Makes Ebola His Mission

Oct 13 2014 5:21pm CDT | Source: NewYorkTimes-Business Day

Dr. Jim Yong Kim, the World Bank president, has driven the normally lumbering bank to act on Ebola with uncharacteristic speed and become a key figure in a crisis that has exposed yawning gaps in the wor ...
Source: NewYorkTimes-Business Day   Full article at: NewYorkTimes-Business Day
 

 
Update
3

2 weeks ago

Liberia: World Bank Chief Calls for New Pandemic Emergency Facility

Oct 13 2014 6:24am CDT | Source: AllAfrica.com

[FrontPageAfrica]Washington -In the wake of a "late, inadequate and slow" global response to the Ebola outbreak, World Bank Group President Jim Yong Kim today called for the creation of a new pandemic emergency facility that would rapidly respond to future outbreaks by ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
2

2 weeks ago

Liberia: World in Solidarity With Ebola Hit Nations

Oct 13 2014 5:41am CDT | Source: AllAfrica.com

[New Dawn]World Bank President Dr. Jim Yong Kim says the world community is united with West Africa and Liberia in a concerted global effort to safeguard lives in the wake of an Ebola outbreak, noting "we are with you and will stand by you ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
1

2 weeks ago

Finance ministers pledge action to give global economy momentum, but follow-through often lags

Oct 12 2014 3:49am CDT | Source: Canadian Business Online

WASHINGTON – World financial leaders are pledging to act boldly and ambitiously to give a weak and uneven global recovery some momentum, but they have often fallen short in the past when trying to follow through on their promises. The pledge from the International Monetary Fund’s policy-setting committee comes after a week of volatile swings in the financial markets — powered by concerns that parts of Europe may be sliding into another recession. The IMF called increasing econo ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 

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