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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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41 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.

IANS

Source: IANS

 
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4

7 weeks ago

Syria, neighbours need reconstruction plan, says World Bank

Jun 3 2014 9:33am CDT | Source: Business Day

World Bank President Jim Yong Kim Visits German Ministry For Development
Bank’s head Jim Yong Kim says world must prepare concrete plans for that day when Syria’s guns ...
Source: Business Day   Full article at: Business Day
 

 
Update
3

7 weeks ago

World Bank president warns Lebanon reaching ‘breaking point’ with refugees, urges donors help

Jun 3 2014 8:46am CDT | Source: Canadian Business Online

World Bank President Jim Yong Kim Visits German Ministry For Development
BEIRUT – The president of the World Bank says Lebanon is reaching “breaking point” in terms of its ability to deal with the massive influx of Syrian refugees. Speaking in an interview Tuesday with The Associated Press after visiting with Syrian refugee students at a public school east of Beirut, Jim Yong Kim urged international donors to increase their financial support to the tiny Arab country. Lebanon, home ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
2

8 weeks ago

World Bank Revamping Is Rattling Employees

May 27 2014 6:58pm CDT | Source: NewYorkTimes-Business Day

World Bank President Jim Yong Kim Visits German Ministry For Development
Jim Yong Kim said his goal was to break down regional “silos” and squeeze out inefficiencies, but staff members describe the changes as a nig ...
Source: NewYorkTimes-Business Day   Full article at: NewYorkTimes-Business Day
 

 

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