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

Source: IANS

 
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11

6 days 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
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1 week 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 delivering money to count ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
9

1 week 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 ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
8

1 week 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 recessio ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
7

1 week ago

IMF/World Bank: build infrastructure to fight malaise

Oct 11 2014 6:37pm CDT | Source: Business Insider

Washington (AFP) - The terms are hardly riveting: "new mediocre," "secular stagnation," "structural reform", "lowflation."But underpinning the economic geek-speak at the IMF-World Bank annual meetings were deep worries that the global economy is slipping backward.The meetings this week were fraught with concerns that the world still has not achieved escape velo ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
5

1 week ago

Africa: Ebola, Threat to Africa's Future - World Bank President

Oct 10 2014 2:57am CDT | Source: AllAfrica.com

[Daily Trust]Washington, DC -World Bank President Jim Yong Kim has warned that said unless the Ebola epidemic in West Africa is quickly contained, the f ...
Source: AllAfrica.com   Full article at: AllAfrica.com
 

 
Update
4

1 week ago

Finance chiefs meet under cloud of Euro-stagnation, Ebola

Oct 8 2014 10:07pm CDT | Source: Business Insider

Washington (AFP) - Stagnation in the eurozone, geopolitical crises, and a menacing health disaster in West Africa confront the world's leading finance officials as they meet in Washington beginning Thursday.Six years after the financial crisis, the world economy is growing, at a modest 3.3 percent annual pace, and could pick up next year, according to the International Monetary Fund.But the benefits of that are fragmented, and many pit ...
Source: Business Insider   Full article at: Business Insider
 

 
Update
2

3 weeks ago

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

Sep 22 2014 7:40pm CDT | Source: Forbes Real Time

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 leaders t ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
1

4 weeks ago

France to receive first Ebola patient

Sep 17 2014 4:52pm CDT | Source: Business Insider

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 maximum security in a dedicated air ambulance," without giving further de ...
Source: Business Insider   Full article at: Business Insider
 

 

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