Speaking at the Lowy Institute in Australia, World Bank President Ajay Banga said that reform is necessary for the global lending institution to improve its operational efficiency and simplify processes in an increasingly polarized world.
The WB's reform measures over the past year have brought about positive changes, including reducing the number of targets from 150 to 22 and shortening the approval time for projects by 3 months.
Finding and applying new approaches will help the World Bank expand its lending capacity by an additional $120 billion over the next 10 years. According to Mr. Banga, governments, multilateral development banks and philanthropic organizations need to strengthen cooperation to narrow the gap between the job needs of 1.2 billion young people in emerging markets in the next decade and the projected job supply of 420 million.
The World Bank President’s call comes shortly after he returned from a visit to Tuvalu in the South Pacific, where he witnessed first-hand the dire impacts of climate change. Over the past year, Mr. Banga has visited 27 countries, from emerging economies to some of the world’s poorest. The information and feedback from his travels have played a key role in shaping the Bank’s policies and reforms, and in adapting its financing strategies to the realities on the ground.
According to observers, the above statement also shows that the WB acknowledges that in addition to poverty reduction and promoting shared prosperity, the organization needs to step up its mission of dealing with the impacts caused by climate change. However, for the WB to continue to play a central role in supporting development, it will require joint efforts from member countries and the management board to strengthen the financial capacity of this agency in the coming time.
Since assuming the role of World Bank President in June 2023, Mr. Banga has carried out many reforms to the management and management team of this financial institution, and committed to reshaping the World Bank's mission to better address the challenges in the new situation.
THANH HANG
Source: https://www.sggp.org.vn/cai-cach-de-hoat-dong-hieu-qua-hon-post758467.html
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