Reform to operate more effectively

Speaking at the Lowy Institute in Australia, World Bank (WB) President Ajay Banga said that reform is necessary for the global lending organization to improve operational efficiency and simplify processes in the context of an increasingly polarized world.

World Bank President Ajay Banga. Photo: worldbank.org/baochinhphu.vn

WB reforms 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 came shortly after he returned from a visit to Tuvalu in the South Pacific , where he witnessed firsthand the dire impacts of climate change. Over the past year, Mr. Banga has visited 27 countries, from emerging economies to the world’s poorest. The information and feedback from his travels has played a key role in shaping the Bank’s policies and reforms, and in adapting its financial strategies to the realities.

According to observers, the above statement also shows that the WB acknowledges that in addition to poverty reduction and promoting shared prosperity, this organization needs to step up its task 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 pledged to reshape 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