Speaking at the Lowy Institute in Australia, World Bank President Ajay Banga argued that reforms are necessary for the global lending institution to improve operational efficiency and simplify processes in an increasingly polarized world.
The World Bank'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 project approval time by three months.
The search for and application of new approaches has helped 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 charities need to strengthen cooperation to bridge the gap between the job needs of 1.2 billion young people in emerging markets over the next decade and the projected job supply of 420 million.
The World Bank President's appeal came shortly after he concluded a visit to Tuvalu in the South Pacific, where he witnessed firsthand the severe impacts of climate change. Over the past year, Mr. Banga has visited 27 countries, ranging from emerging economies to the world's poorest nations. The information and feedback from these trips have been crucial in shaping World Bank policies and reforms, leading to adjustments in financial strategies to better reflect reality.
According to observers, the statement also shows that the World Bank acknowledges that, in addition to poverty reduction and promoting shared prosperity, the organization needs to step up its mission to address the impacts of climate change. However, for the World Bank to continue playing a central role in supporting development, a joint effort from member countries and management will be needed to strengthen the institution's financial capacity in the future.
Since assuming the role of World Bank President in June 2023, Mr. Banga has implemented numerous reforms to the management and leadership of the financial institution, while committing to reshaping the World Bank's mission to better address the challenges of the new environment.
THANH HANG
Source: https://www.sggp.org.vn/cai-cach-de-hoat-dong-hieu-qua-hon-post758467.html
Comment (0)