The main multilateral lender to low- and middle-income countries is in dire need of reform. To become the extraordinarily powerful vehicle for sustainable development and disaster response that it can be, it must leverage its considerable financial firepower more efficiently and rethink the way it engages with borrower countries.
LONDON – The World Bank is on the cusp of a major transformation. Led by the United States, G20 governments have pushed it to increase support for the fight against climate change. Following recommendations by a G20-created independent panel on how to update the Bank’s financial policies to respond faster to global crises, shareholders have given it until Christmas to produce a roadmap for operational reform.
LONDON – The World Bank is on the cusp of a major transformation. Led by the United States, G20 governments have pushed it to increase support for the fight against climate change. Following recommendations by a G20-created independent panel on how to update the Bank’s financial policies to respond faster to global crises, shareholders have given it until Christmas to produce a roadmap for operational reform.