World Bank President Ajay Banga recently highlighted the need for the global lender to simplify its processes and work faster in a world that is facing greater polarization. After visiting 27 countries, ranging from Peru to Tuvalu, Banga expressed the importance of adapting to the changing landscape of global challenges.
During his speech at the Lowy Institute think tank in Sydney, Banga emphasized the need to listen to voices from every region where the World Bank operates. He acknowledged that while the aspirations of people around the world are universal, there is a growing divide and extremes in the current global scenario.
Banga stressed that the countries he visited during his year-long journey require the World Bank to be more efficient, simpler, and outcome-oriented. He cited examples from his visit to Tuvalu and Fiji, where he witnessed the challenges faced by small island states in meeting the bank’s requirements and the need for faster response to pressing issues like rising rates of non-communicable diseases.
The World Bank’s new targets include providing affordable healthcare to 1.5 billion people by 2030, with a focus on addressing global challenges such as climate change, inequality, and fragility. Banga emphasized the interconnected nature of these challenges and highlighted the significance of reforms within the World Bank to bring about positive change.
Banga mentioned the reforms implemented over the past year, which have already started to show results. With a corporate scorecard that streamlines goals and shorter approval times for projects, the World Bank is improving its efficiency and impact. Additionally, efforts to maximize the bank’s lending capacity have resulted in $120 billion of additional funds over the next decade.
Acknowledging the forecasted gap between the number of young people seeking jobs in emerging markets and the projected job availability, Banga called for collaborative efforts between governments, philanthropies, and multilateral development banks. He emphasized the critical need for a significant replenishment of the International Development Association (IDA) to support sustainable development initiatives.
Banga’s speech sheds light on the evolving landscape of global challenges and the World Bank’s commitment to adapting and responding effectively to the needs of different regions. By prioritizing efficiency, impact, and collaboration, the global lender aims to address pressing issues and pave the way for a sustainable and inclusive future.