IMPROVING PUBLIC FINANCE
3.3
Lessons from a journey across the globe
The world is facing intertwined challenges, but each country faces a different reality in dealing with them. To support them, the World Bank Group is delivering a comprehensive action plan and strategic reforms.
T his moment marks the cul- mination of a journey that began over a year ago – when I first started at the World Bank and promised to visit every region where we operate. It’s a journey that has taken me across the globe, from Latin America to Africa, Asia, the Mid- dle East, and now to the Pacific. This tour was about much more than just visiting countries; it was about listening, learn- ing, and reimagining how the World Bank can serve a world in profound need of change. Our mission was to write a new playbook for the World Bank Group – one that is fit for today’s challenges and the uncertainties of tomorrow … At the World Bank, we see these global challenges as intertwined – cli- mate change, inequality, and fragility … Between my first trip to Peru on to this final visit to Tuvalu, I have visited 27 countries on six continents, and met with leaders of developed and develop- ing economies alike. I was able to speak with civil society stakeholders, business leaders, experts in climate, develop- ment, and finance. Most importantly I had the privilege to see first-hand how people are benefiting from the work of the World Bank. Each stop has reaffirmed several truths. Though aspirations of people around the world are universal, we live in a world of greater polarization and extremes. While countries are facing a shared set of intertwined challenges, they are experiencing them differently. And though countries appreciate the work the World Bank has contributed to their development goals, they need more and require us to be faster, simpler, and more impact oriented.
Over the past year, we have advanced a set of reforms – many informed by the G20 Expert Group – aimed at mak- ing the World Bank Group better, bigger, and more effective. Pulling from the exceptional people across this insti- tution to deliver quality assistance in all its forms – knowledge, capacity building, policy dialogue, and finance – targeting the World Bank’s mission, operational model (speed and simplic- ity), and financing capacity. We are advancing this evolution at the fastest pace we can. … We’ve expanded our mission and vision: To create a world free of poverty on a livable planet. Shortened our project-approval process by three months, and we aim to shorten it by many more. Integrated operations as “One World Bank” in 20 pilot countries to remove bureaucracy, break down silos, free up client capacity, and approach challenges collectively. Found new ways to stretch our existing balance sheet further, leading to $120 billion of addi- tional lending over the next 10 years. Overhauled our Knowledge Bank struc- ture – anchored in five verticals – people, planet, prosperity, infrastructure, and digital. Each with clearly defined exper- tise. Bringing knowledge experts to the forefront of our country driven model – and Country Partnership Frameworks. Creating bankable projects and imple- menting them. And providing capacity to client governments when needed – a change that is welcomed by Pacific lead- ers. We’ve worked to rebuild a focused corporate scorecard – moving from 150 items to 22 – driving the institution toward impact … We also give share- holders, clients, and taxpayers the
Ajay Banga, World Bank Group president
ÒÀąÑÀÀÓ˼ɿÀ¿ OUR MISSION AND ÑÄÎÄÊÉÏʾÍÀ¼ÏÀ A WORLD FREE OF POVERTY ON A LIVABLE PLANET.
50
Financing a Just Transition
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