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Quote of the Week: Raghuram Rajan

Sina Odugbemi's picture

Central bankers have had enormous responsibilities thrust on them to compensate, essentially, for the failings of the political system. And my worry is we don’t have sufficient tools to do that, but we’re not willing to say it. And, as a result, we push as hard as we can on the existing tools, and they may create more risk in the system.” 

- Raghuram Rajan, Governor of the Reserve Bank of India since 4 September 2013. Prior to his post at the Reserve Bank of India, Rajan was chief economic adviser to India's Ministry of Finance in 2012 and chief economist at the International Monetary Fund from 2003 to 2007.
 

Innovations for Resolving Disputes in Development

Amar Inamdar's picture

As rapid innovation and adoption of new communications technology sweeps across the globe, one thing is certain: the trend for increasing demand from citizens to have a greater say in public projects.  It’s an opportunity and a challenge, depending on how you look at it.  The World Bank can do more to step up to the challenge of managing this kind of complexity more smartly. Typically, we are seeing disputes relating to land, water and governance issues. These trends are not going away. So what can we do about it? Well the short answer is—plenty.
 
“We are witnessing this incredible transformation in the Middle East and North Africa region that is still unfolding,” said Inger Andersen, the World Bank’s vice president for the Middle East and North Africa Region, speaking at an event on innovations for resolving disputes in development in Washington.

“It is a different reality now,” said Andersen. “Hearing the peoples’ voice inside the programs and projects is a major breakthrough for us. The work we are now doing in the region is reaching millions via Twitter, Facebook, and social media outlets. It is a real challenge to ride on the transparency wave across the region while adhering to our policies at the Bank.”

Risk and Accountability: What Role for the Inspection Panel?

Alf Jerve's picture

The World Bank wants to speed up. To meet the needs of clients and find new solutions to development challenges its appetite for taking risks must change. Accountability mechanisms, like the Inspection Panel, are often accused of causing staff to become risk averse – of slowing down the speed. The Panel has been set up to give people affected by Bank-supported projects an avenue for raising their concerns, knowing that the complaint will be handled by a body independent of those who man age the project. We call it citizen-driven accountability. Does this slow down speed or does it allow for speeding up because it improves the braking system? Fast cars need good brakes.

The answer is not simply one or the other. The Panel has stated on several occasions that it recognizes risk-taking is an essential part of development work, and that the Bank needs to be able to take the risks that go along with innovation, and venture into challenging circumstances where risks and potential rewards may be high. Effective safeguard policies provide means to identify and manage risks, which at times may slow down speed and rightly so. At the same time, citizen-driven accountability helps to enable risk-taking by providing a safety net for affected people in the event that risks materialize.

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

Nieman Journalism Lab
Deutsche Welle’s trying to use Africa’s mobile-phone boom to spread news by new means

“As the fastest-growing mobile market on the planet, Africa is facing huge opportunities — and distinct challenges — in news dissemination.

By the end of the year, it’s estimated that more than three-quarters of the population will be cell phone subscribers, including in places where literacy rates are low and electricity is unavailable. To better serve that demographic, German media giant Deutsche Welle is using over-the-phone voice technology to deliver news.

No Internet access necessary: Just dial a number to access the program Learning by Ear, an educational show for teenagers that mixes news and explainers having to do with health, politics, the economy, the environment, and social issues.”  READ MORE