World Bank reforming to meet new challenges

The World Bank is pursuing an ambitious program of reform to enable the institution to become more efficient and effective while also gaining more legitimacy among the developing countries that it serves, Bank President Robert Zoellick said today.

In a speech at the start of the World Bank-IMF annual meetings, Zoellick said the World Bank’s reforms would focus on improving development effectiveness, promoting accountability and good governance, and continuing to increase cost efficiency.

“To serve the changing global economy, the world needs agile, nimble, competent, and accountable institutions,” Zoellick told the meeting of the Board of Governors of the World Bank Group. “The World Bank Group will improve its legitimacy, efficiency, effectiveness, and accountability, and further expand its cooperation with the UN, the IMF, the other Multilateral Development Banks, donors, civil society, and foundations which have become increasingly important development actors.”

Reform was inevitable as the world was changing so quickly, Zoellick said. “The old international economic order was struggling to keep up with change before the crisis.  Today’s upheaval has revealed the stark gaps and compelling needs.  It is time we caught up and moved ahead.”

For more information, see:

• Press release: World Bank Reforming to Meet New Challenges, Zoellick says
• Speech: The World Bank Group Beyond the Crisis