World Bank President Calls for Faster, Simplified Processes Amid Global Challenges

World Bank President Ajay Banga emphasized the need for accelerated and simplified processes to address global polarisation and extreme challenges. Following his visit to 27 countries, he highlighted the need for impact-oriented reforms, focusing on job creation and affordable healthcare, specifically in the Pacific Islands affected by climate change.

World Bank President Ajay Banga, after visiting 27 countries from Peru to Tuvalu, called for the global lender to work faster and simplify its processes amid increasing global polarisation. Speaking at the Lowy Institute in Sydney, Banga wrapped up a journey that began a year ago, promising to listen to all regional voices.

He pointed out that despite universal aspirations, the world faces greater polarisation and extremes. The nations he visited, especially small island states like Tuvalu and Fiji, require the World Bank to be more responsive and impactful. These regions, particularly the Pacific Islands, struggle to meet the bank's requirements due to, among other issues, understaffed health clinics and rising non-communicable diseases.

Banga highlighted that recent reforms at the World Bank, such as reducing its corporate goals and shortening project approval times, have started to yield results. He also stressed the importance of cooperation among governments, philanthropies, and multilateral development banks to tackle the projected job gap in emerging markets, urging a significant replenishment of the International Development Association to support climate resilience and infrastructure in vulnerable regions.

(With inputs from agencies.)