New World Bank
Strategy Wins Approval
World
Bank President, Robert Zoellick has won support from bank member
countries for his strategy to lead the institution for the next
five years.
In a
communiqué at the end of a day-long meeting on Sunday, the
bank's steering committee said tackling poverty in poor
countries, especially in Africa and countries emerging from
conflict should be a priority.
The
committee, which sets World Bank policy on behalf of the member
nations, also asked the institution to increase support for
developing countries to tackle climate change and improve their
access to clean energy sources.
“We
welcomed the president's commitment to develop and refine the
strategic framework in a consultative manner under the guidance
of the bank board, and look forward to reviewing progress at our
next meeting,"
the communiqué said.
The
committee backed Zoellick's plan to work more closely with the
private sector in efforts to pull poor countries out of poverty
by generating growth and jobs.
"We
emphasised the need to sharpen the focus of poverty reduction
strategies on stronger, shared, private-sector-led growth,"
it said.
A NEW ROLE
Zoellick,
who took office in July, has won accolades for quickly
refocusing the bank's attention on combating poverty after an
ethics scandal surrounding his predecessor, Paul Wolfowitz,
which had rocked the institution and distracted it from its
mission.
In the
lead up to the bank's annual meeting at the weekend, Zoellick
had sketched out a new strategy, which he presented to member
nations.
In
addition to giving the private sector a bigger role in
development, he said the bank should respond quicker to help
countries emerging from conflict. He also said it should improve
services for fast-growing emerging economies that no longer need
loans, and said it should do more to fight diseases and protect
the environment.
Funding
But
ensuring the institution is properly financed is one of
Zoellick's biggest challenges. The World Bank is more than half
way through tough negotiations with its biggest donors to
replenish the coffer for lending to 81 of the poorest
nations.
Zoellick
challenged donors to increase their contributions to this fund
-- the International Development Association -- noting the bank
had already doubled the amount of money it pumps into IDA with
funds from a profit-making affiliate.
"We need
... developed countries to translate their words from summit
declarations into serious numbers too,"
he said.
The
Development Committee said a strong IDA replenishment was
necessary for the bank to help the poor.
"We
underlined the need for a strong IDA replenishment to enable IDA
to play its crucial platform role in the evolving aid
architecture,"
the communiqué said.
REUTERS/YINKA
