World Bank Chief Calls for Swift Global Reforms

World Bank President Ajay Banga emphasized the need for faster and simpler operational processes during his recent speech at the Lowy Institute. After visiting 27 countries, Banga highlighted the universal aspirations amid global polarization. He underscored challenges such as climate change, inequality, and the need for significant job creation, especially in emerging markets.

World Bank President Ajay Banga, speaking at the Lowy Institute in Sydney on Tuesday, highlighted the need for the global lender to work faster and simplify its processes in response to a highly polarized world.

Banga's speech marked the culmination of a year-long journey to 27 countries, including Tuvalu in the South Pacific, where he listened to local voices to better understand their needs. He emphasized that despite universal aspirations, the world is experiencing greater extremes and polarization.

He noted that countries he visited, especially small island states, require quicker and more efficient support from the World Bank. Addressing health clinics in Fiji as examples, he reiterated the bank's new focus on job creation and affordable healthcare, aiming to reach 1.5 billion people by 2030. Banga also mentioned reforms at the World Bank aimed at speeding up project approvals and improving outcomes, while calling for collaboration among governments, philanthropies, and multilateral development banks.

(With inputs from agencies.)