Jim Yong Kim plans to announce reforms that will make it easier for the World Bank to have more impact on ending global poverty. The head of the institution plans to discuss those changes with leaders next week when the World Bank and International Monetary Fund (IMF) member countries engage in a series of meetings.
Reuters reported late Thursday that Kim will have his first chance to make a real impact on the bank at the meetings, scheduled for Oct. 11–14 in Japan. He said that he wants the World Bank to lessen its emphasis on approving loans for development and concentrate more on getting results that make a difference.
He was quoted saying, “We’re not ready to ask for specific changes yet … but if we are going to be really serious about ending poverty earlier than currently projected … there are going to have to be some changes in the way we run the institution.”
Kim went on to say, “Specifically, I am going to ask the governors to work with us so the organization can move to a model where we move more quickly, we can make midcourse corrections more easily and where our board and our governors focus much more on holding us accountable for results on the ground in countries, rather than focusing so much on approval of large loans.”
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More specifics would come in April at the next meeting of member countries, he said, but added, “The need for these changes have been clear for a very long time.”