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World Bank’s responsibilities

Posted July 11, 2012, at 5:49 p.m.

The new president of the World Bank Jim Yong Kim, who began his five-year term on July 1, faces many challenges reforming the international financial institution and promoting its goal of reducing global poverty.

There are still 1.3 billion people living on less than $1.25 per day, 22 percent of the total population of the world’s developing countries and regions. This is a far cry from a world free of poverty, and there is still much to be done.

There is no doubt that over the past 60 years, the World Bank has played a very important role in helping developing countries fight poverty. However, to meet the challenges of the international economic situation, the World Bank must adapt.

To support infrastructure construction, energy, agriculture, education and other fields in developing countries has been the main work of the World Bank. But this support usually came with harsh conditions attached, which damaged its impartiality and fairness.

In recent years, the collective rising of emerging countries has changed the global economic landscape. For many developing countries the biggest challenge is creating jobs, and they want the World Bank to increase investment in human capital.

As an organization whose role is to help developing countries eradicate poverty and achieve sustainable development, the World Bank has more responsibility than ever.

China Daily, Beijing (July 6)

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