Douglas Alexander: If we want to help the poorest, the World Bank must be reformed
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.When the World Bank was established, those countries borrowing substantially from it – the countries of post-war Europe – had a major say in the running of the organisation. Today, in areas ranging from strategy, policy and budget to the detail of operational issues, the voice of the poorest must again be heard. So we look to the London summit in April to recognise the need and agree principles for reform at the World Bank. And alongside the articulation of principles, we need a clear process for putting them into practice.
I would like to propose that the governors of the bank should have a substantive discussions at this year's annual meetings, based on those principles outlined at the London summit. By next year's spring meetings, we could then be in a position to reach agreement on a reform package which includes a more equitable allocation of votes between developed and developing members.
The bank could also strengthen its approach to partnership working by moving more staff and more decision making outside Washington DC. The bank needs to get closer to its clients. The main board is too large for everyone to share perspectives and views at length. Too often, the members representing many of the poorest countries struggle to be heard. I would therefore suggest that the board concentrates on strategy, accountability and results, and delegates oversight of much of the bank's country work to regional committees so that developing countries can have more say in the decisions that affect them most. My own department has undergone a process of devolving to the countries in which we work – to the benefit of our impact in those countries.
I would finally suggest that the bank should address accountability. If we can get the right reforms in order to make the bank management more accountable, shareholders would also be ready to give the bank more freedom to deliver. Each of us must be willing to stand back from the detailed operations which are the bank management's job and play an effective oversight role as the strategic board directors, accountable to our domestic populations.
Douglas Alexander, the Secretary of State for International Development, addressed the Royal Institute of International Affairs on Tuesday
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments