Business
World Bank Boss Harps On Developing Countries
Outgoing World Bank President, Robert Zoellick, last week gave an impassioned defence of the institution he has run for five years.
He urged his successor to focus on developing countries as clients, rather than aid recipients.
Zoellick said it was in the economic and security interest of rich countries like the United States to continue supporting the World Bank.
The contribution provides loans and other assistance to help poor countries to tackle a wide array of problems.
“We’re beyond a model of charity to poor people,” Zoellick said in remarks to the Inter-Action alliance of development groups.
He argued World Bank programmes to contribute to global stability and economic growth, which in turn benefits both U.S. companies and the country as a whole.
“If you just take the United States, 4 percent of the world’s population, 20 or more percent of the world economy – you have an interest in what’s happening out there.”
If rich countries ignore global poverty, “it becomes breeding grounds for problems,” Zoellick said.
The United States has been the World Bank’s biggest shareholder since its beginning after World War Two.
But huge U.S. budget deficits have put pressure on all government spending, raising questions about continued support by Washington for the bank’s anti-poverty programmes.
Zoellick steps down as World Bank president on July 1 and will be succeeded by Korean-born American health expert, Jim Yong Kim, who was nominated by President Barack Obama for the post.
Kim, a physician and anthropologist, who is currently president of Dartmouth College, was approved by the World Bank’s 25-member board of directors last month.
That continued a long tradition of an American holding the post, although Kim faced a serious challenge from Nigeria’s widely respected finance minister, Ngozi Okonjo-Iweala.
Zoellick said he had a three-hour meeting with Kim on Tuesday and was reluctant to offer public advice.
Still, he said it was important to avoid mistakes made 20 to 30 years ago when development experts presumed to know best what steps developing countries needed to take.
“That, to me, is the elite, top-down model that isn’t going to work,” Zoellick said.
Instead, the bank needs to work with developing countries, listen to what they think their problems are and help them to find solutions, he said.
Some development experts have criticised Kim as lacking the economic and financial credentials need to run the institution, but Zoellick downplayed those concerns.
“He’s obviously a highly intelligent, highly accomplished, very committed individual,” he said.
Business
Two Federal Agencies Enter Pack On Expansion, Sustainable Electricity In Niger Delta
Business
Why The AI Boom May Extend The Reign Of Natural Gas
Business
Ogun To Join Oil-Producing States ……..As NNPCL Kicks Off Commercial Oil Production At Eba
-
Sports4 days ago2026 WC: Nigeria, DR Congo Awaits FIFA Verdict Today
-
Politics4 days ago
ADC, PDP, LP Missing As INEC Set For By- Elections In Rivers
-
Environment4 days agoOxfam, partners celebrate 5 years of climate governance programmes in Nigeria
-
Politics4 days ago
FG’s Economic Policies Not Working – APC Chieftain
-
Politics4 days ago2027: Diri Unveils RHA LG Coordinators, APC Congress Panel
-
News4 days agoVictory Over Insurgency Certain, Tinubu Assures
-
Politics4 days agoReps To Meet,’Morrow Over INEC’s 2027 Election Timetable
-
Politics4 days agoGroup Continues Push For Real Time Election Results Transmission
