What the World (Bank) needs now…
Ngozi Okonjo Iweala, former finance minister of Nigeria and currently a fellow at the Brookings Institution, makes suggestions for the direction of the World Bank.
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I fully appreciate the comments of Ngozi Okonjo Iweala.
Institutions like the World Bank not only enable poverty alleviation programmes but also enable the transition of the monetary assets into the physical assets.
Non-redeployment of capital creates inflation, depreciation and busts of the bubbles.
Therefore just as the banker is required to ask questions to guide the companies, it is essential for the international institutions like the world bank to ask the right questions to put the policy makers on the right track.
I remember in 1991 in India, because of the balance of payment crisis then finance minister (now prime minister) Dr. Manmohan Singh forced the government to look into the reform measures suggested by the researchers like Prof. Chelliah. Else who would have cared about the reforms in the taxation? It was the reforms in the taxation that had lead to the opening of the economy.
Though Prof. Chelliah was not a Bank guy, It took Dr. Manmohan who was from international institution to see the since in what Prof Chelliah was speaking.
So International institutions play a key role in the converting the monetary gains into physical assets. They are infact instrumental in enhancing the equity in an humane manner.
We know inequity in the distribution of income leads to social problems like terrorism and civil wars. The better way to avoid civil wars and disturbances is to empower international institutions like the World Bank.
It is immature of the petty politicians to scandize people, in a growing organisation like the World Bank, it is necessary to decentralise the power so as the scandals are reduced. Further though one cannot think of a better choice than Prof. Zoellick (I’ve heard him once in Chennai in India while he was on a campaign on the discussions on the Doha round) , It would be wise to make the nominations appear more democratic.
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The Author Dr.P.James Daniel Paul is the Regional Head of European Union, Investment Facilitation Desk in the Southern Region. Earlier he has been the Senior Trade and Investment Adviser in British Deputy High Commission, Economist at Murugappa Group, Confederation of Indian Industries (Southern Region) and NIPFP (under the finance ministry). He has also taught in Management schools and IT Institutes. He has also been a consultant to the World Bank on two major Health projects and UK corporate on various projects. He has authored many research articles, books and presentations including one at University of California, Los Angles. He has guided many researchers in their postgraduate, M.Phil and Ph.D thesis.
Posted by: Dr James Daniel Paul | May 30, 2007 10:35:03 AM
Given the current bashing of the Bank here I copy a message that I circulated around a couple of weeks ago.
Let us keep the eyes on the ball!
If we want good government results that have a chance of doing what is humanly good for humanity, in a shrinking world, that could only happen through more credible and better governed multinational institutions. But in this case, while rolling up or shirtsleeves to get going at it, we must also learn about how to prioritize our efforts.
Instead of beating the good guy on the head, just because he is more amenable to being beaten on the head, and start with a World Bank and that no matter Wolfowitz and some others, in relative terms, still stands out as a shining example of relative good governance in the world, we should all concentrate more on where good governance is much more lacking and much more needed, namely the United Nations.
May I humbly suggest we keep our eyes on the ball!
Posted by: Per Kurowski | Jun 1, 2007 10:41:43 AM
Ker, contrary to your comment, no one was bashing the bank. I was in fact highlighting the importance off the international organisations in the case of Indian reforms..
I did not mean any harm to other contenders when I mentioned about Zoellick. Wish you the best
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jamespdaniel@gmail.com
Posted by: Dr James Daniel Paul | Jun 2, 2007 9:06:32 AM