Importance of World Bank

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The World Bank Group is one of the world's largest sources of development assistance. In fiscal year 2001, the institution provided more than US$17 billion in loans to its client countries.


The World Bank consists of the IBRD, IDA, IFC, MIGA and the International Centre for Settlement of Investment Disputes (ICSID). It works in more than 100 developing economies with the primary focus of helping the poorest people and the poorest countries. For all its clients the Bank emphasizes the need for:


• Investing in people, particularly through basic health and education Focusing on social development, inclusion, governance, and institution-building as key elements of poverty reduction


• Strengthening the ability of the governments to deliver quality services, efficiently and transparently


• Protecting the environment


• Supporting and encouraging private business development

Promoting reforms to create a stable macroeconomic environment, conducive to investment and long-term planning.


• The bank also carries out economic and other reports such as Poverty Assessments, Public expenditure Reviews, Country Economic Memoranda, Social and Structural Reviews, Sector Reports, Knowledge sharing etc.



The Bank has established Advisory Services to provide information and knowledge on numerous facets of the Bank's work, such as environmentally and socially sustainable development, health, nutrition and population, the financial sector, and law and justice.


The Advisory Services draw on the work of Thematic Groups, which are organized and coordinated by Bank staff, and focus on specific development topics.

Thematic Groups share lessons learned in order to improve the quality of Bank activities. Several groups have prepared toolkits for development practitioners. Topics have included project design; management and monitoring; legal, financial, and procurement requirements; gender; food and nutrition; and resettlement safeguards.



Development of Poor Countries
The reason why the development of poor countries is yet to take place is the fact that gaps in income with the wealthier countries are still widening, and the worst conditions of privation still affect as many as 1.3 billion people one-fifth the entire global population. About one-third of the world's children suffer symptoms of malnutrition, and about one-half the entire human population has no access to even the most basic medicines.



The state of geopolitical flux that has followed in the wake of the Cold War, the world has actually witnessed a proliferation in regional conflicts. By some estimates, at least 26 million people worldwide were displaced by civil war in 1996. Furthermore, in many conflicts, the weaker members of society, particularly women and children, have most frequently been the victims of the carnage, which includes human rights atrocities


Poverty and warfare are not the only threats to human dignity and civilization. Humanity faces an array of other formidable problems as well, from global environmental degradation, the population explosion, the food and energy crises, AIDS and other infectious diseases, to drug abuse, terrorism, crimes against international society, and now financial turmoil. In terms of ensuring peace and security for the human race and the world at large, these problems demand a concerted and far-reaching approach by the world community.



For instance, environmental problems of global scale have a serious impact at the ecosystem level, and as such, they pose a major threat to humankind and the rest of the living world. In addition to the issue of industrial waste, the world is also confronted by the urbanization-based deterioration of our living environment, cross-border acid rain, global warming, and the depletion of global forest resources and biodiversity. These pressures now threaten ecosystems and human populations worldwide, developing regions included.



In a world that has become increasingly interdependent, no longer can the national interests of any single country be contemplated in isolation from the interests of international society at large.



The World Bank has so far worked extensively in the interest of the international society but because of the above-mentioned problems the complete development of poor countries has not been possible.
 
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