Minister optimistic WB President prioritizing inequality resolution

Minister optimistic  WB President prioritizing inequality resolution

What must be done is to ascertain how the World Bank operates in a country or how the World Bank lends assurance to the country regarding the increase of capital to all nations.
Jakarta (ANTARA) - Finance Minister Sri Mulyani Indrawati believes the newly appointed World Bank (WB) Group President David Malpass will prioritize and channel efforts to tackle several issues pertaining to inequality.

"Perhaps in the Malpass era, greater concern will be shown for the gini coefficient, inequality, and policies for optimal development of the country, with the least amount of intervention," Indrawati noted in a statement received in Jakarta on Friday.

The statement was made by Indrawati in her role as speaker at the Bretton Woods Committee and Center for Global Development Joint Seminar in Washington D.C., the United States, Thursday, April 11, 2019, local time.

The seminar was held as part of a series of events at the spring meeting of the International Monetary Fund-World Bank Group (IMF-WB).

The minister highlighted the need for a solution to the issue of inequality since it had the potential to significantly influence all stakeholders.

Furthermore, Indrawati harbors expectations of Malpass directing his focus on tackling corruption, addressing the issue of climate change, and collaborating with clients in the World Bank Group.

The minister is confident that Malpass, also an economist, will give special focus to small, poor, fragile, and island nations.

"The need of the hour is to determine the manner in which the World Bank operates in a country or how the World Bank lends assurance to the country on increasing capital to all nations," she stated.

Other much-awaited policies concern those related to middle-income countries not subject to economic traps.

In the face of such challenges, Malpass is required to take swift steps to ensure that the WB stays abreast of all information that has changed significantly in business processes, handling corruption-related issues, and democratizing data.

By and large, Indrawati pointed to the three areas of governance, business models, and resources that the WB should maintain its focus on.
"The realization of our goals will become increasingly harder if we lack consistency in the areas of governance, business model, and resources," the minister, who was the WB Group managing director for the 2010-2016 period, stated.

The post of the WB Group president was earlier vacant after Jim Yong Kim, who had assumed the position since 2012, abruptly resigned.