The World Bank’s president, Ajay Banga, introduced a new simplified corporate “scorecard” on Thursday. This tool will measure the Bank’s progress and will be discussed at the upcoming gathering of global financial leaders in Washington.
Banga told reporters that the Bank’s new “yardstick of accountability” has reduced the number of indicators from about 150 to just 22. He explained that this simplified set of indicators should make evaluating progress easier.
“It’s much more oriented on output,” Banga said. “It’s not about reducing our ambition. It’s about sharpening our focus.”
Banga also reviewed the reforms the development lender has made to become “bigger” and “better” since he took office in June last year. This comes ahead of the World Bank and International Monetary Fund’s semi-annual meeting of senior financial policymakers in Washington next week.
He highlighted the World Bank’s progress in reducing the average time to start a new project from 19 months to 16 – halfway towards its goal of 12 months.
Banga also commended efforts to simplify the Washington-based lender’s operations and encourage more effective collaboration between its different parts on projects.
“Obviously, there’s more work to do, but I’m encouraged that we’re moving in the right direction,” he concluded.
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