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17 Sep, 2011

World Bank, IMF Face Shifting Development Paradigm – IPS ipsnews.net

Amid a global financial crisis that has shown little signs of reversing, next week’s fall meetings of the International Monetary Fund and World Bank are crucial in setting the tone for rebounding world markets, to which leaders of the Bretton Woods institutions offered optimistic, yet ultimately vague, solutions in speeches this week.

Robert Zoellick, president of the World Bank, said that political leaders needed to become “responsible stakeholders” in the world’s development in an appearance Wednesday at George Washington University.

“We need to leverage aid more effectively through new instruments, and we need to expand the contributors by involving more stakeholders through more innovative approaches,” Zoellick said, stressing private investment and entrepreneurship as avenues which needed to be more involved in global growth strategies.

via World Bank, IMF Face Shifting Development Paradigm – IPS ipsnews.net.