World Bank’s new chief asks staff to ‘double down’ on development
Al JazeeraJun 09, 2023
The Facts
The World Bank on Thursday said its new president Ajay Banga would visit Peru and Jamaica next week in the first leg of a seven-month-long global tour amid efforts to expand the lender's anti-poverty mission.
Through December, Banga is expected to deepen relations with countries the Bank serves and rethink strategic partnerships with other multilateral banks and development organizations.
The Spin
Pro-establishment narrative
Despite his lack of experience in development or governance positions, Banga will likely prove he was the right choice to lead the World Bank as the US and Europe seek capital to counter Chinese lending that takes advantage of vulnerable nations. He has succeeded in increasing MasterCard's stock prices more than 13-fold and can repeat it in the global lender.
Establishment-critical narrative
The World Bank needs more money for its anti-poverty missions and national development programs. While Banga may get creative with the lender's balance sheet to increase lending, it will be hard for the Bank to counter China — which actually offers substantial resources — as the West relies on rhetoric to help developing countries.