The paper "Role of the World Bank in International Public Policy Management" is an excellent example of an essay on management. Since its inception, the World Bank has been the prime institute for financial assistance and restructuring for the countries across the globe and has been instrumental in development activities. The purpose of the present study is to understand its role in international public policy management in view of the new challenges presented by the changing global scenarios in the 21st century. The paper will draw on earlier works done on the various functional aspects of the bank and make a case for an even stronger role by the bank with a renewed focus.
Financial Assistance programs from the World Bank along with its Advisory Aid in the form of project appraisal, feasibility studies, macroeconomic and sector assessments, and technical support, have been encouraging economic liberalization. (Rajan 2007) However under the “ Structural Adjustment Programs” , the bank has been influencing the public policies in the borrowing nation. These conditions have also been directed at enforcing reforms such as opening up of economies and capital markets, disinvestments from the public sector companies, eliminating or cutting down of subsidies, cutting aids from social welfare schemes and reduction in fiscal deficits by means of encouraging privatization.
Fighting poverty has been one of the top agendas of the bank. Levels of Bank Engagement: Restructuring & Development1.1 World Bank Lending1.2 Policy Advice and Policy Reforms1.3 Leveraging Resources: Multi-Donor Trust Funds1.4 Conflict Prevention1.5 Post-Conflict Aid1.6 Poverty Reduction Strategies1.7 The Global Governance of Natural ResourcesPart II- Role of the World Bank in Global Economic ReformsBirdsall (2000) has found that ‘ Structural Adjustment Programs’ which come with a host of conditions have been termed as ‘ anti-poor’ .
The rich countries are of the opinion that most of the assistance or soft loans are being given to ‘ middle-income countries’ with the money being used by governments for corrupt practices. Economists are of the opinion that the bank programs have failed to achieve the desired objectives of public level reforms and poverty reduction. With these reasons behind, wealthy countries are not forthcoming with additional financial contributions to the World Bank. Most of the borrowing countries now have an easy access to market finances.
Initially, Bulow & Rogoff (1990) and subsequently Allan Meltzer questioned the rationale behind the very existence of the bank. 2.1 Privatization and Profits2.2 Structural Adjustment Programs (SAPs)2.3 Dealing with Debt and Arrears2.4 Responding to Crises and Supporting Innovations2.5 Impact of SAPs in the Third World Part III- Emerging Challenges and Evolving RolesHowever, the 21st century has its new challenges. While the bank needs to shift focus from ‘ middle-income countries’ to poor countries in Africa, the developing and developed countries have to be brought around the purview of the Kyoto Protocol.
World Bank studies have already predicted climate changes resulting in global warming resulting in a shortage of food grains. According to Mallaby (2004) since World Bank is more effective than UNESCO and WHO, therefore, it has an important role to play in influencing the policies related to education and health particularly HIV/AIDS. (Ruger 2005) Among conflict-ridden countries, psychological health of the populations, and reforms in the policies for effective utilization of the aid in post-conflict reconstruction. (Jorgensen 2004)3.1 Free Trade Agreements And Private Capital Flows3.2 The South Bank3.3 Governance3.4 Focusing on Underdeveloped Countries3.5 Rebuilding Conflict ridden countries3.6 Climatic Changes and Sustainable Development3.7 Agribusiness and Food security3.8 Education3.9 HealthWith reference to the works discussed above and more scholars, the study establishes that though there have been demands for a new bank or reducing the World Bank to an advisory body only, the resources, the infrastructure and the intellectual capital possessed by the bank is unmatched.
It’ s a matter of just reorienting its policies and focus away from middle-income countries and working on some of the common problems faced by the people across the borders that will make its role ever effective in helping other countries and performing as a growth engine.