World Bank chief Robert Zoellick on Monday said the poverty-fighting institution needs to rethink its role in tackling economic and social problems highlighted by protests in the Middle East and North Africa. "We have produced a number of flagship reports on governance, youth inequality, quality of education, special disparities, and the non-competitive nature of the private sector in the region," Zoellick said in opening remarks at a World Bank conference on Arab issues.
"But the record of action has been spotty. Like others, we also have much to learn," he added. The conference, held at the bank's Washington headquarters, brought together journalists, think tanks, youth groups and academics from the Arab world to discuss changes taking place across the region. The protests against political repression, corruption, high unemployment and a rising cost of living have toppled rulers in Egypt and Tunisia and spurred uprisings in Yemen, Bahrain, Morocco, Jordan, Algeria, Saudi Arabia and Libya.
They have also forced institutions like the World Bank and the International Monetary Fund to take a closer look at their roles in the region following criticism for focusing on economic reforms that did not benefit the majority of people. "It has been a striking movement, engendering its own momentum," Zoellick said, "Many of the underlying grievances and triggers of these unprecedented events are economic and social in nature - though they have taken on a political form," he said. The World Bank president said the bank had to take a closer look at problems that have dogged the region, such as income inequality, unemployment among youths, lack of transparency and accountability, and the role of the private sector.
Comments
Comments are closed for this article.