World Bank Group

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• The World Bank and the International Monetary Fund are being challenged to make substantial reforms so that they become fit for purpose in the 21st century.
• Some suggest that they cannot be sufficiently reformed and should be shut down.
• Others, including myself, contend the world needs effective international financial institutions.

Some history

• The purpose of the 1944 Bretton Woods conference was to create a new international monetary order.
• Only 44 out of the then 99 officially recognised countries were represented.
• A large portion of humanity was living under colonial domination and didn’t take part in the negotiations.
• This effectively modified the principle of sovereign equality which is at the core of the international legal order.

Evolution

• However, because of their relative level of economic development, they lacked the votes to change policies and priorities.
• Third, concerns about the environmental and social impacts of economic activity were beginning to grow around the world.
• It resulted in controversies involving projects funded by the World Bank and programmes funded by the IMF.
• They were concerned that the operations of these institutions were causing substantial harm to local communities and the environment.
• They also educate external actors about what they can expect from the bank in regard to environmental and social issues.
• It is one of the few international organisations that does not offer its external stakeholders any means for holding it accountable.

What next?

The World Bank and IMF need to continue evolving if they are to remain fit for purpose in the 21st century. They need to develop governance arrangements, operational policies based on international norms and standards, and accountability structures that respond adequately to the challenges of climate, poverty, inequality and discrimination. Their richer member states need to provide them with adequate resources to fulfil their mission.

• With the post-pandemic surge in tourism and a growing interest in golf, LSVs have become popular for mobility in golf courses and tourist hotspots.
• Japan, too, reports a similar trend with over 28% of its population in the senior age bracket.
• Post-pandemic tourism saw a leap from 54 million tourists visiting museums and landmarks in 2020 to 71 million in 2021.
• The electric golf cart usually costs around USD 5500 to - USD 6000, whereas the gasoline-based golf cart usually costs USD 700 - USD 1000.