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WB to redouble efforts in Pacific region: Roberts

THE World Bank needs to redouble its efforts in the Pacific region now that Paul Wolfowitz has announced his resignation as president of the organisation.
Nigel Roberts, the bank’s Sydney-based country director for PNG, Timor Leste and the Pacific, said the Wolfowitz era was ending and it was time to put the scandal behind.
He said in a statement the last two months had been traumatic for the institution, and last week’s resolution, though welcome, has left questions in the minds of the bank’s staff.
“The bottom line, though, is that the bank was prepared to investigate an embarrassing incident and lay its findings open to public scrutiny - actions that led to the president’s decision to step down,” Mr Roberts said.
He was reacting to Wolfowitz’s recent resignation as World Bank president after a scandal over his role in winning a new pay and promotion package for his girlfriend.
He said it was now time to refocus on the development of the region.
According to Mr Roberts, PNG, Timor-Leste and the Pacific islands face serious development challenges such as sluggish growth, high unemployment, mounting popular frustration and increasing pressure on the nation’s fragile environments.
“Business as usual will not suffice if we want political stability and economic hope to take root in the neighborhood,” Mr Roberts stressed.
The bank provides economic advice and financial assistance to 11 countries in the region, and works very closely to support key development partners in the Pacific, particularly the Asian Development Bank, Australia and New Zealand.
The bank expects to commit roughly A$100 million (K257 million) this year to 10 new projects, and to double its current portfolio of 15 projects in the coming three years.
The institution’s principal development contribution, however, is its analytical work, which draws on its global research and decades of experience in every part of the world.
The bank’s development strategy for the region is focused on the poor and marginalised, and emphasises good governance, careful management of natural resources, the provision of basic infrastructure and social services and job creation through private enterprise development.
Mr Wolfowitz’s appointment as the World Bank president was originally opposed by many European nations, which disapproved of his previous role as a senior Pentagon official and architect of the Iraq war.