The World Bank plans to cut $400 million from its budget as part of a sweeping reorganization to make the global development lender more efficient and responsive, the bank's chief financial officer said on Monday.
The savings was a part of the global lender's first major realignment in 17 years. Financial information regarding the reorganization had not been publicly disclosed, said Reuters. The USD400 million figure would be presented the member countries of the World Bank later this week during its annual meetings. The global development lender would also present new strategy to focus on its poverty fighting goals.
The USD400 million savings would be phased in over three years. This would mark an 8% cut from the current annual expenses of the bank valued USD5 billion. This was according to Bertrand Badre, the bank's managing director for finance.
Badre also said that the ultimate goal of the bank would be its planned increase in revenue and better serve member nations.
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