World Bank says half of proposed $400 million savings found

The World Bank headquarters in Washington, D.C. As part of its plan to save money, the financial institution will reduce the size of its sprawling headquarters and decrease the number of its staff members in the future. Photo by: Eliza Villarino / Devex

The World Bank says that it has found more than half of the $400 million in budget savings that President Jim Kim proposed last year as a part of an effort to make the bank leaner and more efficient — and initial information suggests that the cuts will affect the financial institution’s staff and external consultants as well as partners.

Savings will result from changes to corporate procurement and the engagement of external consultants as well as a reduction of the bank’s real estate “footprint” in Washington.

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    Paul Stephens

    Paul Stephens is a former Devex staff writer based in Washington, D.C. As a multimedia journalist, editor and producer, Paul has contributed to the Los Angeles Times, Washington Monthly, CBS Evening News, GlobalPost, and the United Nations magazine, among other outlets. He's won a grant from the Pulitzer Center on Crisis Reporting for a 5-month, in-depth reporting project in Yemen after two stints in Georgia: one as a Peace Corps volunteer and another as a communications coordinator for the U.S. Agency for International Development.