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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About the author
Paul Stephens
Paul Stephens is a Devex staff writer based in Washington, D.C. His coverage focuses on Latin America and World Bank affairs, as well as Washington's global development scene. 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.
