W Orld B Ank : a Step Forward and a Step Backward Do We Need This Inst

The paper charts out the evolution of the World Bank and provides insight of its changing roles and functions, and the consequence of its actions ranging from inequitable development to environmental destruction. It examines why the World Bank has been able to create so much stir in the last 50 years of its existence that led to pressures for “change” from both within and outside the World Bank. The paper takes a critical look on the current reforms process and how it has changed the World Bank’s approach to development. It concludes that World Bank inspite of the shortcomings and the slow -learning approach still holds potential to bring about a positive change, and suggest ways by which the institution can improve the effectivene ss of its involvement in the global development arena.