Publication date: November 1994
On July 8, 1993 the Executive Directors of the World Bank approved "Next Steps: A Program of Action," based on management's proposals on how to implement the recommendations of the Portfolio Management Task Force. The main objective of this program is to ensure that the Bank obtains better results on the ground, thereby increasing the development impact of its operations. Over the past year, steady and substantial progress has been made towards increasing the Bank's focus on implementation and portfolio performance. This document highlights the progress and changes that have been or are being made by the Bank to increase development impact. Out of a total of 87 actions promised, more than 90 percent have either been fully completed or are at an advanced stage of completion. The recommended actions deal with the following seven major areas that affect portfolio management: 1) link country portfolio performance to the Bank's core business practices; 2) provide for more active project and portfolio restructuring; 3) improve the quality of projects entering the portfolio; 4) define the Bank's role in, and improve its management of, project performance; 5) enhance OED's role as an instrument of independent accountability and give greater emphasis to ex-post evaluation; 6) create an internal environment that promotes better portfolio management; and 7) give attention to generic and institutional factors that affect portfolio performance. This paper summarizes progress in each of these areas.
Publisher: World Bank