The role of international financial institutions in protecting the vulnerable during pandemics: Focus on World Bank in developing economies
Posted: 18 June, 2020 Filed under: Francis Kofi Korankye-Sakyi | Tags: access to justice, access to public services for the poor, COVID-19 pandemic, drafting of new legislation, economic growth, finance, healthy business environment, infrastructure, International Financial Institutions (IFIs), Legal empowerment, rule of law, sustainable development, Sustainable Development Goal 16, the rule of law, transparency, vulnerable persons, World Bank 2 Comments
Author: Francis Kofi Korankye-Sakyi
Development and International Trade Finance Expert
The importance of law in development discourse as captured under Sustainable Development Goal 16 is a critical factor in establishing and maintaining the rule of law by empowering the most vulnerable persons and groups in society to exercise their fundamental human rights against unfettered legal regimes and political leadership, especially in times of global crises.
The nexus between access to justice and the fostering of a healthy business environment, economic growth, access to public services for the poor, including the curbing of corruption and curtailing the abuse of power is well noted and must reflect on discussions in this period of the COVID-19 pandemic. In the era of crises, institutions emerge as products of deep thinking and serve the long-term interest of international peace and development. For instance, the Bretton Woods institutions comprising the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) were creations after World War II in 1944. In this light, the invitation to these international bodies to rescue developing economies in this unhealthy time of COVID-19 is, therefore, a legitimate expectation. From 1959 to 1991, multinational development banks which constitute part of the International Financial Institutions (IFIs) emerged as a result of the difficulties of the development paradigms of the times and have continued to execute programmes and projects within such expectations. This article takes a look at the role of the World Bank in building the judicial capacities of developing economies during this pandemic and advocates for support for a stronger monitoring and regulatory mechanisms in the application of the funds provided by these institutions to ameliorate the sufferings of the masses for whom these funds are intended to benefit.
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