By Abdulrahman Aliagan, Abuja
World Bank has been honored to be in one of the top positions in the International Aid Transparency Index (IATI) an independent measurement of aid transparency. The ranking demonstrates the strong commitment to transparency, timely and effective information disclosure, and open data. This was disclosed in a World Bank Blog dated 9th of July, 2020 and made available to Time Nigeria.
According to the report, “The transparency of development finance data is even more important now, as we enhance our support to countries addressing the impact of the COVID-19 Pandemic. High quality and timeliness of development data allows for better coordination of such a response, more efficient resource use and a better-informed decision-making process.
“Our improved ranking was achieved through upgrading the reporting into the newest IATI standard, increasing data publishing frequency from quarterly to monthly, reporting on additional indicators such as aspects of project financing, and streamlining and automating the process of exporting the data from various sources.”
It further stated that, “We congratulate World Bank-IDA on achieving 2nd place in the 2020 Aid Transparency Index. As large quantities of aid are being reallocated to deal with the COVID-19 emergency, the transparency of international aid is more important than ever.”
“For our client countries, this transparency in aid reporting means that by using IATI Standard, they can efficiently access aid data from multiple donors in one place (rather than having to gather from each donor individually); and import consistent and accurate data on World Bank operations and all development aid data into their own national financial management systems.
“Produced by Publish What You Fund, the International Aid Transparency Index is an independent measure of aid transparency among the world’s major development agencies, based mostly on the publishing of data in the IATI standard. World Bank-IDA’s score this year is 97.1 out of 100, increased significantly from 86.1 in 2018, resulting in an improved ranking, jumping four spots from the 6th to the 2nd.
“The Bank joined IATI as a founding member in 2008 and is a leading publisher of IATI data since 2011. IATI brings together governments, multilateral institutions, private sector and civil society organizations and others to increase the transparency of resources flowing into developing countries.” The statement concludes.