The World Bank Annual Report for 2003,reviews the strategy and action pursued by the Bank, basedon the Strategic Framework, and Strategic Directions (andManagement Action Plan), focused on meeting the developmentchallenges embodied in the Millennium Development Goals(MDGs). To this end, the Bank sharpened its policies,programs, and instruments to support its central mission ofreducing poverty, through improved performance monitoring,and management, and improved harmonization of operationalpolicies, procedures, and practices among donors. The Bankalso considered other issues, such as its role in thereconstruction of Iraq, the introduction of the grantscomponent in the 13th Replenishment of the InternationalDevelopment Association (IDA), the Operation EvaluationDepartment's (OED) review of the Heavily Indebted PoorCountries (HIPC) Initiative, and, market access for exportsfrom developing countries. Methods for combating terrorism,and money laundering were also considered during the periodunder review. The document presents thematic (and regional)perspectives based on two pillars - poverty reduction andeconomic management - and how to invest in people, towardsan environmentally, and socially responsible growth, thatsupports private sector development, infrastructuredevelopment, financial management, and, promotes appropriatelegal and judicial systems. The second Volume presents thefinancial statements for the period July 1, 2002 to June 30,2003, reporting development activities (loans, guarantees,and other activities), including liquidity management,funding resources, and financial risk management.
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