Baku: Preparedness and flexibility are among the key principles in the approach of international financial institutions to crises, Ousmane Diagana, Regional Vice President of the World Bank Group, said during the 'Islamic Development Bank Resilience Dialogue 2026: High-Level Panel Session' organized as part of the Islamic Development Bank Annual Meetings held in Baku, APA-Economics reports.

According to Azeri-Press News Agency, the World Bank places a strong emphasis on the recovery and resilience of post-conflict countries. Ousmane Diagana highlighted the role of the International Development Association (IDA), which is focused on supporting the poorest and most vulnerable countries. Currently, the World Bank collaborates with 22 countries in West and Central Africa, with half of these nations categorized as fragile, conflict-affected, and vulnerable.

Diagana emphasized the need for preparedness in advance of crises, suggesting that procedures should be simplified and projects implemented with more flexibility. He underscored the importance of building protection systems proactively, using the example of flood prevention efforts. The World Bank's strategy involves incorporating crisis situations into an overall strategy, ensuring the existence of mechanisms that can be activated immediately when a crisis occurs. The organization's 'rapid response mechanism' is a key component of this strategy and has been recently employed in countries like Cabo Verde that are susceptible to external shocks.