IMF, Global Leaders Back World Bank’s Vision To End Extreme Poverty By 2030
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At a meeting of the World Bank’s Development Committee on Saturday, global finance officials from around the world, alongside the IMF, endorsed the bank’s goal to end extreme poverty by 2030, calling the initiative a “historic opportunity” to make a difference, reported Reuters.
At a meeting of the World Bank’s Development Committee on Saturday, global finance officials from around the world, alongside the IMF, endorsed the bank’s goal to end extreme poverty by 2030, calling the initiative a “historic opportunity” to make a difference, reported Reuters.
The Development Committee, made up of 25 Ministers of Finance, said that they would call for a “robust” donor fund-raising campaign for its poorest borrowers and urge “strong participation” by all countries.
IMF Managing Director Christine Lagarde added that lending facilities by her institution to low-income countries would be improved, pledging “increased and more focused support for small states.”
“Given the fiscal pressures on donors around the world, we believe that the World Bank can and must do more to maximize the development impact of each dollar spent,” said US Treasury Secretary Jack Lew.
[quote]”We recognize that sustained economic growth needs a reduction in inequality. Investments that create opportunities for all citizens and promote gender equality are an important end in their own right, as well we being integral to creating prosperity,” added the Development Committee in a joint-statement.[/quote]Related: Nepal Leading The World In Poverty Reduction: Study
Related: Brazil On Verge Of Ending Extreme Poverty, Claims Rousseff
World Bank Chief Jim Yong Kim welcomed the committee’s endorsement as “an important step” and pushed on more emphasis for fragile and conflict-hit countries.
[quote]”For the first time in history we have committed to setting a target to end poverty. We are no longer dreaming of a world free of poverty; we have set an expiration date for extreme poverty,” he said.[/quote]“If we succeed, together, we would have accomplished an historic milestone,” he added, in closing remarks to the committee.
Just three weeks earlier, Kim had outlined a bold agenda to boost the incomes for the poorest 40 percent of every nation worldwide. Although he acknowledged the vision would require an “extraordinary effort” from all stakeholders to accomplish; “we have to make some hard decisions and change the way we work together,” he said.
Related: World Bank Chief Targets Poverty-Free World By 2030
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Related: Poverty Decreases Sharply in Developing World: UN
The World Bank defines extreme poverty as people living on less than US$1.25 a day. Presently, 21 percent of the global population are believed to be in this range, with sub-Saharan Africa accounting for more than one-third of the world’s extreme poor.
“Ministers unequivocally supported Dr. Kim’s vision and stated that we can count on the World Bank Group as a partner in the endeavor of ending extreme poverty and boosting shared prosperity,” said Marek Belka, the chairman of the Development Committee, in a statement.
[quote]“Dr. Kim renewed our zeal for the Bank Group’s core mission of a world free of poverty. There is a historic opportunity at our reach to make critical progress.”[/quote]
