World Bank wants end to poverty by 2030

April 19, 2013

International

World Bank wants end to poverty by 2030

 

Deutsche Welle

World Bank chief Jim Yong Kim is expected to use the World Bank and International Monetary Fund Spring Meetings to push his agenda on poverty reduction. He says world poverty can be eradicated completely by 2030.

Back when Jim Yong Kim, a US citizen with Korean roots, became the World Bank’s president in 2012, he criticized the organization’s lack of focus. Now, ahead of the annual Spring Meeting of World Bank and International Monetary Fund (IMF) in Washington, he has said his organization aims to eradicate extreme poverty by 2030.

“If you ask any person who’s ever tried to run a complex organization or even built a social movement, unless you have a clear target with a clear end date, people often don’t change the way they do their work,” Kim said. “Everyone can agree – poverty is bad. And you can agree that poverty is bad, but if there’s no urgency in actually getting somewhere, you don’t change the way people work.”
When the World Bank was founded in 1944, it was tasked with providing the funds to rebuild countries after World War II. Over time, the organization grew into what it is today, moving away from their former task to now focussing on global poverty. The World Bank group – with its five institutions and about 10,000 employees – has financed development projects all over the world.

A clear focus
Although the new goal may be to eradicate poverty “that does not mean that you bring it down to zero,” the World Bank’s Chief Economist Kaushik Basu says. “There will be frictional poverty – frictional poverty is as painful as poverty in any other form. But the strategy of how you battle with that begins to change.”

According to the World Bank’s standards, poverty can be considered to be eradicated once less than 3 percent of the world’s population is ‘extremely poor’. By definition, people are considered extremely poor if they live off less than $1.25 (96 eurocents) a day.

In order to reach Kim’s target within 17 years the world’s ‘extremely poor’ would have to decline by 17 percentage points, from 20 percent currently to 3 percent by 2030. That means extreme poverty needs to drop by 1 percent per year.

“This is going to be extremely difficult,” World Bank head Kim admits. “Developing countries have to continue to grow; high-income countries have to get back to historical levels of growth. There are so many things that have to fall into place. We have to make sure that climate change doesn’t destroy all the advances that we’ve made so far and make lifting people out of poverty so difficult.”

The new goal to eradicate poverty is accompanied by the concept of shared prosperity. The World Bank wants to examine how income of the country’s poorest 40 percent has developed over the years to see whether this group has been profiting from economic growth at all.

Development goals likely to be missed
Kim hopes to convince the Development Committee, a joint ministerial-level forum of the World Bank group and IMF, to commit to his new poverty goal at the Spring Meetings in Washington from April 19 to April 21, 2013.

Just in time for the Spring Meetings, the World Bank and IMF have published their Global Monitoring Report which documents the progress so far in reaching the UN’s Millenium Development Goals (MDGs). It’s almost certain that most of these 10 goals the UN had agreed on in 2000 won’t be reached by 2015, despite some early success such as halving worldwide poverty already in 2010.

“It’s not so much what is the goal, it’s how much progress are you making this year as opposed to last year or the year before that,” Mari Kiwanuka, Uganda’s Minister of Finance, Planning and Urban Development told DW. “In Uganda, the number of people living below poverty has dropped tremendously from 38 percent to under 24 percent between the two poverty reports. And now we are looking to make sure that is sustainable, that they don’t tip back into poverty.”

Growth versus environmental protection
Economic growth plays a major role in fighting poverty. China and its economic boom have contributed tremendously to eradicating poverty, the World Bank says. Uganda and other African countries also want to boost their growth rates but they are mostly relying on the private sector.

“The government invests in agriculture by helping the private sector overcome the obstacles. So the government is building roads in that area and extending main power transmission lines to the upcountry urban centers,” Kiwanuka said. By creating a good business climate, they will help the private sector thrive, Kiwanuka is convinced. “We recognize the private sector is an engine, so we just want to oil the engine, not be the engine.”

According to World Bank head Kim, growth is important, but not at any cost. Being environmentally sustainable also has to be monitored too. He envisions that the African countries would generate power that’s needed to boost their growth from renewable energy sources only. But that would be another goal entirely.

http://www.dw.de/world-bank-wants-end-to-poverty-by-2030/a-16754966

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Video: World Bank Announces Goal to End Extreme Poverty by 2030

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Video: IMF, World Bank to Discuss Poverty, Power, and Growth

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Video: World Bank: High African Growth Offset by Persistent Poverty

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The World Bank

Country / Date of Membership

Afghanistan, Jul 14, 1955
Albania, Oct 15, 1991
Algeria, Sep 26, 1963
Angola, Sep 19, 1989
Antigua and Barbuda, Sep 22, 1983
Argentina, Sep 20, 1956
Armenia, Sep 16, 1992
Australia, Aug 5, 1947
Austria, Aug 27, 1948
Azerbaijan, Sep 18, 1992
Bahamas, Aug 21, 1973
Bahrain, Sep 15, 1972
Bangladesh, Aug 17, 1972
Barbados, Sep 12, 1974
Belarus, Jul 10, 1992
Belgium, Dec 27, 1945
Belize, Mar 19, 1982
Benin, Jul 10, 1963
Bhutan, Sep 28, 1981
Bolivia, Dec 27, 1945
Bosnia and Herzegovina, Feb 25, 1993
Botswana, Jul 24, 1968
Brazil, Jan 14, 1946
Brunei Darussalam, Oct 10, 1995
Bulgaria, Sep 25, 1990
Burkina Faso, May 2, 1963
Burundi, Sep 28, 1963
Cambodia, Jul 22, 1970
Cameroon, Jul 10, 1963
Canada, Dec 27, 1945
Cape Verde, Nov 20, 1978
Central African Republic, Jul 10, 1963
Chad, Jul 10, 1963
Chile, Dec 31, 1945
China, Dec 27, 1945
Colombia, Dec 24, 1946
Comoros, Oct 28, 1976
Congo, Democratic Republic of, Sep 28, 1963
Congo, Republic of, Jul 10, 1963
Costa Rica, Jan 8, 1946
Cote d’Ivoire, Mar 11, 1963
Croatia, Feb 25, 1993
Cyprus, Dec 21, 1961
Czech Republic, Jan 1, 1993
Denmark, Mar 30, 1946
Djibouti, Oct 1, 1980
Dominica, Sep 29, 1980
Dominican Republic, Sep 18, 1961
Ecuador, Dec 28, 1945
Egypt, Arab Republic of, Dec 27, 1945
El Salvador, Mar 14, 1946
Equatorial Guinea, Jul 1, 1970
Eritrea, Jul 6, 1994
Estonia, Jun 23, 1992
Ethiopia, Dec 27, 1945
Fiji, May 28, 1971
Finland, Jan 14, 1948
France, Dec 27, 1945
Gabon, Sep 10, 1963
Gambia, The, Oct 18, 1967
Georgia, Aug 7, 1992
Germany, Aug 14, 1952
Ghana, Sep 20, 1957
Greece, Dec 27, 1945
Grenada, Aug 27, 1975
Guatemala, Dec 28, 1945
Guinea, Sep 28, 1963
Guinea-Bissau, Mar 24, 1977
Guyana, Sep 26, 1966
Haiti, Sep 8, 1953
Honduras, Dec 27, 1945
Hungary, Jul 7, 1982
Iceland, Dec 27, 1945
India, Dec 27, 1945
Indonesia, Apr 13, 1967
Iran, Islamic Republic of, Dec 29, 1945
Iraq, Dec 27, 1945
Ireland, Aug 8, 1957
Israel, Jul 12, 1954
Italy, Mar 27, 1947
Jamaica, Feb 21, 1963
Japan, Aug 13, 1952
Jordan, Aug 29, 1952
Kazakhstan, Jul 23, 1992
Kenya, Feb 3, 1964
Kiribati, Sep 29, 1986
Korea, Republic of, Aug 26, 1955
Kosovo, Jun 29, 2009
Kuwait, Sep 13, 1962
Kyrgyz Republic, Sep 18, 1992
Lao People’s Democratic Republic, Jul 5, 1961
Latvia, Aug 11, 1992
Lebanon, Apr 14, 1947
Lesotho, Jul 25, 1968
Liberia, Mar 28, 1962
Libya, Sep 17, 1958
Lithuania, Jul 6, 1992
Luxembourg, Dec 27, 1945
Macedonia, FYR of, Feb 25, 1993
Madagascar, Sep 25, 1963
Malawi, Jul 19, 1965
Malaysia, Mar 7, 1958
Maldives, Jan 13, 1978
Mali, Sep 27, 1963
Malta, Sep 26, 1983
Marshall Islands, May 21, 1992
Mauritania, Sep 10, 1963
Mauritius, Sep 23, 1968
Mexico, Dec 31, 1945
Micronesia, Federated States of, Jun 24, 1993
Moldova, Aug 12, 1992
Mongolia, Feb 14, 1991
Montenegro, Jan 18, 2007
Morocco, Apr 25, 1958
Mozambique, Sep 24, 1984
Myanmar, Jan 3, 1952
Namibia, Sep 25, 1990
Nepal, Sep 6, 1961
Netherlands, Dec 27, 1945
New Zealand, Aug 31, 1961
Nicaragua, Mar 14, 1946
Niger, Apr 24, 1963
Nigeria, Mar 30, 1961
Norway, Dec 27, 1945
Oman, Dec 23, 1971
Pakistan, Jul 11, 1950
Palau, Dec 16, 1997
Panama, Mar 14, 1946
Papua New Guinea, Oct 9, 1975
Paraguay, Dec 28, 1945
Peru, Dec 31, 1945
Philippines, Dec 27, 1945
Poland, Jun 27, 1986
Portugal, Mar 29, 1961
Qatar, Sep 25, 1972
Romania, Dec 15, 1972
Russian Federation, Jun 16, 1992
Rwanda, Sep 30, 1963
Samoa, Jun 28, 1974
San Marino, Sep 21, 2000
Sao Tome and Principe, Sep 30, 1977
Saudi Arabia, Aug 26, 1957
Senegal, Aug 31, 1962
Serbia, Feb 25, 1993
Seychelles, Sep 29, 1980
Sierra Leone, Sep 10, 1962
Singapore, Aug 3, 1966
Slovak Republic, Jan 1, 1993
Slovenia, Feb 25, 1993
Solomon Islands, Sep 22, 1978
Somalia, Aug 31, 1962
South Africa, Dec 27, 1945
South Sudan, Apr 18, 2012
Spain, Sep 15, 1958
Sri Lanka, Aug 29, 1950
St. Kitts and Nevis, Aug 15, 1984
St. Lucia, Jun 27, 1980
St. Vincent and the Grenadines, Aug 31, 1982
Sudan, Sep 5, 1957
Suriname, Jun 27, 1978
Swaziland, Sep 22, 1969
Sweden, Aug 31, 1951
Switzerland, May 29, 1992
Syrian Arab Republic, Apr 10, 1947
Tajikistan, Jun 4, 1993
Tanzania, Sep 10, 1962
Thailand, May 3, 1949
Timor-Leste, Jul 23, 2002
Togo, Aug 1, 1962
Tonga, Sep 13, 1985
Trinidad and Tobago, Sep 16, 1963
Tunisia, Apr 14, 1958
Turkey, Mar 11, 1947
Turkmenistan, Sep 22, 1992
Tuvalu, Jun 24, 2010
Uganda, Sep 27, 1963
Ukraine, Sep 3, 1992
United Arab Emirates, Sep 22, 1972
United Kingdom, Dec 27, 1945
United States, Dec 27, 1945
Uruguay, Mar 11, 1946
Uzbekistan, Sep 21, 1992
Vanuatu, Sep 28, 1981
Venezuela, Republica Bolivariana de, Dec 30, 1946
Vietnam, Sep 21, 1956
Yemen, Republic of, Oct 3, 1969
Zambia, Sep 23, 1965
Zimbabwe, Sep 29, 1980

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