Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


World Bank set to reduce global poverty to 9% in 2020

10 October 2013, 07:55

Washington DC - The World Bank Group President, Jim Yong Kim, said on Wednesday the World Bank had set an interim target to reduce global poverty to nine per cent in 2020.

Kim said this at a panel discussion on the topic: “From Poverty to Prosperity”, at the ongoing annual meeting of the International Monetary Fund (IMF) and the World Bank, in Washington DC.

He said if the target was achieved, it would be the first time the rate was reduced to a single digit.

The News Agency of Nigeria (NAN) reports that economists in the World Bank are of the opinion that even if the nine per cent mark is achieved, an estimated 690 million people will still be living in extreme poverty of below 1.25 dollars a day.

According to them, the world will have 510 million fewer people living in poverty in 2020 compared to previous decades.

Kim said that the target reminded the institution that it was on the verge of making history.

“Setting this target reminds us that we are on the cusp of something historic: ridding the world of the scourge of people living in such abysmal condition.”

“It also means that all of us, developing country leaders and our partners, including the World Bank Group, need to up our game now in order to bring an end to extreme poverty.”

“We need to help developing countries accelerate growth, attract private investment and create good jobs,” he said

Kim said that in April, the Governors of the World Bank Group endorsed two goals for the organisation.

He said they were to end extreme poverty by 2030 and boost shared prosperity of the bottom 40 per cent of the population in all developing countries.

According to him, this week, the Governors will consider a World Bank Group strategy that will, for the first time, unite all parts of the institution.

He said it would enable them to work with governments, International Finance Corporations (IFCs), the private sector arm and Multilateral Investment Guarantee Agencies (MIGA) which issued political risk insurance, to meet the goal.

Kim cited a research by the World Bank Group which showed that if developing countries maintained the existing growth rates for the next two decades, global poverty would be reduced to eight per cent by 2030.

He said, “Ending extreme poverty is achievable in less than a generation’s time.”

“But we need strong growth, committed political leaders and a growing social movement that keeps pushing all of us to focus like a laser beam on the result all of us want.”
Kaushik Basu, World Bank’s Chief Economist and Senior Vice-President, said that the bank, in its efforts, must be mindful of and consider the poorest of the poor in every step.

“We must be constantly mindful of the people on earth who are barely surviving, reminding ourselves of Gandhi's famous observation that we must consider the poorest and weakest in every step we take.”

“I think these targets can help hold us to the task,” Basu said.

-    NAN


Read News24’s Comments Policy

Comment on this story
1 comment
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...