World Bank and IMF join forces to eradicate extreme poverty by 2030
Endorsed by the International Monetary Fund, the project hopes to reduce extreme poverty to less than 3 per cent of the world's population
The World Bank has gathered the might of the international community behind its audacious plan to eradicate extreme poverty within a generation.
"This is it. This is the global target to end poverty," said World Bank President Jim Yong Kim, visibly pleased after the International Monetary Fund and the Bank endorsed the effort.
"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," Kim said at a news conference on Saturday. "We have set an expiration date for extreme poverty. With commitment, co-operation, and the vision of leaders from around the world, we have great faith that we can make it happen."
Kim, a US physician and global health activist who became head of the Bank last July, announced two weeks ago the plan to eradicate extreme poverty - defined as living on less than US$1.25 a day - to 3 per cent or less of the world by 2030.
The plan also aims at raising the incomes of the poorest 40 per cent in each country, so that prosperity is more fairly shared.
"This will be hard work. The target of 2030 is closer than you think - just 17 years away," Kim warned.