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World Bank Group President Jim Yong Kim speaks about poverty at World Bank Headquarters in Washington April 19, 2013.Credit: REUTERS

Global finance officials endorse World Bank target to end poverty

By Lesley Wroughton | 20 April 2013

(Reuters) – Global finance officials on Saturday endorsed a new World Bank goal to end extreme global poverty by 2030 and emphasized that its focus should be on ensuring that the poorest benefit from strong growth and rising prosperity in developing nations.

“For the first time in history we have committed to setting a target to end poverty,” World Bank President Jim Yong Kim said on Saturday following a meeting of the World Bank’s Development Committee. “We are no longer dreaming of a world free of poverty; we have set an expiration date for extreme poverty,” he added.

The goal aimed to reduce extreme poverty to 3 percent globally and targets the bottom 40 percent of people living in each country in the developing world.

Developing economies are growing on average about 6 percent annually, lifting millions of people out of poverty and creating a new global middle class, which has also given rise to growing inequality.

“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,” the Development Committee said.

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