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Record USD75 billion commitment to end extreme poverty: Global community
Record USD75 billion commitment to end extreme poverty: Global community
26/12/16
A coalition of more
than 60 donor and borrower Governments on December 15th agreed to ratchet up
the fight against extreme poverty with a record USD75 billion commitment for
the International Development Association (IDA), the World Bank’s fund for the
poorest countries.
The funding will enable IDA to
dramatically scale up development interventions to tackle conflict, fragility
and violence, forced displacement, climate change, and gender inequality; and
promote governance and institution building, as well as jobs and economic
transformation - areas of special focus over the next three years. These
efforts are underpinned by an overarching commitment to invest in growth,
resilience and opportunity.
“This is a pivotal step in the
movement to end extreme poverty. The commitments made by our partners, combined
with IDA’s innovations to crowd in the private sector and raise funds from
capital markets, will transform the development trajectory of the world’s
poorest countries”, said World Bank Group President Jim Yong Kim.
With this innovative package, the world’s poorest countries - especially the
most fragile and vulnerable - will get the support they need to grow, create
opportunities for people, and make themselves more resilient to shocks and
crises. IDA’s focus on issues like climate change, gender equality and
preventing conflict and violence will also contribute to greater stability and
progress around the world.
Financing during the IDA18
replenishment period, which runs from July 1st, 2017 to June 30th, 2020, is
expected to support: essential health and nutrition services for up to 400
million people; access to improved water sources for up to 45 million people;
financial services for 4-6 million people; safe childbirth for up to 11 million
women through provision of skilled health personnel; training for 9-10 million
teachers to benefit 300+ million children; imunizations for 130-180 million
children; better governance in 30 countries through improved statistical
capacity; and an additional 5 GW of renewable energy generation capacity.
For the first time, IDA is
seeking to leverage its equity by blending donor contributions with internal
resources and funds raised through debt markets. By blending concessional
contributions from donors with its own resources and capital market debt, IDA
will significantly increase the financial support it provides to clients.
“The innovative financing
package offers exceptional value for money, with every USD1 in partner
contributions generating about USD3 in spending authority. It is one of the
most concrete and significant proposals to date on the Addis Ababa Action
Agenda - critical to achieving the 2030 Sustainable Development Goals”,
stressed Axel van Trotsenburg, World Bank Vice President for Development
Finance.
The additional financing will
enable IDA to double the resources to address fragility, conflict and violence
(more than USD14 billion), as well as the root causes of these risks before
they escalate, and additional financing for refugees and their host communities
(USD2 billion). Increased financing will help strengthen IDA’s support for
crisis preparedness and response, pandemic preparedness, disaster risk
management, small states and regional integration.
Efforts to stimulate private
sector development in the most difficult environments, at the core of job
creation and economic transformation, will receive a major push in the form of
a new USD2.5 billion Private Sector Window (PSW). The PSW, being introduced
together with the International Finance Corporation and Multilateral Investment
Guarantee Agency, will help mobilize private capital and scale up private
sector development in the poorest countries, particularly in fragile
situations.
The funds will also help
governments strengthen institutions, mobilize resources needed to deliver
services, and promote accountability.
A total of 48 countries pledged
resources to IDA; additional countries are expected to pledge in the near-term.
The World Bank Group is continuing the tradition of contributing its own
resources to IDA.
A total of 75 low-income
countries are eligible to benefit from the IDA18 financing package./.
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All comments [ 10 ]
There are numerous strategies that organizations use to improve living conditions for the world’s poor. Below are a handful of our favorites.
The key to reducing poverty, building wealth, and maybe reducing inequality, is access: to infrastructure, finance, education and the other basics that enable mobility, build skills and promote entrepreneurship.
The way to make more of the benefits of the global economy available to mopre of the world's people.
As each innovation moves from lab to marketplace, it generates entirely new industries, business models and jobs.
infrastructure and investment are the one-two punch that builds the foundations for individual empowerment and productivity.
Modern society is integrated with many activities going on, having to do with so many expectations and duties, maintenance and preservation, and prevention, but there are still potential changers, they could be exploited and translated into policy.
The good news is that different policy choices can bring different outcomes. When the government invests in jobs and policies to increase workers’ wages and families’ economic security, children and families see improved outcomes in both the short and long term.
The best pathway out of poverty is a well-paying job.
There is nothing inevitable about poverty. We just need to build the political will to enact the policies that will increase economic security, expand opportunities, and grow the middle class.
The WB, UN and many other organizations in the world should launch more programs to help people in extreme poverty area have chances of accessing jobs.
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