World Bank and IMF re-commit to UN development goals and poverty reduction

In view of the current geopolitical complexities and the challenge they pose to global development, the World Bank and the International Monetary Fund (IMF) have reaffirmed their commitment to the United Nations Millennium Development Goals and global efforts to reduce poverty.

“Slower economic growth, the war in Iraq, and failure to make more substantive progress on the Doha Development Agenda add to the challenge of implementing the global development agenda,” said a closing communiqué of the Development Committee at the World Bank and IMF meetings held over the weekend in Washington.

“We therefore strongly reaffirm our commitment to the global effort needed to reduce poverty in developing and transition countries and to achieve the MDGs [UN Millennium Development Goals],” the statement said of the set of time-bound and measurable targets endorsed in September 2000 by UN Member States to fight poverty, hunger, disease, illiteracy, environmental degradation and discrimination against women.

“Agreements and commitments alone will not achieve the Millennium Development Goals,” World Bank Chief Economist Nicholas Stern said. "More actions are needed. And more resources. The cost of achieving the goals is likely to run to at least an additional $50 billion a year from rich countries over and above the resources from developing countries themselves.”

According to a new World Bank report entitled “World Development Indicators,” global poverty can still be cut in half by 2015 if rich countries lower trade barriers and boost foreign aid, and poor countries invest more in the health and education of their citizens.