News / Economy

    IMF, World Bank to Discuss Poverty, Power, and Growth

    IMF, World Bank to Discuss Poverty, Power, and Growthi
    X
    April 15, 2013 10:46 PM
    The world’s toughest economic problems top the agenda as finance officials from around the globe gather in Washington, trying to cut poverty, boost growth, and keep an eye on banks and national budgets. Participants in the annual IMF and World Bank meetings, starting April 16, include their 188 member nations. As VOA’s Jim Randle reports, there has been some progress in reforms that would reallocate power from wealthy countries to fast-growing emerging nations
    Jim Randle
    The world’s toughest economic problems top the agenda as finance officials from around the globe gather in Washington, trying to cut poverty, boost growth, and keep an eye on banks and national budgets.  Participants in the annual IMF and World Bank meetings, starting April 16, include their 188 member nations.

    There has been some progress in reforms that would reallocate power from wealthy countries to fast-growing emerging nations.

    More than one billion people around the world live in extreme poverty, and World Bank President Jim Yong Kim is determined to change that.  He is asking the bank’s member nations for more resources to help the poorest people.
    Kim says the deepest poverty can be eliminated by 2030.
     
    “Is there anyone who has lived on less than $1.25 a day who would not join me here today in telling you that it is time to end extreme poverty," he asked.

    Economists say global economic growth will help the poor and make it easier for the world's 200 million unemployed to find work.
     
    IMF Chief Christine Lagarde says overall growth is getting better.
     
    “The economic world no longer looks quite as dangerous as it did none months ago," she said.

    But growth will still be tepid, she warns, especially in wealthy developed nations.  She says it could be hurt by ill-considered cuts in government budgets and economic stimulus efforts, or further disruptions in Europe.

    The United States and Western Europe are traditionally give the most money and provide the top leaders to the IMF and  World Bank. So stalled growth hurts international financial institutions.

    That means new resources are likely to come from faster-growing, emerging nations in Asia or Africa, according to University of Waterloo Professor Bessma Momani. She spoke via Skype.

    “They will come with the money that will bolster the coffers of the IMF that is so sorely needed, and they won’t have to come to the United States all the time," she said.
     
    Brookings Institution scholar Domenico Lombardi says many nations have already approved a reform package giving emerging economies more power in the IMF. But, until recently, the deal seemed stalled in Washington.  

    “What has happened is that the administration has formally proposed the legislation to Congress, and the expectation is that Congress might approve the package, ratify the package by the end of the year," he said.

    One scholar says the success of this gathering will be measured by the amount of money actually sent in the near future to help the poor and improve infrastructure.

    You May Like

    Video Obama Remembers Fallen Troops for Memorial Day

    President urges Americans this holiday weekend to 'take a moment and offer a silent word of prayer or public word of thanks' to country's veterans

    Upsurge of Migratory Traffic Across Sahara From West to North Africa

    A report by the International Organization for Migration finds more than 60,000 migrants have transited through the Agadez region of Niger between February and April

    UN Blocks Access to Journalist Advocacy Group

    United Nations has rejected bid from nonprofit journalist advocacy group that wanted 'consultative status,' ranking that would have given them greater access to UN meetings

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Chinese-Americans Heart Trump, Bucking National Trendi
    X
    May 27, 2016 5:57 AM
    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Chinese-Americans Heart Trump, Bucking National Trend

    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Reactions to Trump's Success Polarized Abroad

    What seemed impossible less than a year ago is now almost a certainty. New York real estate mogul Donald Trump has won the number of delegates needed to secure the Republican presidential nomination. The prospect has sparked as much controversy abroad as it has in the United States. Zlatica Hoke has more.
    Video

    Video Drawings by Children in Hiroshima Show Hope and Peace

    On Friday, President Barack Obama will visit Hiroshima, Japan, the first American president to do so while in office. In August 1945, the United States dropped an atomic bomb on the city to force Japan's surrender in World War II. Although their city lay in ruins, some Hiroshima schoolchildren drew pictures of hope and peace. The former students and their drawings are now part of a documentary called “Pictures from a Hiroshima Schoolyard.” VOA's Deborah Block has the story.
    Video

    Video Vietnamese Rapper Performs for Obama

    A prominent young Vietnamese artist told President Obama said she faced roadblocks as a woman rapper, and asked the president about government support for the arts. He asked her to rap, and he even offered to provide a base beat for her. Watch what happened.
    Video

    Video Roots Run Deep for Tunisia's Dwindling Jewish Community

    This week, hundreds of Jewish pilgrims are defying terrorist threats to celebrate an ancient religious festival on the Tunisian island of Djerba. The festivities cast a spotlight on North Africa's once-vibrant Jewish population that has all but died out in recent decades. Despite rising threats of militant Islam and the country's battered economy, one of the Arab world's last Jewish communities is staying put and nurturing a new generation. VOA’s Lisa Bryant reports.
    Video

    Video Meet Your New Co-Worker: The Robot

    Increasing numbers of robots are joining the workforce, as companies scale back and more processes become automated. The latest robots are flexible and collaborative, built to work alongside humans as opposed to replacing them. VOA’s Tina Trinh looks at the next generation of automated employees helping out their human colleagues.
    Video

    Video Wheelchair Technology in Tune With Times

    Technologies for the disabled, including wheelchair technology, are advancing just as quickly as everything else in the digital age. Two new advances in wheelchairs offer improved control and a more comfortable fit. VOA's George Putic reports.
    Video

    Video Baby Boxes Offer Safe Haven for Unwanted Children

    No one knows exactly how many babies are abandoned worldwide each year. The statistic is a difficult one to determine because it is illegal in most places. Therefore unwanted babies are often hidden and left to die. But as Erika Celeste reports from Woodburn, Indiana, a new program hopes to make surrendering infants safer for everyone.
    Video

    Video California Celebration Showcases Local Wines, Balloons

    Communities in the U.S. often hold festivals to show what makes them special. In California, for example, farmers near Fresno celebrate their figs and those around Gilmore showcase their garlic. Mike O'Sullivan reports that the wine-producing region of Temecula offers local vintages in an annual festival where rides on hot-air balloons add to the excitement.
    Video

    Video US Elementary School Offers Living Science Lessons

    Zero is not a good score on a test at school. But Discovery Elementary is proud of its “net zero” rating. Net zero describes a building in which the amount of energy provided by on-site renewable sources equals the amount of energy the building uses. As Faiza Elmasry tells us, the innovative features in the building turn the school into a teaching tool, where kids can't help but learn about science and sustainability. Faith Lapidus narrates.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.8954
    JPY
    USD
    109.65
    GBP
    USD
    0.6827
    CAD
    USD
    1.3037
    INR
    USD
    67.037

    Rates may not be current.