News / Economy

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

IMF, World Bank to Discuss Poverty, Power, and Growthi
X
April 15, 2013
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
TEXT SIZE - +
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

Photogallery Pope's Easter Prayer: Peace in Ukraine, Syria

Pontiff also calls for end to terrorist acts in Nigeria, violence in Iraq, and success in peace talks between Israelis and Palestinians More

Abdullah Holds Lead in Afghan Presidential Election

Country's Election Commission says that with half of the ballots counted, former FM remains in the lead with 44 percent of the vote More

Russia-Ukraine Crisis Could Trigger Cyber War

As tensions between Kyiv and Moscow escalate, so too has frequency of online attacks targeting government, news and financial sites More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ukraine, Russia, United in Faith, Divided in Politicsi
X
Michael Eckels
April 19, 2014
There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Ukraine, Russia, United in Faith, Divided in Politics

There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Face of American Farmer is Changing

The average American farmer is now 58 years old, and farmers 65 and older are the fastest growing segment of the population. It’s a troubling trend signaling big changes ahead for American agriculture as aging farmers retire. Reporter Mike Osborne says a new report from the U.S. Census Bureau is suggesting what some of those changes might look like... and why they might not be so troubling.
Video

Video Donetsk Governor: Ukraine Military Assault 'Delicate But Necessary'

Around a dozen state buildings in eastern Ukraine remain in the hands of pro-Russian protesters who are demanding a referendum on self-rule. The governor of the whole Donetsk region is among those forced out by the protesters. He spoke to VOA's Henry Ridgwell from his temporary new office in Donetsk city.
Video

Video Drones May Soon Send Data From High Seas

Drones are usually associated with unmanned flying vehicles, but autonomous watercraft are also becoming useful tools for jobs ranging from scientific exploration to law enforcement to searching for a missing airliner in the Indian Ocean. VOA’s George Putic reports on sea-faring drones.
Video

Video New Earth-Size Planet Found

Not too big, not too small. Not too hot, not too cold. A newly discovered planet looks just right for life as we know it, according to an international group of astronomers. VOA’s Steve Baragona has more.
Video

Video Copts in Diaspora Worry About Future in Egypt

Around 10 percent of Egypt’s population belong to the Coptic faith, making them the largest Christian minority in the Middle East. But they have become targets of violence since the revolution three years ago. With elections scheduled for May and the struggle between the Egyptian military and Islamists continuing, many Copts abroad are deeply worried about the future of their ancient church. VOA religion correspondent Jerome Socolovsky visited a Coptic church outside Washington DC.
Video

Video Critics Say Venezuelan Protests Test Limits of Military's Support

During the two months of deadly anti-government protests that have rocked the oil-rich nation of Venezuela, President Nicolas Maduro has accused the opposition of trying to initiate a coup. Though a small number of military officers have been arrested for allegedly plotting against the government, VOA’s Brian Padden reports the leadership of the armed forces continues to support the president, at least for now.
Video

Video More Millenials Unplug to Embrace Board Games

A big new trend in the U.S. toy industry has more consumers switching off their high-tech gadgets to play with classic toys, like board games. This is especially true among the so-called millenial generation - those born in the 1980's and 90's. Elizabeth Lee has more from an unusual café in Los Angeles, where the new trend is popular and business is booming.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
AppleAndroid

World Currencies

EUR
USD
0.7217
JPY
USD
102.17
GBP
USD
0.5949
CAD
USD
1.1009
INR
USD
60.326

Rates may not be current.