SABA - Yemen news agency

Print date: 22-10-2018
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WB plans $400 million reduction in annual administrative costs
By Fuad Rajeh

Washington, Oct. 11 (Saba)--World Bank Group President Jim Yong Kim on Friday further highlighted the strategy to meet the twin goals of reducing extreme poverty by 2030 with a special focus on changes to the WB's priorities in next years.

The potential changes will include a $400 million reduction in annual administrative costs and reinvesting in these savings over the next three years as well as exploring new ways to grow revenue to better serve the group's clients.

"If we have high aspirations for the poor, if our work is to be aligned with our goals, we must be as efficient and focused as possible,” he said.

Furthermore, Kim announced a new initiative to provide universal financial access to all working-age adults by 2020.

Kim's remarks were given at the plenary of the World Bank/International Monetary Fund Annual Meetings.

"For all the people living in extreme poverty, 400 million are children. What more motivation do we need to accelerate progress toward the goal of ending extreme poverty by 2030? How can we in good conscience not do all we can lift 400 million children, their families, and hundreds of millions of others out of poverty and into a life of opportunity?’’

This week, the WB said there are around one billion people living in exereme poverty including 400 million childrenin coinciding with the statement of Kim to reduce pverty to 9 percent by 2020.
“If we are going to be on the path of reaching 3 percent of population living in extreme poverty by 2030, we must get to 9 percent by 2020,” said Kim.

Also, Kim revealed the formation of a “Presidential Delivery Unit” which will focus on the Bank Group’s performance as an institution and to share data and lessons across the institution and with the rest of the world and the ultimate goal from this will be to assess the success of WB-financed projects.