Nigeria, others raise over $17bn from bonds, says World Bank

The newly elected president of The World Bank, David Malpass, has revealed that nine in every ten extremely poor people across the world will be Africans come 2030.

Mr Malpass disclosed this during a press conference at the ongoing 2019 spring meetings of the International Monetary Fund and World Bank Group.

According to him, the development will jeopardise the World Bank’s goal to end extreme poverty by that time.

Global growth lost momentum in 2018

Based on The World Bank calculations, Malpass disclosed that global growth lost momentum in 2018, falling 2.7 percent in the fourth quarter, down from 3.3 percent during the first quarter.

“The deceleration was seen in both advanced and developing economies, and it coincided with three other warning signs: waning structural reforms in major economies; financial stress in some large emerging markets; and elevated policy uncertainty globally.”

Sub-Saharan Africa billed for extreme poverty

Also, Malpass stated that growth in median incomes will be weak in the region. According to him, based on current trends, per capita income growth in Sub-Saharan Africa is now projected to stay below 1 percent until 2021. This elevates the risk of a further concentration of extreme poverty on the continent.

A challenge for The World Bank

This fact is extremely troubling because it jeopardises The World Bank’s primary goal of ending extreme poverty by 2030.

Yet, the World Bank Group is determined in its commitment eradicate extreme hunger. It it seeking to accomplish this in partnership with countries and other global institutions.

The number of people living in extreme poverty in sub-Saharan Africa is rising

The World Bank stated that as at last count, the number of the world’s extremely poor dropped to 700 million people; down from much higher levels in the 1990s and 2000s. Despite this positive development, the number of people living in extreme poverty continues to rise in Sub-Saharan Africa.

Deal book 300 x 250

By 2030, nearly 9 in 10 extremely poor people will be Africans. Also, half of the World’s poor will be living in fragile and conflict-ridden zones.

According to Malpass, this calls for urgent action by countries themselves, and by the global community.

The future may be bleak for Africa, but the World Bank promises support

“Fortunately, the World Bank Group is financially strong. And with the capital package – which was agreed to a year ago at the Spring Meetings, and which I was proud to support – the organization is becoming even more responsive, efficient, and effective.” -World Bank

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