The World Bank has set a target of reducing extreme poverty globally to not more than three per cent by 2030.
The multilateral institution also plans to promote shared prosperity and greater equity in the developing world.
A report by the World Bank expressed concerned that more than one billion people still lived in destitution across the globe, adding that at the same time, inequality was rising in many developing nations.
“The World Bank wants to galvanise international and national support around two goals: to virtually end extreme poverty in a generation and to push for greater equity. A new Shared Prosperity Indicator will be used to measure income growth of the bottom 40 per cent in each country,” it added.
President of the World Bank, Jim Yong Kim noted that while poverty had declined rapidly over the past three decades, humanity continues to face urgent and complex challenges.
“More than one billion people still live in deep poverty, a state of affairs that is morally unacceptable given the resources and technology we have available today. At the same time, rising inequality and social exclusion seems to accompany rising prosperity in many countries.
“Under these circumstances, the World Bank's overarching mission of a world free of poverty is as relevant today as it has ever been. This second goal reflects the fact that all countries aspire to a better living standard for all of their citizens, not only for the already-privileged.
“To end extreme poverty, the Bank's goal is to decrease the percentage of people living with less than $1.25 a day to no more than three per cent by 2030,” he added.
According to him, ending extreme poverty within a generation and promoting shared prosperity must be achieved in such a way as to be sustainable over time and across generations. This, he said required promoting environmental, social, and fiscal sustainability.
“We need to secure the long-term future of our planet and its resources so future generations do not find themselves in a wasteland. We also must aim for sustained social inclusion and limit the size of economic debt inherited by future generations,” the World Bank chief added.