A report released yesterday in Washington by the World Bank and
International Monetary Fund (IMF) calls for urgent action to reduce
extreme poverty and improve people's economic and social prospects
in developing countries; in keeping with the Millennium Development
Goals (MDGs).
The second annual Global Monitoring Report: MDGs: From Consensus to Momentum, was introduced by World Bank president James Wolfensohn.
"The credibility of the entire development community is at stake as never before." Wolfensohn added that, "rich countries must now deliver on the promises they have made in terms of aid, trade and debt relief, and the developing countries - especially in Sub-Saharan Africa - need to aim higher and do better in terms of their own policies and governance and to make more effective use of aid”.
The 2005 Global Monitoring Report is part of a five-year stocktaking effort to monitor progress towards achieving the Millennium Development Goals by 2015. More than 180 world leaders agreed unanimously to the development goals at the United Nations Millennial Summit in New York in September 2000.
The report will be discussed by finance ministers, central bankers, and development ministers in Washington at the spring meetings of the World Bank and IMF. It will also serve as input into the upcoming group of eight heads of state meeting to be held in the UK in July and the UN Summit on the MDGs in September.
With just a decade left to go, progress toward the MDGs has been slower and more uneven across regions than originally envisaged, with sub-Saharan Africa falling far short.
In calling for stepped-up action, the report points to opportunities created by recently improved economic performance in many developing countries.
It outlines a five-point agenda designed to accelerate progress.
"To achieve the goal of cutting poverty in half by 2015, sub-Saharan Africa needs to substantially raise annual gross domestic product growth rates - to about seven percent over the next decade, roughly double the region's current growth rate," says IMF first deputy MD Anne Krueger.
"While the domestic agenda necessary for such a takeoff is clearly country-specific, the broad priorities are sound macroeconomic management, an enabling climate for private sector led growth, and strong public sector governance." Over the last five years, many countries have shown improvement in economic policies and governance.
Surging world trade and dramatic reductions of poverty in some countries provide grounds for hope in others.
China's growth between 1981 and 2001 has reduced the proportion of extremely poor from 40 % to 21 % of the population - 400-million people.
Vietnam reduced extreme poverty from 51 % in 1990 to 14 % in 2002.
The goal to halve poverty by 2015 will likely be met at the global level, but not in sub-Saharan Africa unless progress there can be accelerated quickly.
But conditions for achieving better economic performance in sub-Saharan Africa are improving: 12 African countries are currently experiencing growth spurts above the trends for the region - with average GDP growth over the last decade of 5,5 % or more.
"Behind cold data on the MDGs are real people and lack of progress has real and tragic consequences," said the World Bank's Zia Qureshi, the report's lead author. "Every week, 200 000 children under five die of disease.
“Every week 10 000 women die giving birth.
“In sub-Saharan Africa alone this year, two-million people will die of Aids.
“Worldwide, more than 100-million children in developing countries are not in school." The report says that meeting the MDGs will require a doubling of the amount of official development assistance (ODA) reaching the poorest countries.
Wolfensohn urged donors to use this year of stocktaking to raise their commitments and signal that support for the MDGs is forthcoming.
The report and related materials are available on the Internet immediately at: http://www.worldbank.org/globalmonitoring
The second annual Global Monitoring Report: MDGs: From Consensus to Momentum, was introduced by World Bank president James Wolfensohn.
"The credibility of the entire development community is at stake as never before." Wolfensohn added that, "rich countries must now deliver on the promises they have made in terms of aid, trade and debt relief, and the developing countries - especially in Sub-Saharan Africa - need to aim higher and do better in terms of their own policies and governance and to make more effective use of aid”.
The 2005 Global Monitoring Report is part of a five-year stocktaking effort to monitor progress towards achieving the Millennium Development Goals by 2015. More than 180 world leaders agreed unanimously to the development goals at the United Nations Millennial Summit in New York in September 2000.
The report will be discussed by finance ministers, central bankers, and development ministers in Washington at the spring meetings of the World Bank and IMF. It will also serve as input into the upcoming group of eight heads of state meeting to be held in the UK in July and the UN Summit on the MDGs in September.
With just a decade left to go, progress toward the MDGs has been slower and more uneven across regions than originally envisaged, with sub-Saharan Africa falling far short.
In calling for stepped-up action, the report points to opportunities created by recently improved economic performance in many developing countries.
It outlines a five-point agenda designed to accelerate progress.
"To achieve the goal of cutting poverty in half by 2015, sub-Saharan Africa needs to substantially raise annual gross domestic product growth rates - to about seven percent over the next decade, roughly double the region's current growth rate," says IMF first deputy MD Anne Krueger.
"While the domestic agenda necessary for such a takeoff is clearly country-specific, the broad priorities are sound macroeconomic management, an enabling climate for private sector led growth, and strong public sector governance." Over the last five years, many countries have shown improvement in economic policies and governance.
Surging world trade and dramatic reductions of poverty in some countries provide grounds for hope in others.
China's growth between 1981 and 2001 has reduced the proportion of extremely poor from 40 % to 21 % of the population - 400-million people.
Vietnam reduced extreme poverty from 51 % in 1990 to 14 % in 2002.
The goal to halve poverty by 2015 will likely be met at the global level, but not in sub-Saharan Africa unless progress there can be accelerated quickly.
But conditions for achieving better economic performance in sub-Saharan Africa are improving: 12 African countries are currently experiencing growth spurts above the trends for the region - with average GDP growth over the last decade of 5,5 % or more.
"Behind cold data on the MDGs are real people and lack of progress has real and tragic consequences," said the World Bank's Zia Qureshi, the report's lead author. "Every week, 200 000 children under five die of disease.
“Every week 10 000 women die giving birth.
“In sub-Saharan Africa alone this year, two-million people will die of Aids.
“Worldwide, more than 100-million children in developing countries are not in school." The report says that meeting the MDGs will require a doubling of the amount of official development assistance (ODA) reaching the poorest countries.
Wolfensohn urged donors to use this year of stocktaking to raise their commitments and signal that support for the MDGs is forthcoming.
The report and related materials are available on the Internet immediately at: http://www.worldbank.org/globalmonitoring
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