Sample Essay on World Bank Poverty Reduction Strategy

World Bank Poverty Reduction Strategy

The global war against poverty has been around for a very long time. In 1999, the World Bank and the International Monetary Fund adopted new guidelines on how to aide poor countries financially through loans. As a result, all poor countries were expected to follow these processes in order to access the money from the Fund and from the Bank. In 2013, the Bank adopted two new goals, anchored on eradicating poverty and enhancing distributed wealth sustainably. In eradicating poverty, the Bank target to reduce poverty rates to at most 3% by 2030. While this is achievable, experts contend that it is a tall order especially in poor countries and in war tone states, which cannot attain this goal.

Regarding the second goal of ensuring shared prosperity in countries of the word, this is determined by growth among the bottom 40% of income distribution in every economy of the world. This goal is essential for the Bank to address the plight of the poor regardless of where they are. To achieve this, the Bank proposes relentless tackling of inequalities in the world, which retain people in deplorable states generation after generation. Following these new goals World Bank focuses on several themes to tame poverty.

The first theme is measuring poverty. The most important thing is to understand the strategy that works well and those that do not. This approach is paramount in ensuring that the policies reach the poor and most vulnerable in the society. For client governments, it is necessary to measure poverty levels in order to ascertain the effectiveness of the program. By doing this, it would be easier to adopt feasible development strategies in a dynamic economic environment. Under this theme, World Bank focuses on improving survey methodologies to generate statistics that are more reliable. By so doing, the Bank will enhance accurate results, which form the basis for policymaking in the world.

Order Now

Another theme is inequality and shared prosperity. This largely concerns about the uneven distribution of wealth and the ever-increasing gap between the poor and the rich. However, it is worth noting that there is urgent need to prioritize development in areas of health, basic infrastructure, education and creation of wealth for the people. The opportunities of most people revolve around parents, gender and birthplace. Through collaboration with client countries, World Bank establishes inequality trends around the world and visualizes how public policies could be applied to achieve equality.

Moreover, World Bank focuses on evidence-based public policy. Many countries which source support from the Bank agree on the need to have evaluation and monitoring systems to determine whether the programs reach the intended poor people in the society or not. To achieve this, the Bank is working on improving national statistical systems of various countries around the world. With this approach, the institution will have authentic data for decision-making

World Bank also addresses jobs and poverty in the world. The institution helps poor and the vulnerable, in partnership with client governments to access the labor market. It achieves this through trainings, credit services and entrepreneurial development initiatives. It also fosters reforms and adoption of better protection laws. The Bank also addresses shocks and vulnerabilities by establishing how natural disasters like drought affect human welfare.

Are you looking for error-free editing services? Wondering how to fine-tune your essay? Do not hand-in your papers with errors because you are busy. Talk to us and get amazing quality editing services. At Premium Essays, we eliminate grammatical, typos and syntax errors. We also check on sentence structure and factualness of your content. Contact us and outsmart your classmates.