Eliminating Extreme Poverty Requires Urgent Focus on Fragile and Conflict-Affected Countries

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

FG, States, LGAs share N528.39bn FAAC allocation in Jan 2021

The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.34bn to the three tiers of government in December...
- Advertisement -

Urgent action is needed in countries impacted by fragility, conflict and violence (FCV) to end extreme poverty globally, according to the World Bank Group. As crisis situations become increasingly protracted — with dire impacts on people and economies — the World Bank Group today released an FCV strategy, which for the first time systematically brings a full suite of financing and expertise to address these challenges in both low-and-middle-income countries. 

On the current trajectory, by 2030 up to two-thirds of the world’s extreme poor will live in fragile and conflict-affected countries, according to a World Bank report also released today. Bucking the overall trend of a global decrease in extreme poverty, these countries are seeing sharp increases, threatening decades of progress in the fight against poverty. Fragile and conflict-affected situations take a huge toll on human capital, creating vicious cycles that lower people’s lifetime productivity and earnings and reduce socioeconomic mobility. One in five people in these countries is deprived of money, education and basic infrastructure simultaneously. And the number of people living in close proximity to the conflict has nearly doubled in the past 10 years.

 “Addressing humanitarian crises requires immediate support and long-term development approaches,” said World Bank Group President David Malpass. “To end extreme poverty and break the cycle of fragility, conflict, and violence, countries need to ensure access to basic services, transparent and accountable government institutions, and economic and social inclusion of the most marginalized communities. These kinds of investments go hand in hand with humanitarian aid.”

Read Also:  SSA Output Growth in 2020: Overall Momentum To Remain Soft

The World Bank Group, founded to support post-conflict reconstruction in Europe after World War II, now emphasizes working before, during, and after crisis situations to tackle poverty. It emphasizes prevention by proactively addressing the root causes of conflict — such as social and economic exclusion, climate change and demographic shocks — before tensions turn into full-blown crises. During the active conflict, it focuses on building institutional resilience and preserving essential services like health and education for the most vulnerable communities.

- Advertisement -

The strategy also emphasizes long-term support to help countries transition out of fragility, including private sector solutions, such as scaling-up investments in small and medium enterprises that are essential to create jobs and spur economic growth. It addresses the cross-border impacts of FCV, for example by focusing on the development needs of both refugees and host communities.

Read Also:  Africa Is Far Better Than America – Akon (Watch Video)

This institutional shift is backed by increases in the financing, both through the World Bank’s General Capital Increase and through the recently approved replenishment of IDA, the World Bank’s fund for the poorest countries, which included over $20 billion for FCV. The Bank and IFC will also make key operational changes, such as deploying more staff and resources to countries impacted by FCV and partnering with a range of international and local actors. IFC and MIGA have also committed to significantly increase their support to private sector investments in economies impacted by FCV.

Campaign Website: https://www.worldbank.org/peoplepeaceprosperity

Facebook: http://www.facebook.com/worldbank

- Advertisement -

Twitter: https://twitter.com/WBG_dev4peace

Twitter: https://twitter.com/WBG_Poverty

YouTube: http://www.youtube.com/worldbank

- Advertisement -
Eliminating Extreme Poverty Requires Urgent Focus on Fragile and Conflict-Affected Countries - Brand SpurEliminating Extreme Poverty Requires Urgent Focus on Fragile and Conflict-Affected Countries - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Eliminating Extreme Poverty Requires Urgent Focus on Fragile and Conflict-Affected Countries - Brand SpurEliminating Extreme Poverty Requires Urgent Focus on Fragile and Conflict-Affected Countries - Brand Spur

Latest News

Refreshed: The MINI John Cooper Works and the MINI John Cooper Works Convertible (Photos)

Individual style and performance reloaded: The MINI John Cooper Works and the MINI John Cooper Works Convertible. In the race...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Eliminating Extreme Poverty Requires Urgent Focus on Fragile and Conflict-Affected Countries - Brand SpurEliminating Extreme Poverty Requires Urgent Focus on Fragile and Conflict-Affected Countries - Brand Spur