We’re committed to winning war against poverty, says World Bank

Nigeria’s former World Bank Country Director, Mr. Hafiz Ghanem, now Vice President of African Region for the Bank has allayed fears raised by Breton Woods Institutions’ alarm over the continent’s possible relapse into poverty trap by 2030.

The new World Bank President, Mr. David Malpass, who raised the alarm, said 27 African countries are already suffocating under debt burden, adding that by 2030, nine out 10 Africans would fall into extreme poverty.

But the World Bank’s forecast notwithstanding, Ghanem raised hope and dispelled despair, saying Africa was up to the task and committed to wining the war against poverty.

Ghanem gave the reassuring words, yesterday, while addressing African delegations to the on-going IMF/World Bank Spring Meeting in Washington DC, USA on Africa 2019: The state of the Region.

Saying World Bank is committed to winning the war on poverty, Ghanem explained that to achieve the goal, there was need to close human capital and infrastructure gaps, as well as, address the problem of fragility in the continent, with a view to ensuring a stable region.

He lamented that over 40 per cent of African population lived in fragility, which has played a major role in slowing the region’s economic growth.

He urged African leaders and all stakeholders to work had to end cross border fragility.