AP Photo/Carolyn Kaster
WASHINGTON (AP) — The Latest on global finance meetings (all times local):
Anti-poverty activists are complaining that the World Bank needs to expand its definition of poverty so that more needy people around the world can be helped.
They’ve come to the spring meetings of the World Bank and the International Monetary Fund to protest. Countries need an annual income of $1,026 per person to be middle-income in the World Bank’s eyes. That’s less than $3 a day. Anti-poverty groups want the threshold raised to $10 a day.
Terri Ford of the AIDS Healthcare Foundation says that 75 percent of the world’s poor and the majority of people living with HIV/AIDS reside in countries which the World Bank currently classifies as some bracket of middle-income.
Activists say these countries can be denied aid when not put in the low-income category.
World finance leaders say they will seek to build support for free trade by finding ways to help those left behind by globalization.
World Bank President Jim Yong Kim says he is “very much aware” that people who haven’t benefited from globalization are angry about it.
Kim is among the world leaders in finance gathering in Washington for three days of meetings. The 189 countries represented are members of the International Monetary Fund and its sister lending organization, the World Bank.
The IMF’s managing director, Christine Lagarde, notes that the global economy is expanding at a healthier clip but says global growth must be more inclusive.
As an example, she suggests offering the unemployed training and financial help to move closer to jobs.