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World Bank Group President Jim Yong Kim said the institution is going through a process of renewal and set a new interim goal to reduce extreme poverty to 9 percent by 2020. Kim, also expressed concerns about the US budget deadlock negatively affecting international development.

WORLD BANK
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STORY: WORLD BANK / POVERTY
TRT: 2.34
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH/NATS

DATELINE: 10 OCTOBER 2013, WASHINGTON, DC

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Shotlist

1. Wide shot, Jim Yong Kim walks onto stage
2. Pan right, room
3. SOUNDBITE (English) Jim Yong Kim, President, World Bank Group:
“Just six months ago, we established our two goals: to end extreme poverty by 2030 and boost shared prosperity of the bottom 40 percent of the population in all developing countries. And yesterday we announced an interim target, to reduce extreme poverty to 9 percent by 2020. Achieving these goals has become the central purpose of our institution. This week, the World Bank’s Board of Governors will consider a blueprint for transforming our operations, structure, and culture so that we can reach our goals. This is the first strategy that brings together all the institutions of the World Bank Group under a single framework for results.”
4. Wide shot, cameramen
5. SOUNDBITE (English) Jim Yong Kim, President, World Bank Group:
“We must act with urgency and purpose. In our State of the Poor Report released today, we found that 400 million of the world’s extreme poor are children. In low-income countries, one half of the poor are children. How can we in good conscience not do all we can to lift these children and their families out of extreme poverty? They can’t wait for progress to emerge slowly. They need our help today.”
6. Close up, hands writing
7. SOUNDBITE (English) Jim Yong Kim, President, World Bank Group:
“We did a review recently about what happened to developing countries after the August 2011 near miss on the default. And what we found is that in developing countries the cost of borrowing, bond spreads, went about 75 basis points, and persisted, that elevated bond spread persisted for months. Also the stock markets in developing countries dropped by about 15 % and that also persisted. So what we know is that even a near miss will have a real impact on developing countries and so we are watching carefully and we just urge all policy makers to move quickly to come to some resolution because impacts are going to be severe. And so if you look at those being the increase in the bond spreads and the falling of the stock markets, those have a direct impact on us exports, 50 percent of exports arte to developing countries so we hope for many reasons policy makers move quickly and resolve this crisis.”
9. Med shot, Jim Yong Kim talks to reporters
10. Wide shot, Jim Yong Kim walks off stage

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Storyline

The World Bank said the institution is going through a process of renewal and set a new interim goal to reduce extreme poverty to nine percent by 2020.

World Bank Group president, Jim Yong Kim, spoke today (10 Oct) in Washington at the start of the Bank's Annual Meeting of the Board of Governors.

Kim said that six months ago, the Bank had established it’s two goals, “to end extreme poverty by 2030 and boost shared prosperity of the bottom 40 percent of the population in all developing countries.”

On Thursday, he announced an interim target to reduce extreme poverty to nine percent by 2020, saying that achieving these goals, "has become the central purpose of our institution.”

Previously the Bank has said it was aiming to eliminate extreme poverty globally by 2030 and boost shared prosperity for the bottom 40 percent of the population worldwide.

Kim said “we must act with urgency and purpose," noting that the State of the Poor Report released today found that 400 million of the world’s extreme poor are children.

“They can’t wait for progress to emerge slowly, he said, they need our help today.”

Kim also expressed concern about the United States budget deadlock negatively affecting international development. He said that after recent reviews of what happened to developing countries following the August 2011 near miss on the default, the Bank found that in developing countries the cost of borrowing, bond spreads, went about 75 basis points and that bond spread persisted for months.

Kim urged all policy makers, "to move quickly to some kind of resolution because impacts are going to be severe.”

The Board of Governors of the World Bank Group (WBG) and International Monetary Fund (IMF) meet once a year to discuss the work of their respective institutions.

The Annual Meetings, which generally take place in September-October, have customarily been held in Washington for two consecutive years and in another member country in the third year.

Because the Annual Meetings bring such a large number of member country officials together, they provide opportunities for consultations large and small, formal and informal.

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