Global Poverty
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The Role of Institutions of International Development in Addressing Global Poverty
Global poverty is a serious global issue. Some international development institutions play a significant role in addressing global poverty because they are instrumental in promoting sustainable development in countries worldwide. For instance, the World Bank Group has two ambitious goals that focus on ending extreme poverty within a generation and boosting shared prosperity to end extreme poverty. World Bank aims to decrease the percentage of people living with less than $1.90 daily to no more than 3% by 2030 (Chen & Sapsford, 2005). The World Bank Group has five institutions, including The International Bank for Reconstruction and Development (IBRD), The International Finance Corporation (IFC), The International Centre for Settlement of Investment Disputes (ICSID), The International Development Association (IDA), and The Multilateral Investment Guarantee Agency (MIGA). The role of IBRD and IDA is to provide financing, policy advice, and technical assistance to developing countries’ governments (Chen & Sapsford, 2005). IDA focuses on the world’s poorest countries by offering concessional loans and grants, while IBRD assists middle-income and creditworthy poorer countries. IFC, MIGA and ICSID focus on strengthening the private sector in developing countries. The general role of the World Bank is to connect financial resources, knowledge, and innovative solutions to the needs of developing countries.
United Nations Development Programme (UNDP) works in 10 countries and territories to eradicate poverty while protecting the planet. The role of UNDP is to help countries develop strong policies, skills, partnerships and institutions to sustain their progress (Chen & Sapsford, 2005). UNDP plays a significant role in international development as a knowledge broker, capacity builder, innovator, and facilitator of exchanges in global development debates. USAID is also an institution of international development committed to eradicating extreme poverty by 2030. The institution is helping reduce global poverty by saving lives through USAID immunization programs, expanding education for children in conflict environments and helping countries develop their energy sectors by encouraging private investment, especially in Africa. The institution also helps in delivering safe water and sanitation to poor people, helps farmers develop the skills, tools and market connections to grow everything they need and helps people find their voice and cast their voice.
The International Monetary Fund (IMF) plays a significant role in addressing global poverty because it provides short-term support for countries facing financial difficulties,, thus allowing them to correct maladjustments in their balance of payments and not destroying the national and international prosperity. The World Trade Organization (WTO) also indirectly addresses global poverty by facilitating trade growth that has brought a significant decrease in poverty (Chen & Sapsford, 2005). Increased trade fosters employment and infrastructure in communities that would never have seen if their nations had not entered the global economy. WTO has programs that affect poverty on a large scale by ensuring that the global trade market is global.
Generally, international development institutions play a critical role in addressing global poverty by providing resources, infrastructure and expertise to countries in need worldwide. These institutions intend to bridge the gap between countries with different levels of political stability and economic development. These institutions have established effective systems in many poor and developing countries to improve access to education, healthcare, and financial services. Clean water and more. Institutions such as the World Bank is making significant progress in addressing global poverty due to their investments and initiatives in providing financial assistance and other resources in poor and developing countries.
How do various systems contribute to addressing Global Poverty?
The institutions of international development, in collaboration with leaders and governments across the world, have identified various systems that aim at ending poverty. For instance, one standard systems is the Sustainable Development Goals, which include ending global poverty by 2030. The actions to eradicate poverty include improving access to sustainable livelihoods, entrepreneurial opportunities and productive resources. The system also ensures there is universal access to basic social services. Social protection systems are essential for supporting those who cannot support themselves. Systems empower impoverished people by offering free education and skill training and investing in their organizations. Addressing gender equality is essential; in eradicating poverty. Some systems help undeveloped countries to work with interested donors and recipients to allocate increased shares of ODA to poverty eradication and promote international cooperation.
Organizations such as WTO have systems encouraging countries to engage in trade as a path out of poverty. Other international development organizations invest in economic growth programs such as investing in and implementing agricultural programs. Developing and implementing rapid and sustained economic growth policies and programs also addresses global poverty. Improved management of water and other natural resources is essential for countries, mainly rural poor areas that depend on agriculture or other natural resources for their livelihood. Creating and improving ways of accessing jobs for people in undeveloped countries and developing entrepreneurial talents is also a way that global systems apply to reducing global poverty. Effective systems ensure no barriers to equal access to resources and services essential in poverty eradication. In addition, the provision of technology and innovation is critical for any economic development and growth.
Sustainable Strategy
The first Sustainable Development Goal is “Eradication of poverty in all its forms everywhere”. The sustainable strategy for eradicating poverty is growth. Once a country experience significant economic growth, poverty reduces. Economic growth will contribute to different SDGs. For instance, improved economic growth reduces hunger because people get improved ways of food production, such as developed agricultural systems (Assembly, 2015). Growth brings improved infrastructure and services such as healthcare, thus providing people with good health and well-being. Economic growth also contributes to an improved education system, thus enhancing quality education. Economic growth leads to the development of industries, innovation and infrastructure, which indirectly assist in reducing poverty. Growth makes cities and human settlements inclusive, safe, resilient, and sustainable (Assembly, 2015). Economic growth is also essential in strengthening the means of implementation and revitalising the Global partnership for sustainable development.
Conclusion
Multiple Institutions of international development play a significant role in reducing global poverty from providing access to essential services and education to empowering people in undeveloped countries to become self-sufficient. These institutions have developed effective systems that are making significant differences. These institutions work with both the public and private sectors to make sustainable and lasting changes that will help even the generations to come. Different institutions such as UNDP and World Bank have systems that monitor and evaluate the progress of reducing poverty. The systems have practical tools and strategies for assessing the effectiveness of poverty eradication programs and initiatives and identifying areas of improvement. The best sustainable strategy for achieving complete poverty eradication in all its forms everywhere in 2030 is economic growth.
References
Assembly, G. (2015). Sustainable development goals. SDGs Transform Our World, 2030, 6-28.
Chen, J. R., & Sapsford, D. (Eds.). (2005). Global development and poverty reduction: the challenge for international institutions. Edward Elgar Publishing.
Integrated approaches for eradicating poverty and promoting prosperity. (2017). Policy Coherence for Sustainable Development 2017, 87-116. https://doi.org/10.1787/9789264272576-6-en
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