World Bank pledges more funds for poor in troubled states

WASHINGTON: World Bank President Jim Yong Kim laid out a new strategy for the global development lender on Tuesday that includes a sharp increase in funds to help poor people in nations scarred by conflict and a pledge to partner with the private sector.

He also warned that a partial government shutdown in a politically divided Washington could have far-reaching consequences for the poor given the troubling signal it sends
about the world’s largest economy.

U.S. fiscal uncertainty “combined with other sources of volatility in the global economy could do great damage to emerging markets and developing countries in Africa, Asia, and
Latin America that have lifted millions of people out of poverty in recent years,” he said.
Kim has sought to energize the bank around a poverty-eradication goal since he assumed his post last year and has launched a major reorganization to make the institution more
nimble and useful, especially to middle-income countries.