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World Bank Leader Sets New Goal: Reduce Extreme Poverty to 9% in Just 7 years

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, speaking at the start of the Bank's Annual Meeting of the Board of Governors, also addressed concerns about the US's budget deadlock and how it might negatively impact international development.