The World Bank pioneered global HIV and AIDS financing early in the emergency and remains committed to achieving Millennium Development Goal 6, to halt by 2015 and begin to reverse the spread of HIV and AIDS, through prevention, care, treatment, and mitigation services for those affected by HIV and AIDS.
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Dean Harvey, thank you for that warm welcome and, President Frederick, thank you for the kind introduction. And thank you to the students, staff and faculty for being excellent hosts. To the best of o... Show More +ur knowledge, this is the first time that a president of the World Bank Group has addressed the Howard community. I am grateful to everyone here who made this opportunity possible.In preparing for this speech, we did some research on Howard’s history. I was impressed with what we found. I am honored to be at an institution once led by James Nabrit, one of the leading constitutional and civil rights lawyers of his generation; and I am humbled to be at a place that helped shape the thinking of Pauli Murray, a courageous feminist trailblazer and thinker. Over varied and highly accomplished careers, both Nabrit and Murray worked to make the world a more just place. At the Bank, we are driven by the same aspiration.Over the last two years, I have led an effort at the World Bank Group to reorganize the institution to accomplish our twin goals: end extreme poverty by 2030; and boost shared prosperity among the poorest 40 percent in developing countries.The first goal is ambitious, and it reflects the tremendous progress we’ve made over the last quarter century in the fight against poverty. In 1990, 36 percent of the world’s population, or 1.9 billion people, earned less than $1.25 a day. By next year, our economists estimate that that rate will have declined to 12 percent – a two-thirds reduction in 25 years. This means that, by next year, one billion fewer people will be living in extreme poverty than in 1990. That’s major progress. However, helping the next billion escape poverty will be far more difficult. We have much work to do, especially in sub-Saharan Africa, where an estimated 450 million people wake up in poverty each day.The second goal – boosting shared prosperity – is what I want to talk with you about today. We are working to ensure that the growth of the global economy will improve the lives of all members of society, not only a fortunate few. To accomplish this, the World Bank Group aims to achieve specific income-related and social goals: We want to raise the income of the lowest 40 percent of earners in developing countries, and improve their access to life’s essentials, including food, shelter, health care, education and jobs.Let me put this in perspective: For the first time in the history of the World Bank Group, we have set a goal that aims to reduce global inequality. As the spread of the Ebola virus in West Africa shows, the importance of this objective could not be more clear. The battle against the virus is a fight on many fronts – human lives and health foremost among them. But it is also a fight against inequality. The knowledge and infrastructure to treat the sick and contain the virus exists in high and middle income counties. However, over many years, we have failed to make these things accessible to low-income people in Guinea, Liberia and Sierra Leone. So now, thousands of people in these countries are dying because, in the lottery of birth, they were born in the wrong place. If we do not stop Ebola now, the infection will continue to spread to other countries and even continents – just yesterday the Centers for Disease Control confirmed the first case of Ebola in the United States. This pandemic shows the deadly cost of unequal access to basic services and the consequences of our failure to fix this problem.As I will discuss later in my remarks, the World Bank Group and others have begun to take steps to get resources into the right place. Our actions have arisen directly from our decision to make boosting shared prosperity part of the Bank’s primary mission.When a visitor enters our Pennsylvania Avenue headquarters, one of the first things she sees is an inscription on the wall that reads as follows: “Our dream is a world free of poverty.” While achieving this goal through development is a complex undertaking, two things are essential. First, we must help low-income countries grow their economies. In the last four years alone, high rates of growth in China and India have meant that 232 million people no longer live in poverty. Second, low-income people who live in low-income countries must share in the gains from that growth. Shared prosperity is part of the Bank’s headline goals simply because it is required to end poverty.Boosting shared prosperity is also important in the pursuit of justice. Oxfam International, the poverty fighting organization, recently reported that the world’s richest 85 people have as much combined wealth as the poorest 3.6 billion. Think about that: A group far smaller than the number of people in this room possesses more wealth than half the world’s population. With so many people in sub-Saharan Africa, as well as Asia, and Latin America, living in extreme poverty, this state of affairs is a stain on our collective conscience. Protecting an individual’s ability to reap financial reward for hard work and success is extremely important. It creates motivation; it drives innovation; and it permits people to help others. At the same time, what does it mean that so much of the world’s enormous wealth has accrued to so few?As an economic system, global market capitalism has produced affluence and innovation. These are very good things. However, an economic system’s legitimacy is also tied to its ability to make two things accessible to all: the riches it generates and the social benefits that arise from that wealth. Unfortunately, national income gains from growth tend not to be shared among a population in anything close to equal measure. In his 2014 best seller Capital in the Twenty-First Century, French economist Thomas Piketty showed that, in developed economies, these gains generally flow at substantially higher rates to owners than to workers. Ultimately, we want to ensure the global economic system’s gains are distributed in a fashion that creates opportunity and respects human dignity.So what does it look like to boost shared prosperity? As I explained earlier, one important metric is the relative income level of the poorest 40 percent of a national population. During the 2000s, these earners enjoyed more rapid income growth rates than the general population in 52 out of 78 low-income countries. But our mixed progress in achieving the United Nations’ Millennium Development Goals shows that the general well-being of households in the bottom 40 percent remains much lower than in higher-income households. In other words, even though their incomes grew faster, low-income households did not reap the same social benefits as the more affluent, including access to food, clean water and sanitation.Fundamentally, increasing individual incomes, while important, is only part of the equation for boosting shared prosperity. We also need economic growth to deliver benefits that create more just societies. So, in addition to changes in income, boosting shared prosperity focuses on improving gender equity and low income people’s access to food, shelter, clean water, sanitation health care, education and jobs.How can the World Bank Group do this? One essential mechanism is our more than $60 billion dollar annual portfolio of financial support to build public institutions and to catalyze a vibrant private sector. By creating knowledge-based global practice groups, our reorganization has developed another critical tool – something we’ve been calling the science of delivery. In order to solve the world’s most difficult development problems, we must ask ourselves two questions. The first is whether the solution is equal to the challenge. In other words, do we understand the problem and does our answer solve it? The second is whether someone, either in or outside the Bank, has found ways to deliver the solution. If so, can we capture it, apply it, and scale it up in other contexts? Our global practices are focused on answering these critical questions.Boosting shared prosperity is the World Bank Group’s way of tackling the challenge of inequality. Identifying ways to deliver the solution requires at least two steps. First, we need to improve our understanding of how economic growth at the national level has an impact on the development of individual households. So we need to collect better and more precise data from low-income countries.Second, when we provide project-based financial and technical assistance, we must continue to evaluate these initiatives’ impact on low-income people’s earnings. Take building roads. In Bangladesh, we helped build and fix three thousand kilometers of roads. Then we studied whether these improvements made a difference. We found that in just six years’ time, the average household income in the areas of these projects grew 74 percent. This was largely because the roads connected communities to markets. We also looked at areas that had not received these upgrades. There, average household incomes declined 23 percent. These kinds of assessments show what does and doesn’t work when it comes to boosting shared prosperity.Our experience tells us that four strategies are also integral to accomplishing this goal: building human capital; constructing well-designed and implemented social safety nets; offering incentives for the private sector to create good jobs; and implementing fiscally and environmentally sustainable policies to pursue these ends. Projects that share these attributes will receive priority access to the Bank’s financial and technical assistance.The science of delivery has also helped guide our response to the Ebola epidemic. The virus is spreading out of control in Guinea, Liberia and Sierra Leone. Thousands of people are dead. Likely well over ten thousand people have become infected. And both of these numbers are climbing rapidly. As a consequence, our ability to boost shared prosperity in West Africa – and potentially the entire continent – may be quickly disappearing.Under the Bank’s best case scenario, Ebola will cause the loss of hundreds of millions of dollars in economic growth in the affected countries. This is a critically serious matter. These states are emerging from years of civil war and strife, both of which contributed to their low levels of per capita income. Growth is therefore essential to easing the horrible conditions in which millions of their citizens live. If the pandemic continues to jump to other countries, the growth lost could climb into the tens of billions of dollars or higher. So, unless we stop the infection’s spread now, there will be little prosperity to share, to say nothing of the number of people who will be unable to partake in what remains.The world’s response to date has been inadequate. I’m a doctor trained in infectious diseases and have treated poor and marginalized people in Haiti, Peru, and Lesotho, among other places. We treated people suffering from complex diseases such as multi-drug resistant tuberculosis and HIV. So it has been painful to see us replay old failures from previous epidemics.At the turn of the century, HIV had infected an estimated 24 million people in Africa. While effective treatments for the virus existed for rich people, low-income people on the continent did not have access to them because of a failure of imagination and low aspirations for the poor. Some global health experts believed that providing effective HIV treatment to low-income communities was too difficult and would cost too much. Yet today, more than 10 million poor people worldwide are being treated for HIV.We have made similar mistakes when it comes to combatting Ebola in West Africa, even though we received repeated warnings from governments of the affected countries, Médecins Sans Frontières and others. So now, we’re playing catch up.To determine how we could contribute to a coordinated response, the World Bank Group identified infectious disease experts who have on the ground experience implementing complex containment and treatment protocols in low-income countries. We then sent them to Guinea and Liberia. Based on what they saw, they have told us that, if we make an enormous surge now, we can treat the sick and contain the virus. The infrastructure we need is not that difficult to build and we have protocols to limit the infection’s spread. Most importantly, they have told us that further delay will make an effective response exponentially more difficult.We’re now moving quickly to do our part. The World Bank Group has transferred $105 million dollars in emergency funding to Guinea, Liberia, and Sierra Leone – more money to date than any other organization. This ensures their governments have cash to purchase equipment and services essential to fighting Ebola. Overall, we have committed $400 million dollars to support treatment and containment. And we have devoted our considerable analytical resources to show that acting now will save hundreds of millions if not tens of billions of dollars.Other parts of the coordinated global response are also taking place. In the last few weeks, we have seen significant action from President Obama and the United States; the British and French governments are also stepping up their efforts.Still, because of the epidemic’s scope and rapid growth, more progress is needed. If the CDC’s worst case scenario comes true, and 1.4 million people are infected, the virus’s impact will be truly global. Concerned citizens need to demand immediate deployments of capital and human resources to the affected countries. Otherwise, thousands more will die needless deaths and an economic catastrophe may take place.The World Bank Group is now fully engaged in fighting Ebola to prevent this outcome; we are also involved because we are committed to promoting equality. Indeed, we aspire to live this value every day in our own workplace. Our employees are citizens of over one hundred countries and speak well over one hundred languages. I am proud of the institution’s openness to differences in no small part because I know what the alternative looks like. After emigrating from Korea as a child, I grew up in a small town in Iowa. I understand what it’s like to be an outsider, and occasionally experienced the pain of racial and ethnic prejudice. At the Bank, exclusion and bias are not tolerated.Over time, we have made progress in expanding diversity among World Bank Group employees, but we can do better. For years, for instance, we have fallen short in recruiting African Americans to our ranks. That is changing. We have asked some of the most thoughtful national leaders on diversity to help us build a broad and sustained outreach to highly qualified African American candidates. We will set concrete targets to encourage senior managers to hire more diverse staff. I expect to see the results of our work this coming year.Howard University is also helping this efforts. The university and the World Bank Group are in discussions to create internships for doctoral candidates in economics to work with our Development Economics Vice President’s office. These internships would create the opportunity for Howard graduate students to immerse themselves in development policies and programs affecting countries around the world. I also invite all Howard graduates to apply for our expanded analyst and Young Professional programs, which are excellent ways to launch careers at the institution.I hope that these steps and my presence here encourage many of you to prepare your resumes. Twenty-nine Howard graduates currently work at the Bank. We are always looking for the best and the brightest, and we have found many of them right here.In 1957, the trustees of Howard University awarded Martin Luther King Jr. and Jackie Robinson honorary Doctor of Laws degrees. Mr. Robinson had just retired from Major League Baseball and was 38 years-old; Dr. King was just 28 years-old. Six years later, during the March on Washington, he stood before the Lincoln Memorial and gave his famous “I have a Dream Speech.” Five years after that, he was shot and killed.Dr. King was one of my heroes. When I was growing up, my mother, a philosopher, used to read his speeches to me. I think about him today because of his bond with Howard and his embrace, years ago, of what have become the World Bank Group’s twin goals.Four days before his death, Dr. King gave one of his final sermons. Standing only a few miles from here at Washington’s National Cathedral, he called poverty a “monstrous octopus” that “spreads its nagging, prehensile tentacles into hamlets and villages all over our world.” He said that he had seen it in Latin America, Africa and Asia, in addition to Mississippi, New Jersey and New York. He spoke of the challenge “to rid our nation and the world of poverty.”Dr. King told the audience that, “in a few weeks,” he planned to join others in a new March on Washington. He called it a “Poor People’s Campaign” to “demand that the government address itself to the problem of poverty.” He explained that, in this mission, wealth was not wrong, but part of the solution. He said that America’s capacity as “the richest nation in the world” gave it the “opportunity to help bridge the gulf between the haves and the have-nots.” He also explicitly linked justice to economic development. In words that resonate with all of us here, he said, [and I quote]:“If a man doesn’t have a job or an income, he has neither life nor liberty nor the possibility for the pursuit of happiness. He merely exists.”The World Bank Group’s two main goals stand in lockstep with the agenda Dr. King laid out in those days before his death, now 56 years ago. Boosting shared prosperity will be achieved by raising incomes, creating jobs, educating children, and providing all with access to food, water, shelter and health care. By doing so, we will grow our collective wealth and nurture our humanity. To paraphrase Dr. King, we will bend the arc of history toward justice.Please join this mission. Help make YOUR generation the generation that ends extreme poverty and reduces inequality all over the world.Thank you very much. Show Less -
Thank you, Michelle, for that kind introduction, and thanks also to our host, the Council on Foreign Relations, for inviting me today to deliver the David A. Morse Lecture. I am honored to be here and... Show More + I’d like to use this opportunity to talk about some fundamental issues in global development and the World Bank Group’s role in helping countries and the private sector meet those great challenges ahead.For a very long time, the rich have known to some extent how the poor around the world live. What’s new in today's world is that the best-kept secret from the poor, namely, how the rich live, is now out. Through the village television, the Internet and hand-held instruments, which a rapidly increasing number of the poor possess, life-styles of the rich and the middle class -- about which they earlier had only foggy ideas -- are transmitted in full color to their homes every day. And that has made all the difference.The political turbulence we’re seeing all around the world has varied proximate causes, but a lot of it’s fundamentally rooted in this one new feature of today's world. The question that nearly everyone who lives in the developing world is asking themselves is how can they and their children have the economic opportunity that so many others in the world enjoy? Everyone knows how everyone else lives.Last year, when I traveled with President Evo Morales to a Bolivian village 14,000 feet above sea level, to play soccer of all things, villagers snapped pictures on their smart phones of our arrival. When I visited a neighborhood in Uttar Pradesh, the state in India with the highest number of poor people, I found Indians watching Korean soap operas on their smart phones. It’s not a great mystery why everyone wants more opportunity for themselves and especially for their children.We live in an unequal world. The gaps between the rich and poor are as obvious here in Washington, D.C., as they are in any capital. Yet, those excluded from economic progress remain largely invisible to many of us in the rich world. In the words of Pope Francis, and I quote, “That homeless people freeze to death on the street is not news. But a drop … in the stock market is a tragedy.”While we in the rich world may be blind to the suffering of the poor, the poor throughout the world are very much aware of how the rich live. And they have shown they are willing to take action.We must not remain voluntarily blind to the impact of economic choices on the poor and vulnerable – not only because of the moral argument of treating your neighbor with dignity but also because of the economic argument that when growth includes women, young people, and the poor, we all benefit. Inequalities hurt everyone. Women’s low economic participation creates income losses of 27 percent in the Middle East and North Africa. Inclusive growth, in contrast, builds a stronger, more robust social contract between people and their government – and builds stronger economies. If we raised women’s employment to the levels of men, for instance, average income would rise by 19 percent in South Asia and 14 percent in Latin America.One year ago, the Governors of the World Bank Group endorsed two new goals – first, that we will commit our energies to end extreme poverty by 2030. People in extreme poverty live on less than a dollar and a quarter a day – less than the coins that many of us empty from our pockets each night. And yet more than a billion people in middle-income and poor countries today survive on less than that.The second goal endorsed by our Governors is that we will work to ensure that the benefits of prosperity are shared by the bottom 40 percent of people in developing countries. But we know, that even if countries grow at the same rates as over the past 20 years, if the income distribution remains the same, world poverty will fall to only 7.7 percent in 2030 – from 17.7 percent globally in 2010.* In the past 20 years, the world was able to lift roughly 35 million people out of extreme poverty each year on average. But if we are going to reach our goal of ending extreme poverty by 2030, we need to help 50 million people a year raise themselves out of poverty.We know that the fundamental problems of the world today affect not millions, but billions of us. Nearly 2 billion people lack access to energy. An estimated two-and-a-half billion people lack access to basic financial services. And all of us -- all 7 billion of us -- face an impending disaster from climate change if we do not act today with a plan equal to the challenge. Martin Luther King once said, “The arc of the moral universe is long, but it bends towards justice.” Today we must ask ourselves whether we, like Dr. King did in his life, are doing all we can to forcefully bend the arc of history toward justice, toward helping lift more than a billion people out of the devastation of extreme poverty. I am now 21 months into my tenure as president of the World Bank Group and I ask myself this question every day.Just three months after I started, we defined ourselves as a “Solutions Bank” that will marshal our vast reserves of evidence and experiential knowledge and apply them to local problems. A year into my job, the Board endorsed our twin goals, and just six months ago, the Board endorsed our strategy, aligning our operations to meet the goals. Since then, we have made substantial changes, and we are well on our way to becoming the Solutions Bank we envisioned to help our clients tackle the toughest challenges to meet the twin goals.You know, I feel fortunate that I work in an institution that has so much intellectual depth – nearly 1000 economists and 2000 PhDs …and those PhDs will have at least 4,000 points of view on any given issue. In my time at the World Bank Group, you can imagine that I’ve had no shortage of pointed advice from my staff.Their passion and insight remind me on a daily basis that our people care deeply about their mission. We recently took a survey of staff and one result was especially encouraging: 90 percent said they were proud to work at the World Bank Group. Now our responsibility is to build an institution that takes all that experience, talent and knowledge and makes it user friendly to any country or company that needs it. We need to work differently in order to reflect one of the indisputable new realities in the world -- governments and companies can turn to many places for financing and knowledge. Our comparative advantage has to be so clear that countries, companies, and other partners will seek us out for the best on-the-ground experience and advice available anywhere. We now will work more cohesively across our institution -- so that staff in the Bank who work in the public sector, staff in IFC, who work in the private sector, and staff in MIGA, who provide risk insurance and guarantees, will bring their collective experience together to better serve our clients.We’ve also created what we call “global practices,” which will become communities of experts in 14 areas, such as water, health, finance, agriculture, and energy. In the next few days, we’ll be announcing most of the heads of these practices.Imagine what it would be like if I were naming you as the senior director of our water practice. You would be responsible for designing investments in water and sanitation so that girls, for example, aren’t walking miles every morning to the nearest river for cooking and cleaning instead of going to school. Soon, you would have around 200 water experts on your team. You and your management team would look across our water projects in the world and deploy these experts to Bangladesh, Peru, China, or Angola, for instance, making choices to move holders of particular knowledge to specific countries to address a local problem. Your task, more than anything else, would be to deliver solutions. You would be expected to find the best approaches in water and sanitation that will help millions of poor people lift themselves out of poverty. In my opinion, you and your 200 experts would have the best jobs in the world in your field.Our entire leadership at the World Bank Group, including the heads of global practices, will be responsible for spreading knowledge and then scaling up successful programs -- what we have called a “science of delivery.” Delivery is about ensuring that the intended results reach the intended beneficiaries at or near the expected cost. In order to deliver at scale, we need to curate knowledge, excel at problem solving, deal with complex systems, address social goals, and measure effectiveness. If we can deliver on our promises, we will have a transformational impact on the world.The world’s development needs, of course, far outstrip the World Bank Group’s abilities to address them. But we can do much, much more. In order to meet the increased demand that we are expecting as we get better at delivering knowledge and solutions to our clients, we’re strengthening our financial capability to scale up our revenue and stretch our capital.I’m very pleased to announce today that with the support of our Board, we now have the capacity to nearly double our annual lending to middle-income countries from $15 billion to as much as $28 billion dollars a year. This means that the World Bank’s lending capacity – or the amount of loans we can carry on our balance sheet -- will increase by $100 billion dollars in the next decade, to roughly $300 billion dollars. This is in addition to the largest replenishment in history of IDA, our fund for the poorest countries, with nearly $52 billion dollars in grants and concessional loans.At the same time, we are also increasing our direct support to the private sector. MIGA is planning to increase its new guarantees by nearly 50 percent over the next four years. IFC expects it will nearly double its portfolio over the next decade to $90 billion. In 10 years, we believe IFC’s annual new commitments will increase to $26 billion dollars.Taken as a whole, the World Bank Group’s annual commitment, which today is around $45 to $50 billion dollars, is expected to grow to more than $70 billion in the coming years. This increased financial firepower represents unprecedented growth for the World Bank Group. We are now in a position to mobilize and leverage, in total, hundreds of billions of dollars annually in the years ahead.At the same time, as a matter of integrity we needed to look inside our institution and identify savings. Almost every large organization can become more efficient. We announced a goal of saving $400 million dollars in the next three years, and in the days ahead we will give details about the majority of those savings, which we will then reinvest in countries. I believe we must get leaner in order to get bigger.In the coming years, what will we be doing? We will follow the evidence and we will be bold. The fact is that two-thirds of the world’s extreme poor are concentrated in just five countries – India, China, Nigeria, Bangladesh, and the Democratic Republic of Congo. If you add another five countries – Indonesia, Pakistan, Tanzania, Ethiopia, and Kenya – the total grows to 80 percent of the extreme poor. Expect us to focus on these countries. But we will not ignore the others. We will have a strategy that ensures no country is left behind as we move toward the target in 2030.So how will we be bold? Well, one example is in China, where last week we launched our report with the government on the future of China’s cities. This report included the work of more than 100 World Bank Group staff and has already spurred China to make policy decisions that address critical development and urbanization challenges, including green growth, pollution, and land rights for farmers. This report will help China shift its focus from the quantity of growth to the quality of growth in order to improve the lives of its citizens. We hope these lessons from China will be benefit cities around the world.A second example is our work on the Inga hydroelectric project. Just two weeks ago, our Board approved a $73 million dollar grant to the Democratic Republic of Congo. Grand Inga could be the world’s largest hydropower site, generating more 40 gigawatts of power, which is equal to a half of all the installed capacity of all of sub-Saharan Africa today. Moreover, it would prevent the emission of 8 billion tons of carbon over 30 years if coal was used to generate the same amount of power. We need this power desperately in Africa; today the combined energy usage of the billion people who live in the entire continent of Africa equals what Belgium offers to its 11 million residents. This is a form of energy apartheid that we must tackle if we are serious about helping African countries grow and create opportunities for all Africans.A third example of being bold is our work in supporting conditional cash transfer programs. These programs provide monthly payments to poor families if, for example, they send their children to school or go to the doctor for a check-up. The results have been astounding. Before conditional cash transfer programs, school attendance by poor children in parts of Cambodia was 60 percent; today, after the program started, nearly 90 percent of the children attended school. In Tanzania, along with the country leaders and the United Nations, we have decided to greatly expand the conditional cash transfer program, which was started in 2010 for 20,000 households. By the middle of next year, we estimate it will reach 1 million households – covering 5 to 6 million of the country’s poorest people. This is what we mean by identifying successful programs, working with partners, and taking transformational solutions to scale. This is the path we are taking in order to serve countries better. The World Bank Group is committed to working in more effective ways with key partners and stakeholders, including those in civil society and the private sector. We need partnerships, strong global institutions, a vibrant private sector and committed political leaders. Most important of all, we need to unite people around the world in a global movement to end poverty.As a physician, health activist and later health policymaker, I had the privilege to be part of the international HIV/AIDS movement that emerged in the 1990s. The AIDS fight is a story of vast human suffering—but it’s also one of history’s most inspiring examples of successful global mobilization to reach shared goals.When HIV treatment appeared in the late 1990s, organizations reached across borders to build a genuinely global AIDS movement, committed to making treatment available to everyone. The 200-fold expansion in access to AIDS treatment in developing countries over the last decade is the fruit of this movement. Millions of lives have been saved, and millions of children still have a mother and a father.Social movements can produce solutions to problems that appear insurmountable. We need to take the lessons from such efforts and apply them to nurturing a movement around today’s great challenges: ending poverty … boosting shared prosperity … and ensuring that our economic progress does not irreparably compromise our children’s future because of climate change.Last fall, I had the opportunity to discuss these issues with Pope Francis. When I described our commitment to build a global movement to end extreme poverty by 2030, the Pope answered simply, “Cuenta conmigo.” Count on me. With leaders like Pope Francis, a global movement to end poverty in our lifetime is possible.All parts of our global society must unite to translate the vision of a more just, sustainable economy into the resolute action that will be our legacy to the future. In global institutions, governments, companies, and communities around the world, people have begun to work to make the vision real. To all those people, to all of you, I say: We stand with you.We are ready. Cuenten con nosotros. You can count on us.Thank you very much.*Those living in extreme poverty were estimated at 21 percent in the developing world, and 17.7 percent globally in 2010. Show Less -