(Reuters).- World Bank Group President Jim Yong Kim will ask world leaders for a capital injection as an emerging markets slowdown coinciding with new development goals leave the bank strapped for cash, the Financial Times reported on Sunday.
Kim will lobby members to boost capital for the International Bank for Reconstruction and Development during an annual meeting to be held in Peru this week, said the FT.
The report, which cited the bank’s needs for more resources after an agreement last month on the Sustainable Development Goals, a set of 17 goals to combat poverty, inequality and climate change, did not specify how much Kim would be asking for.
World Bank head calls for capital boost http://t.co/rlVS5fDMeU
— Financial Times (@FT) October 4, 2015The request for capital would come on the heels of a statement last week from the International Monetary Fund that deceleration in emerging market economies will slow global growth this year.
The Washington-based World Bank said Sunday the number of people living in extreme poverty is likely to fall for the first time below 10% of the world’s population in 2015, partly due to recent strong economic growth rates in emerging markets.
