Poverty

Poverty concerns in urban centres

This is simply because traditional social values and kin-based society take care of those in need. Those who have more always assist those in need. However, this traditional support system is breaking down gradually.

The National Research Institute (NRI) Spotlight Volume 16, Issue 11 titled “Papua New Guinea is facing the development challenges of poverty in urban centers” by Senior Research Fellow, Dr Philip Kavan, focuses on urban poverty and suggests strategies to mitigate poverty.

The paper looks into the four areas of importance:

‘Bridging The Finance Divide’ Report Launched

The report, entitled: 2022 Financing for Sustainable Development Report: Bridging the Finance Divide, finds that while rich countries were able to support their pandemic recovery with record sums borrowed at ultra-low interest rates, the poorest countries spent billions servicing debt, preventing them from investing in sustainable development.

The pandemic shock plunged 77 million more people into extreme poverty in 2021, and by the end of the year, many economies remained below pre-2019 levels.

Extreme poverty to fall below 10 per cent, advancing towards UN goal by 2030 – World Bank

“This is the best story in the world today – these projections show us that we are the first generation in human history that can end extreme poverty,” said Jim Yong Kim, World Bank Group President.

The World Bank explained that it uses an updated international poverty line of US$1.90 a day, which incorporates new information on differences in the cost of living across countries and preserves the real purchasing power of the previous line of US$1.25 a day in 2005 prices in the world’s poorest countries.