Wednesday, April 13 2005 09:17 Hrs (IST) - World Time -

Washington: Stellar growth in India and China will help the world meet a target of halving extreme poverty by 2015, but sub-Saharan Africa lags far behind, the World Bank and International Monetary Fund (IMF) said in a report yesterday (Apr 12, 2005).

The second annual monitoring report into progress on the "Millennium Development Goals" (MDGs) said "bold and urgent action" was needed to improve living standards around the world.

"The credibility of the entire development community is at stake as never before," said World Bank president James Wolfensohn.

"Rich countries must now deliver on the promises they have made in terms of aid, trade and debt relief, and the developing countries - especially in sub-Saharan Africa - need to aim higher and do better in terms of their own policies and governance and to make more effective use of aid," he said.

The United Nations Millennium Summit in 2000, the largest-ever gathering of world leaders, adopted eight goals to be met by 2015 with the aim of eventually eradicating poverty, hunger and disease.

"The goal to halve poverty by 2015 will likely be met at the global level, but not in sub-Saharan Africa unless progress there can be accelerated quickly," the report by the World Bank and International Monetary Fund said.

Thanks to huge economic strides being made in China and India, the world's two most populous countries, hundreds of millions more people are being lifted out of dire poverty, the report said.