World Bank must evolve

The new president of the World Bank Jim Yong Kim, who began his five-year term on July 1, faces many challenges reforming the international financial institution and promoting its goal of reducing global poverty.

There are still 1.3 billion people living on less than $1.25 per day, 22 percent of the total population of the world's developing countries and regions. This is a far cry from a world free of poverty, and there is still much to be done.

There is no doubt that over the past 60 years, the World Bank has played a very important role in helping developing countries fight poverty. However, to meet the challenges of the changing international economic situation, the World Bank must adapt and evolve.