World Bank President Jim Yong-Kim has introduced new ambitious plans to end extreme poverty globally by 2030.

Kim explained during a speech at Georgetown University in the U.S. Tuesday that to meet that goal, the world must lower the number of people living on less than one dollar and 25 cents a day to three percent of the global population. He also said the per capita incomes of the bottom 40 percent of every developing country need to be raised to achieve the bank's target.

According to the World Bank, the poverty rate in developing countries stood at 19 percent last year.

The World Bank and the International Monetary Fund will discuss concrete anti-poverty measures in their annual meeting on April 19th in Washington.