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The UN Millennium Development Goal to end extreme poverty by 2015 looks set to end in farce without serious change in the global economy, but Ban Ki-moon, the UN secretary-general, says that "important progress" has been made.

Despite rising levels of poverty and relief spending from wealthy countries, development experts claim that over 50 per cent of all aid is spent on debt relief for the third world.

Ban Ki-moon acknowledges that to reach the goal, the world must increase the pace of change, but argues that eliminating poverty by 2015 remains feasible.

Some visionaries believe the end of poverty is within humanity's reach - but not without first changing the entrenched global economic systems that favours wealthy countries.

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How can worldwide financial systems adjust to allow developing countries more of a chance to overcome poverty?

Joining Riz is Philippe Diaz, the director of the new documentary The End of Poverty? and noted Peruvian economist Hernando de Soto.

This episode of the Riz Khan show aired on Thursday, December 24.

Source: Al Jazeera