WASHINGTON, Nov. 11 (Chinese media) -- Calling for a rapid response to the spreading global financial crisis, the World Bank said Tuesday said it would make new commitments of up to 100 billion dollars over the next three years to developing countries.
"This increase in financial support will protect the poorest and most vulnerable from harm, support countries facing big budget short-falls, and help sustain long-term investments upon which recovery and long-term development will depend," said the World Bank in a statement.
"Leaders meeting on Saturday to discuss the global financial crisis must not lose sight of the human crisis. As always, it is the poorest and most vulnerable who are the hardest hit," said World Bank President Robert B. Zoellick.
"The response to this crisis must be global, coordinated, flexible and fast. While the challenges need to be addressed at the country level, it is more critical than ever that the international community acts in a coordinated and supportive way to make each country's task easier," he said.
Sharply tighter credit conditions and weaker growth are likely to cut into government revenues and their ability to invest to meet education, health and gender goals, as well as the infrastructure expenditures needed to sustain growth.
Current estimates suggest that a one percent decline in developing country growth rates pushes an additional 20 million people into poverty. Already 100 million people have been driven into poverty as a result of high food and fuel prices.
"The global financial crisis, coming so soon after the food and fuel crises, is likely to hurt the poor most in developing countries," warned Zoellick.
"Working with the IMF, UN agencies, regional development banks and others, the World Bank Group is helping both governments and the private sector through lending, equity investments, innovative new tools, and safety net programs," he said.
Posts
No comments:
Post a Comment