World fights over climate fundOctober 6th, 2009 BANGKOK - The World Bank has estimated that industrialised countries will have to pay developing nations $100 billion a year from now till 2050 to battle climate change. But there is no money nor any commitment on the table though over 4,000 delegates from 177 countries are squabbling here over who will govern the fund if it comes into being.
Climate change hits poor in Africa, South Asia hardest: World BankOctober 4th, 2009 ISTANBUL - Climate change could depress the economic output of Africa and South Asia by as much as five percent per year, the World Bank warned Sunday. The effects of a warming of the Earth's temperature by even two degrees Celsius could put up to 400 million people at risk of hunger and leave up to two billion lacking enough water resources.
World Bank's Zoellick warns of funding constraints by middle of next yearOctober 2nd, 2009 World Bank chief warns of funding constraintsISTANBUL — World Bank president Robert Zoellick warned Friday that the international lender could find money running tight within a year if crisis-driven demands on its funding keep up at their record pace and the richer countries fail to stump up more cash. Speaking to reporters before the start of annual meetings of the World Bank and International Monetary Fund annual meeting here, Zoellick said the World Bank deployed a record $33 billion in its fiscal year to June 2009 and is already on course to lend a further $40 billion this year.
India among top recipients of remittances: World BankJuly 14th, 2009 NEW DELHI - India, China and Mexico retain their positions as the top recipients of migrant remittances among developing countries, said the World Bank Tuesday. As per official estimates, India has the largest diaspora of 25 million spread over 136 countries.
Economic crisis has affected remittances: World BankJuly 13th, 2009 WASHINGTON - The worldwide recession has led immigrants in wealthy countries to cut back sharply on how much money they send back to their home countries, according to a World Bank report released Monday. Remittances to developing countries jumped 15 percent in 2008 to $328 billion, but will plummet 7.3 percent in 2009, the World Bank predicted, revising its earlier forecast of a 5-percent decline this year.
World Bank spending at record levels during global crisisJuly 2nd, 2009 WASHINGTON - The World Bank Wednesday said it spent a record $58.8 billion on loans, grants, guarantees and social projects over the last year to help poor countries steer through a dramatic global recession. The development bank said its budget jumped 54 percent between July 2008 and June 30 from a year earlier and is now at the highest level in its 60-year history.
ADB: Asia set for mild economic recovery in 2010, sustained growth will take longerJuly 2nd, 2009 ADB: Asia set for mild economic recovery in 2010MANILA, Philippines — Asia is set for a mild economic recovery from the global financial crisis in 2010 after bottoming out this year, the Asian Development Bank's chief economist said Thursday. "Clearly now we are in the transition from recession to recovery," Jong-Wha Lee said.
Poor economies to shrink as private investment plummets: World BankJune 22nd, 2009 WASHINGTON/SEOUL - Most developing economies will slip into recession this year amid a global financial crisis that has prompted wealthy investors to pull their money out of projects for the poor, the World Bank warned Monday. The developing world will grow 1.2 percent this year after growing 5.9 percent in 2008.
India, China growth to cushion deepening recession: World BankJune 22nd, 2009 WASHINGTON - Warning that the world is entering an era of slower growth, the World Bank Monday said that without India and China, the developing countries' output would shrink 1.6 percent. But with the two Asian engines of growth included, developing countries are expected to grow by only 1.2 percent this year, after 8.1 percent growth in 2007 and 5.9 percent growth in 2008.
World Bank cuts 2009 global growth forecast, says world economy to shrink by 2.9 percentJune 22nd, 2009 World Bank cuts 2009 global growth forecastBEIJING — The World Bank has cut its 2009 global growth forecast, saying the world economy will shrink by 2.9 percent and warning that a drop in investment in developing countries will increase poverty. "The global recession has deepened," the Washington-based multilateral lender said in a report.
World Bank fears sharper contraction, IMF predicts faster recoveryJune 12th, 2009 WASHINGTON - The World Bank estimates the global economy will contract in 2009 by "close to three percent", a far bleaker assessment than its March estimate of a 1.7 percent contraction. But the International Monetary Fund (IMF) differed, predicting a global recovery in 2010 may expand at a 2.4 percent clip.
ADB warns of carbon emissions from vehiclesMay 30th, 2009 MANILA - The Asian Development Bank (ADB) expressed concern Saturday over the unabated increase of carbon dioxide emissions from vehicles in the region's developing countries. The Manila-based bank said that while developed countries are still responsible for the largest share of greenhouse gas emissions from the transport sector, emissions from developing countries in Asia are growing rapidly.
World Bank: Nations should speed aid to poor countries hit by economic crisisApril 26th, 2009 World Bank: Nations should speed aid to poorWASHINGTON — The World Bank on Sunday urged donor nations to speed up delivery of the money they've already pledged — and to give even more — to help poor countries weather the steep global recession. The bank said developing countries face especially serious consequences as the financial and economic crisis turns into what it described as a "human and development calamity."
In a communique, the World Bank's policy steering committee said the crisis has already driven more than 50 million people into extreme poverty, particularly women and children.
World Bank to help poor countries build roads, other projects with infrastructure fundApril 25th, 2009 World Bank to aid poor countries with public worksWASHINGTON — The World Bank said Saturday it would provide poor countries with more than $55 billion for public work projects left in limbo when the recession dried up capital investment. The goal is to create jobs and lay the foundation for future economic growth and poverty reduction.
Developing countries say they are hit harder by global financial crisis and need urgent helpApril 24th, 2009 Developing countries hit harder by global crisisWASHINGTON — Developing countries are being hit harder by the global financial crisis than industrialized nations and need urgent and unprecedented help to cope with it, the Group of 24 countries said Friday. Among the effects of the crisis the developing countries are experiencing are falling prices for their commodities and exports, a decline in money transfers their citizens send from abroad, a sharp reduction in foreign direct investment and exposure to the credit crunch other countries are facing.
ISTANBUL - Developing nations will need outside support to help them boost domestic demand as the world begins an uncertain recovery from a devastating economic crisis, World Bank President Robert Zoellick said Friday.
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October 9th, 2009 at 3:46 pm
Whatever Robert Zoellick said is correct. I believe that due to this ongoing economic crisis the developing countries have suffered a lot. In order to recover from this they really need money in order to face the after effects of this economic recession.