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.
'Less aid, more debt for poor nations unless G20 changes situation'September 25th, 2009 NEW DELHI - The UN Millennium Campaign has just released figures which show that unless rich countries marshal additional resources at the ongoing G20 summit, they are likely to deliver $33 billion less aid than promised to the poor countries which are hardest hit by the global economic crisis. At the same time, packages intended to help poor countries address the crisis might drive them deeper into debt, a spokesperson of the campaign said over e-mail.
IMF head sees dawn of global recoverySeptember 17th, 2009 WASHINGTON - The world economy is beginning to turn around after its first recession in decades, the head of the International Monetary Fund (IMF) said Thursday. IMF Managing Director Dominique Strauss-Kahn said poor countries have done a better job than expected of weathering the global economic storm, but will still need massive aid to curb its worst effects.
'Rich countries stealing from poor for climate change aid'September 16th, 2009 LONDON - More than four million children could die unless world leaders deliver additional funds to help poor countries fight climate change, a report warned Wednesday. Rich countries must come up with additional funds for fighting climate change, rather than raid the money from existing aid promises, said the report by the international nongovernment organisation Oxfam.
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.
World leaders to provide $20 billion to boost agriculture in poor countriesJuly 10th, 2009 L'AQUILA, Italy — World leaders say they want to provide $20 billion over the next three years to increase food production in developing countries and help the poor feed themselves. The new amount is a $5 billion increase for an initiative that marks a shift in the global fight against hunger.
Roche gives poor countries easier access to swine flu drug TamifluJuly 1st, 2009 Roche to ease access to TamifluBASEL, Switzerland — Pharmaceutical maker Roche Holding AG said Wednesday a new initiative will ensure that poor countries get its antiviral drug against swine flu at a lower price. Under the Tamiflu Reserves Program, Roche will produce and ship the drug to developing countries upon order at a "significantly reduced price," it 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.
World finance ministers focus on aid to poor nations reeling from economic crisisApril 26th, 2009 Poor nations draw attention at finance meetingWASHINGTON — Reeling from a recession with roots in rich countries, the world's poorest nations need a hand up without burdening them with debt or adding to the ranks of the impoverished, global finance officials said Sunday. Poor countries have watched their economies plummet as the recession's effects spread, drying up investment capital, sharply reducing exports and commodity prices, and slowing the flow of cash sent home by their citizens working abroad.
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.
Barroso: EU must continue helping poor countries, says recession no excuse for cutting aidApril 23rd, 2009 Barroso: EU must help poor despite recessionBRUSSELS — The European Commission's president says the EU must continue to be the world's primary donor of aid to poor nations despite the global recession. Jose Manuel Barroso says poor countries "are the least responsible for this crisis but among the worst affected." He says the recession "must not, cannot and will not be used as an excuse" for cutting EU aid to developing nations.
Warming planet may widen gap between rich and poorMarch 17th, 2009 WASHINGTON - A recent economic analysis by researchers at MIT (Massachusetts Institute of Technology), US, has indicated that rising global temperatures may widen the gap between rich and poor, because poor nations will face a more severe economic chill. After examining worldwide climate and economic data from 1950 to 2003, Benjamin A.
Rising global temperatures spell chilling economics for world's poorMarch 17th, 2009 WASHINGTON - Rising global temperatures are likely to aggravate the rich poor-divide, according to a recent economic analysis at the MIT. Benjamin A. Olken, MIT associate professor of economics, concluded on the basis of global data from 1950 to 2003 that a degree Celsius rise in a given year reduces economic growth by an average of 1.1 percentage points in the world's poor countries but has no measurable effect in rich countries.
International Finance Corp to spend $6 bn in emerging marketsJanuary 5th, 2009 NEW DELHI - International Finance Corp (IFC), a World Bank member organisation, Tuesday anounced it will spend $6 billion to support the private sector in emerging markets hit by the global financial crisis. IFC will double the existing global trade finance programme to $3 billion over a three-year period to meet a large increase in demand for short-term trade finance.
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