World Bank-IMF meetings end with call for reformOctober 7th, 2009 ISTANBUL - The annual meeting of the World Bank and International Monetary Fund was formally concluded Wednesday in Istanbul with an appeal to nations to pursue reforms while dealing with the global economic crisis. In remarks wrapping up the conference attended by finance ministers, central bank governors and other top officials from 186 countries, plenary session chairman Nguyen Van Giau said further international cooperation was foreseen to master the problems.
'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.
Developing nations ask industrialized world to compensate them for economic, climate crisesSeptember 25th, 2009 Poor nations want compensation for economic crisisUNITED NATIONS — Developing nations are urging the industrialized world to acknowledge its responsibility for the global economic and climate crises and to compensate them for the damages these have caused. Yemeni Foreign Minister Abu-Bakr al-Qirbi, who chairs the Group of 77 that represents 132 developing counties, says the U.N.
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.
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.
UN chief says impact of economic crisis could last years, urges help for poor countriesJune 24th, 2009 UN: impact of economic crisis could last yearsUNITED NATIONS — Secretary-General Ban Ki-moon warned at a U.N. financial summit Wednesday that the impact of the global economic crisis could last for years with millions more families pushed into poverty, and he urged rich nations to mobilize the money to help hard-hit developing countries.
Developing countries press for UN to represent world's poor in tackling economic crisisJune 23rd, 2009 Poor nations want UN role in financial crisisUNITED NATIONS — The global financial crisis is being tackled by the eight major industrialized nations, the 20 key economic powers, and regional groups. Now, the U.N.
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 Bank says financial crisis could turn into calamity for many poor countriesApril 27th, 2009 World Bank says poor countries risk calamityWASHINGTON — The global financial crisis could become "a human and development calamity" for many poor countries, the World Bank said, urging donor nations to speed delivery of money they have pledged and consider giving more. Developing countries, its main constituency, face "especially serious consequences with the crisis driving more than 50 million people into extreme poverty, particularly women and children," the bank said Sunday.
World Bank says financial crisis could turn into calamity for many poor countriesApril 27th, 2009 World Bank: Economic crisis turning into calamityWASHINGTON — The global financial crisis could become "a human and development calamity" for many poor countries, the World Bank said, urging donor nations to speed delivery of money they have pledged and consider giving more. Developing countries, its main constituency, face "especially serious consequences with the crisis driving more than 50 million people into extreme poverty, particularly women and children," the bank said Sunday.
World Bank to hasten reforms to give more voice to developing worldApril 27th, 2009 WASHINGTON - The World Bank has agreed to accelerate reforms by its spring meeting in 2010 to give more voice to developing countries as demanded by India and other emerging economies. Urging donor nations to speed up delivery of pledged funds to help poor countries reeling from recessions rooted in rich nations, it said the economic nosedive is turning into a human and development 'calamity,' which already has driven more than 50 million people into extreme poverty this year.
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 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.
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