WB approves 1.3-billion-USD crisis response fund
The fund, requested by the Group of 20 (G20), will explore the benefits
of a new crisis response mechanism to protect low-income countries from
crises.
The World Bank has approved a 1.3-billion-USD crisis response fund for the poorest countries.
The fund, requested by the Group of 20 (G20), will explore the benefits of a new crisis response mechanism to protect low-income countries from crises.
The duration for the crisis response fund will be 18 months ending in June 2011.
With the new financial support mechanism approved, the fund will be able to provide additional financial support to mitigate the impact of this crisis on poor countries, according to World Bank Group President Robert B. Zoellick.
Zoellick said that the fund will also assist low-income countries in regaining lost ground to overcome poverty and achieve the Millennium Development Goals.
Low-income countries have been hit by the crisis through declining external trade, remittances, and foreign direct investment flow, and many are already experiencing fiscal stress.
"Governments are confronted with increased spending needs for social safety nets as falling revenues place constraints on expenditures for education, health, agriculture, and infrastructure," Axel van Trotsenbur, World Bank Vice President, Concessional Finance and Global Partnerships was quoted by news report as saying./.
The fund, requested by the Group of 20 (G20), will explore the benefits of a new crisis response mechanism to protect low-income countries from crises.
The duration for the crisis response fund will be 18 months ending in June 2011.
With the new financial support mechanism approved, the fund will be able to provide additional financial support to mitigate the impact of this crisis on poor countries, according to World Bank Group President Robert B. Zoellick.
Zoellick said that the fund will also assist low-income countries in regaining lost ground to overcome poverty and achieve the Millennium Development Goals.
Low-income countries have been hit by the crisis through declining external trade, remittances, and foreign direct investment flow, and many are already experiencing fiscal stress.
"Governments are confronted with increased spending needs for social safety nets as falling revenues place constraints on expenditures for education, health, agriculture, and infrastructure," Axel van Trotsenbur, World Bank Vice President, Concessional Finance and Global Partnerships was quoted by news report as saying./.
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