Financial crisis equals human catastrophe
Financial crisis equals human catastrophe
Monday 27th April 2009
Fifty-three million people are at risk of extreme poverty due to the global downturn, the World Bank has warned.Its president Robert Zoellick says the world's poorest countries are facing a "human catastrophe" that will continue to get worse unless more is done to tackle the financial crisis.
"There is widespread recognition that the world faces an unprecedented economic crisis, poor people could suffer the most and that we must continue to act in real time to prevent a human catastrophe," he said.
The World Bank, meeting this weekend for its spring summit, warns that investment capital has dried up in poorer countries, while exports have also reduced sharply and commodity prices have slowed the flow of cash sent home by nationals living abroad.
As a result the bank has announced a tripling in its investment in financial safety nets and other protections to $12 billion over the next two years.
"Services such as water and sanitation, energy, transport and telecommunications are vital in the fight against poverty," commented German finance minister Heidemarie Wieczorek-Zeul.
"For this reason our government has included infrastructure financing in developing countries in its second economic stimulus package."
Related News
Firms that underpay women to be named and shamed - 27/04/09
Companies that consistently pay their male workers more will be named and shamed under landmark legislation being published today
Companies that consistently pay their male workers more will be named and shamed under landmark legislation being published today
US treasury sec claims 'small gains in financial stability' - 25/04/09
US treasury secretary Timothy Geithner said he was noticing small improvements in indicators of financial stability
US treasury secretary Timothy Geithner said he was noticing small improvements in indicators of financial stability
IMF head urges more action on banking reform - 24/04/09
The head of the International Monetary Fund (IMF) has accused the United States and governments in Europe of not following up their promises to reform the banking sector
The head of the International Monetary Fund (IMF) has accused the United States and governments in Europe of not following up their promises to reform the banking sector
Microsoft suffers first-ever sales fall - 24/04/09
Microsoft sales fell this year for the first time in the company's 23-year history, but some analysts have expressed their relief the quarterly results were not even worse
Microsoft sales fell this year for the first time in the company's 23-year history, but some analysts have expressed their relief the quarterly results were not even worse
News Article Search
Quick Apply
News Archive