Monday, October 13, 2008

Assuring Developing Countries

Officials of the World Bank and the International Monetary Fund went on record to say that developing countries will not be forgotten during the credit crisis.

from Radio Australia

World Bank head Robert Zoellick says they will not allow the crisis to put recent economic gains in the developing world at risk.

He says governments must not reject commitments to boost overseas assistance to meet the Millennium Development Goals.

IMF head, Dominique Strauss-Kahn, says the financial crisis adds to the existing problems of rising food and energy prices in poor countries.

The banking system in poorer countries could face volatility because of links with banks in the developed world which have been pushed to the brink by the crisis destroying their capital.

We will do some extra searching today to see if we can find any stories of countries going back on aid commitments. After an initial look, at the headlines i haven't seen any yet. But, I'm afraid is about to start happening.

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