WB: Developing countries need billions to fight crisis

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Source: CCTV.com | 03-09-2009 14:05

The World Bank is warning that developing countries could face a financing gap of 270 to 700 billion US dollars to help face the global financial crisis.

Bob Zoellick, President of the World Bank arrives at 10 Downing Street for a meeting with Britain's Prime Minister Gordon Brown in London, Wednesday, Feb.18, 2009.(AP Photo/Kirsty Wigglesworth)

The World Bank says even at the lower end of that estimate, the resources of international institutions are not sufficient to meet the financing needs.

The impact of the crisis on developing countries is unclear. But recent data highlights the potential scale of the damage, prompting institutions like the World Bank and IMF to raise the alarm.

There is concern many developing countries cannot afford fiscal stimulus packages and will require external aid.

Editor:Zhang Pengfei