World Bank, IMF vow to alleviate global crisis impact on developing countries

Source: Xinhua | 04-27-2009 09:05

WASHINGTON, April 26 (Xinhua) -- The World Bank and the International Monetary Fund (IMF) vowed here on Sunday at its joint meeting of the Development Committee to alleviate the global economic crisis impact on developing countries and facilitate their contribution to global recovery.

World Bank (WB) President Robert Zoellick (L) and  International Monetary Fund (IMF) Managing Director  Dominique Strauss-Kahn attend the semi-annual session  of the Joint Development Committee of the World Bank  and the International Monetary Fund, in Washington, the  U.S., on April 26, 2009. The session was convened as  the spring session of the two institutions entered its  second day.(Xinhua/Zhang Yan)

The World Bank and the IMF said in a communique issued after the conclusion of their joint meeting that the global economy has deteriorated dramatically since their last meeting with the developing countries facing especially serious consequences as the global financial and economic crisis has turned into a human development calamity.

The communique said that the ongoing global economic crisis has driven more than 50 million people into extreme poverty and the hard-earned progress towards the Millennium Development Goals is in jeopardy.

"We must alleviate its impact on developing countries and facilitate their contribution to global recovery," the communique said.

The World Bank and the IMF said that the two organizations have shown their leadership and complement each other in helping developing countries respond to the crisis by helping to bridge the huge financing gap including efforts to revive private capital flows.