See also:
» 12.10.2010 - "Bullying China a threat to Africa"
» 18.03.2010 - Ministers to adopt strategies to fight job scarcity
» 17.03.2010 - Trade experts discuss ways to help poor countries
» 04.03.2010 - Mercenary activities focus at Addis Ababa meeting
» 03.03.2010 - UNAIDS partner with rock icon to fight AIDS
» 25.02.2010 - Fight organised crime like a pandemic – Ban
» 25.02.2010 - Africa more vulnerable to non-communicable diseases’ deaths
» 19.02.2010 - World Gold Council welcomes IMF gold sales

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Africa | World
Economy - Development | Politics | Society

Low income countries still suffering recession impact, World Bank

afrol News, 17 September - While the global economy is showing tentative signs of recovery, 43 low-income developing countries are still suffering the consequences of the global recession, which highlights the need to increase support to the poorest countries dealing with economic volatility and crisis, the World Bank has said.

In a paper prepared for the upcoming G-20 meeting in Pittsburgh, the World Bank said that as a result of the crisis 89 million more people will be living in extreme poverty, on less than $1.25 a day, by the end of 2010. The global recession has also put at risk $11.6 billion of core spending in areas such as education, health, infrastructure and social protection in the most vulnerable countries.

“The poor and most vulnerable are at greatest risk from economic shocks - families are pushed into poverty, health conditions deteriorate, school attendance declines, and progress in other critical areas is stalled or reversed,” said World Bank Group President Robert B. Zoellick. “The poorest countries may not be well represented on the G-20, but we cannot ignore the long-term costs of the global downturn on their people’s health and education.”

“InterAction is pleased that the World Bank continues to insert the needs of the world’s poorest nations into the G-20 conversation,” said Samuel A. Worthington, President and CEO of InterAction, the largest coalition of U.S.-based non-governmental organizations focused on the world’s poor. “The G-20 countries must rapidly implement the London Summit pledge of $50 billion dedicated for low-income countries to aid them in designing and implementing the policies and social safety nets most developed nations have already established.”

Despite strong international efforts to cushion the impact of the global recession on Low-Income Countries, the paper states that low-income developing countries continue to suffer the consequences of the food, fuel and financial crises, and the poorest countries will need additional assistance to confront and move beyond the global recession.

The paper recommends coordinated policy action by the G-20 and others in the areas such as Agriculture to address food security, Small- and Medium-Sized Enterprises (SMEs) to stimulate growth in low-income countries, and Crisis Response Facility to ensure that quick and effective assistance can be provided to Low-Income Countries following shocks.

The World Bank noted that since the onset of the food and fuel crises nearly two years ago and the subsequent financial crisis and global recession, donors and development agencies have mobilised significant additional resources for Low-Income Countries. However, low-income developing countries have been hit hard by crises not of their making, and face daunting challenges that jeopardize years of progress in combating poverty, the paper said.

The paper also notes that several economic shocks resulting from the financial crisis are taking a severe toll on the poorest countries, including trade, private capital flows, remittances and tourism.

The crisis is slowing dramatically the steady progress achieved in reducing global poverty, notes the paper, pointing that in Cambodia, 62,000 garment workers have lost their jobs in this key sector for the economy, with women making up 90 percent of this workforce, while falling copper prices led in 2008 to the laying off of one quarter of Zambia’s mining workers.

The paper further describes how the World Bank Group stepped up its financial assistance to help developing countries mitigate the impact of the crisis over its past fiscal year, stating that for the World Bank Group as whole, the result has been record levels of activity - with $58.8 billion committed in FY09 to support countries hit by the global crisis, a 54 percent increase over the previous year.

- Create an e-mail alert for Africa news
- Create an e-mail alert for World news
- Create an e-mail alert for Economy - Development news
- Create an e-mail alert for Politics news
- Create an e-mail alert for Society news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at