Costly response lays foundation for recovery from crisis: World Bank

08:01, April 08, 2010      

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World Bank financial commitments since July 2008, just before the full fury of the financial crisis hit, have so far reached 100 billion dollars, as the institution helped countries respond to and recover from the global downturn.

"The speed and scale of the Bank's response since July 2008 is unprecedented," said the World Bank in a statement released on Wednesday.

After the worst crisis in 50 years, the world economy faces an uncertain and uneven recovery with new risks to jobs and growth.

The World Bank said it is playing a historically large role in protecting the poor and laying the foundation of recovery.

World Bank commitments supporting social safety net programs for the poorest and most vulnerable citizens in the poorest countries increased exponentially from 253 million dollars in fiscal year 2008 to fiscal year 3.1 billion dollars in fiscal year 2009 and to 2.1 billion dollars to date this year.

"I'm very pleased the World Bank Group has stepped up and delivered during the economic crisis," said World Bank President Robert B. Zoellick, "As the multi-speed recovery takes shape around the world, countries will face recurring and new challenges, and the World Bank will continue to provide support to overcome poverty and foster sustainable growth."

Source: Xinhua


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