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| WB allots USD 2bln fund to world's poorest countries |
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| Saturday, 13 December 2008 | |
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By Bruck Shewareged The World Bank (WB) announced on Tuesday that it had created a USD 2 billion fast-track facility to speed grants and long term, interest free loans to the poorest countries to help them cope with the inpact of the global financial crisis. According to the WB country office, the International Development Association (IDA) financial Crisis response fast-tract facility, approved on Tuesday by the Bank's board of directors, will allow the Bank Group to provide rapid funding for social safety nets, infrastructure, education and health. World Bank Group president Robert Zoellick predicts harder times for poor countries as the global outlook for next year remains grim. "The poorest people will be hit the hardest by the crisis that is likely to get worse next year", said Zoellick, who forecast developing countries' growth will be 4.5 percent down from 7.9. In another development, representatives and policymakers from eight African countries who met for two days in Addis Ababa said that an efficient and accountable public sector is essential for effective delivery of services to the needy. The group, which include Ethiopia, DR Congo, Madagascar, Nigeria, Sudan, Rwanda and Tanzania, met and discussed matters on Wednesday and Thursday on how to improve the effectiveness of the public sector. Ali Khadr, Senior Manager for Country Evaluation and Regional Relations at the Independent Evaluation Group (IEG), one of the Co-hosts of the meeting, said that WB support for the public sector reform in developing countries has helped to improve performance in key areas, such as public financial management and tax administration while in other areas WB's support registered less success. Mr. Khadr said that the Bank's support in areas of civil service reform and transparency and anti-corruption programmes were less successful for various reasons. |
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