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World Bank Vows to Stand Behind Poor

Aid to developing nations must be maintained, bank president warns

By Jess Kilby,  Newser User

Posted Oct 13, 2008 5:18 AM CDT

(Newser) – The head of the World Bank cautioned yesterday that the economic crisis could hit developing countries the hardest, and pledged the bank’s support in helping those nations protect their poor, reports AP. Bank president Robert Zoellick warned that aid to impoverished regions must continue to flow even as the US and Europe struggle to bail out their own economies.

Developing nations will have different needs than wealthier countries as they respond to the “man-made catastrophe” of the global meltdown, and the World Bank must adopt a flexible approach to address those needs, said Zeillick. Treasury Secretary Henry Paulson has said the US won’t cut off “goods, services or capital” to needy countries, as such a move “would only intensify the risks of a prolonged crisis.”

World Bank President Rober Zoellick pauses during a news conference at International Monetary Fund headquarters in Washington yesterday.
World Bank President Rober Zoellick pauses during a news conference at International Monetary Fund headquarters in Washington yesterday.   (AP Photo/Jose Luis Magana)
World Bank Group President Robert Zoellick finishes a joint news conference with International Monetary Fund Managing Director Dominique Strauss-Kahn yesterday.
World Bank Group President Robert Zoellick finishes a joint news conference with International Monetary Fund Managing Director Dominique Strauss-Kahn yesterday.   (AP Photo/J. Scott Applewhite)
Representing the IMF and the World Bank's Committee on Heavily Indebted Poor Countries, Ali Mahaman Lamine Zeine  briefs reporters yesterday.
Representing the IMF and the World Bank's Committee on Heavily Indebted Poor Countries, Ali Mahaman Lamine Zeine briefs reporters yesterday.   (AP Photo/J. Scott Applewhite)
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