Global finance and aid ministers last night called on rich donor nations to deliver aid to poor countries, warning that world poverty will rise sharply as more nations fall victim to the financial crisis.
The ministers from the 185 member countries of the World Bank and International Monetary Fund also said it may be necessary to raise more resources for the World Bank if the global crisis drags on.
"We urged donors to accelerate delivery of commitments to increase aid, and for us all to consider going beyond existing commitments," they said in a communique.
The ministers warned that the credit crisis, the worst since the Great Depression, risked derailing universally agreed UN targets to overcome poverty by 2015.
World Bank President Robert Zoellick said most of the UN Millennium Development Goals on poverty, hunger, education, equality, disease and infant mortality are unlikely to be met.
“We must continue to act in real time to prevent a human catastrophe,” he said at a closing news conference.
Mr Zoellick said the World Bank was well-capitalized and that the ministers had endorsed its plan to increase lending to middle-income countries by up to $100 billion over three years.
The ministers also called on the Bank to assess whether it has enough resources to aid the poorest nations, and asked it to report back by October.
Developing countries, initially shielded from the direct impact, are now being hurt by the financial crisis, which is coming on the heels of a damaging upward spiral of food and fuel costs.
An outbreak of a new flu virus that has killed at least 81 people in Mexico and infected 20 in the United States was talked about in corridors and could dent hopes for a global recovery. But it was not raised by ministers in the official session.
The World Health Organization warned on Saturday that the swine flu has the potential to cause a global pandemic.
Reuters