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Developing countries continue to suffer severe detriment because of the global economic recession, and the World Bank needs additional resources to assist them, said World Bank President Robert Zoellick.
Addressing an audience in Istanbul ahead of the annual meeting of the World Bank and the International Monetary Fund, Robert Zoellick said he was pleading for an increase in the member countries" contributions to the World Bank to better cope with rising demand for loans and grants.
"We"ve broken the fall in financial markets but it"s certainly too early to declare success," Zoellick said, adding that 2009 would be a difficult year and 2010 would be uncertain as governments began to withdraw their intervention in the economy.
According to Zoellick, the World Bank had concluded the last fiscal year (July 2008 - June 2009) with a three-fold increase in lending to 33 billion USD and a 25 per cent increase in grants to 14 billion USD. Plans for the following 12 months include lending in excess of 40 billion USD.
The World Bank warned that, unless member countries agreed to increase their contributions, it would start facing serious financial constraints by the middle of 2010.
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