Daily Management Review

World Bank to expand support measures for developing countries


The World Bank will increase the scope of its crisis assistance programs for developing nations.

According to World Bank President Ajay Banga, his organization would enhance the number of steps it takes to support developing nations as they anticipate, handle, and recover from crises.

"Today we are announcing a comprehensive approach that will significantly expand the World Bank's crisis preparedness, response and recovery toolkit," Banga said in Paris at a summit convened to negotiate a "new international financial pact" between North and South American nations.

The suggested actions include assisting governments of developing nations in setting highly sophisticated crisis response systems, offering new kinds of insurance to support diverse projects, and enabling nations to swiftly transfer some funding to disaster response. Additionally, nations will be able to put off debt repayments so they may concentrate on crisis management without worrying about the financial repercussions.

source: reuters.com