World Bank Sounds Alarm On ‘Historical Reversal’ Of Development For Poorest Nations
community was also essential to make progress and lower the risk of protracted stagnation, Kose said, noting that the World Bank hoped to drum up a robust replenishment of IDA funds by December.
Stronger international coordination on climate change, debt restructurings and measures supporting cross-border trade would also be crucial, it said.
Indermit Gill, World Bank chief economist, noted that China, India and South Korea – now major economic powerhouses – had once been among the world’s poorest countries, but were able to tackle extreme poverty and raise living standards.
“The world cannot afford to turn its back on IDA countries,” he said.
(Reuters)
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