Syndicate content

Middle East and North Africa

Annual Meetings get underway

Angie Gentile's picture

Istanbul Congress Center. Photo credit: Simone D. McCourtie/World BankThe buzz is building in Istanbul, our beautiful host city, as delegates, press and CSOs from around the world begin pouring in for the 2009 joint Annual Meetings of the World Bank and IMF.

The press room opened Monday, providing temporary work quarters for the more than 1,200 registered media who are covering the events over the next week for news outlets large and small.

They are joined by representatives from civil society organizations here to take part in a Civil Society Policy Forum being held from October 2-7. The event is jointly organized by the World Bank Group and IMF civil society teams. The forum will bring together Bank and Fund staff, CSO representatives, including from Oxfam, Civicus and Africa Monitor, to name a few, along with government officials, academics, and others to exchange views on a variety of topics ranging from the global economic crisis and climate change, to governance reform. Bank President Robert B. Zoellick and Fund Managing Director Dominique Strauss-Kahn will co-host a CSO townhall meeting Friday afternoon.

Meetings home in on regional impact and solutions to crisis

Nina Vucenik's picture

Regional finance ministers and development practitioners teamed up today to brainstorm solutions to the troubling economic crisis.

Young money changer on bank of Senegal River, the border between Senegal and Mauritania. Photo: Scott Wallace / World Bank Amid World Bank warnings that Africa is likely to be the worst-hit region by the global financial crisis, African finance ministers and Bank staff met today to determine the way forward in dealing with the impact of the global financial crisis on African countries.

Hosted by the World Bank’s chief economist for Africa, Shanta Devarajan, and chaired by vice president for Africa, Obiageli Ezekwesili, the meeting challenged participants to “think outside the box” in determining solutions to the negative economic, humanitarian and political effects the crisis already is having on the continent.

“The major challenge facing African countries and their development partners is how to design appropriate policies that would respond to this crisis,” Ezekwesili said.

She said sound macro-economic policies put forward by Africans over the last decade, which have, in part, led to significant growth rates, are now being questioned.

Flexibility, diversification, and regional solutions are key to combating the crisis, meeting participants agreed. Uganda Central Bank Governor Emmanuel Tumasiime-Mutabile advised flexibility of markets, of regimes, and of policies in order to stem the force of the crisis.

Critical investments in safety nets to rise

Sameer Vasta's picture

Ngozi Okonjo-Iweala, World Bank Group Managing DirectorIn light of the global economic crisis, the World Bank announced today that its investments in safety nets and other social protection programs in health and education are projected to triple to $12 billion over the next two years.

Additionally, the Bank also increased its fast track facility for the food price crisis to US$2 billion from US$1.2 billion. As World Bank Group Managing Director Ngozi Okonjo-Iweala explains:

"The continuing risky economic environment, combined with continuing volatility for food prices, means for poor people the food crisis is far from over. Many poor countries have not benefitted from some moderation of food price spikes in global markets. The decision to expand the facility will help ensure fast track measures are in place for continued rapid response to help countries."

More information about today's announcements:

Pages