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The World Region

Interactive timeline highlights key financial crisis events

Sameer Vasta's picture

The World Bank Financial Crisis page now features an interactive financial crisis timeline that lets you see major events that have occurred during the crisis, as well Bank stories, reports, videos and photos that are related to the crisis.

Financial Crisis Timeline Screenshot

Also on the Financial Crisis page: videos from World Bank experts on the crisis, feature stories about the impact of the crisis, and a brief overview of the financial crisis and the Bank's work.

Fragile States should not be forgotten while dealing with the international crisis

William Byrd's picture

Fragile States Panel. Photo: Geetanjali Chopra

Yesterday an exciting panel of committed global experts and international leaders spoke compellingly about the extreme problems faced by countries affected by fragility and conflict, and what can be done. Ngozi Okonjo-Iweala (Managing Director of the World Bank) asked probing questions to the panel of Paul Collier (The Bottom Billion, and Wars, Guns and Votes), Donald Kaberuka (President of the African Development Bank, former Finance Minister of Rwanda), and George Soros (Open Society Institute, Soros Foundation).

 
I will write a more systematic summary paper later; here I am just trying to capture some memorable points that struck me from the lively discussion and debate.

Fragile States Panel. Photo: Geetanjali ChopraOn the one hand a sense of optimism, that the problems of fragile states can be addressed, the world is much more aware of these problems, and fragility is not a permanent condition, although it will require much more money and greater accountability, as well as strong leadership in the countries themselves.

On the other hand the recognition that helping countries move out of fragility and conflict is a long-term and thankless task, the dynamics of these countries often put them in a downward spiral, and it is essential to take advantage of windows of opportunity when they arise – whether at the end of a conflict or when there is political change (because once the windows are gone they are gone), and then have staying power. Deterioration can occur quickly, whereas rebuilding takes years and decades. Important not to lose hope.

Don’t bypass the state but rather use aid to help these countries build institutions, was a key message of the seminar.

More money for fragile and conflict affected countries (although it is tiny in relation to what has been spent on the global financial and economic crisis) needs to be accompanied by greater accountability. There are promising ideas, some of which have begun to be put into practice, that need to be scaled up and taken farther.

InterAction's Sam Worthington chats about the World Bank and civil society

Sameer Vasta's picture

This morning I had the chance to chat with Sam Worthington, the President and CEO of InterAction, who is attending the Civil Society Forum here in Istanbul. Sam took some time between the sessions of the CSO Forum to tell me a little about InterAction, the work that they are doing with the World Bank, and what he hopes to come out of the Annual Meetings in Turkey this year.

You can watch the entire 5-minute chat below:

 

 

CSO forum kicks off

Angie Gentile's picture

October 2 2009. World Bank Annual Meetings. World Bank Presiden Robert B. Zoellick and IMF Managing Director Dominque Strauss-Kahn meet with CSO/NGO representatives. Archbishop Noungane of South Africa moderates. Photo credit: Simone D. McCourtie/World BankRepresentatives from civil society organizations around the world converged at the Istanbul Conference Center yesterday for a special Townhall meeting with World Bank President Robert Zoellick and IMF Managing Director Dominique Strauss-Kahn.

Just guestimating here, but I’d say there were about 300 CSOs in the room.

At the head of the table was moderator Archbishop Winston Njongonkulu Ndungane, who set the tone by noting how times have changed, with the World Bank and IMF engaging much more closely with CSOs these days.

The Archbishop posed three questions to inform the discussion: How can we work together to avoid another financial crisis? What can the Bank and Fund do to make sure the world doesn’t backslide? And how do shifts in power give those most affected by the crisis a chance to impact the response?

What's on the agenda?

Nina Vucenik's picture

Augustin Carstens, Development Committee Chair, Finance Minister, MexicoThe Development Committee is scheduled to meet on Monday, October 5.

The committee is a forum of the World Bank and the International Monetary Fund that facilitates intergovernmental consensus-building on development issues. Its mandate is to advise the Boards of Governors of the Bank and the Fund on critical development issues and on the financial resources required to promote economic development in developing countries.

At their meeting, the Development Committee will review the Bank's financial capacity to provide assistance to countries coping with the economic crisis and beyond, and discuss the issue of "voice" (ensuring people from all parts of the world have a say in key issues that affect them).

Archbishop Ndungane: ‘We should be intentional about what CSOs are saying’

Angie Gentile's picture

Archbishop Winston Njongonkulu Ndungane, World Bank-IMF Annual Meetings, Istanbul. Photo credit: Simone D. McCourtie/World BankYesterday I caught up with the stately Archbishop Winston Njongonkulu Ndungane, who is attending the Civil Society Forum here in Istanbul. The Archbishop carved out some time to meet before heading off to head a CSO Townhall meeting featuring Bank President Zoellick and IMF Chief Strauss-Kahn.

Archbishop Ndungane is the founder and president of African Monitor, an independent pan-African nonprofit whose main objective is to monitor aid flows, what African governments do with the money, and what impact it has.

 African Monitor holds poverty hearings through which they seek to magnify voices. “We pride ourselves in having the confidence of people on the ground—the voice of people—and taking those voices to the corridors of power,” the Archbishop told me.

Archbishop Ndungane talked about linking up the creative and innovative minds of CSOs with the World Bank on today’s key issues—hunger, climate change, financial crisis. He emphasized the need to develop mechanisms for translating ideas into action.

Taking the temperature of the financial world

James Bond's picture

Global attention is mounting about this year's Annual Meetings of the Bank and the Fund in Turkey. From Egypt, where I am on MIGA business on my way to Turkey, the discussion is around whether the meetings will advance the G20 communiqué in terms of substance and specific implementation measures.

Traffic in Instanbul, Turkey. Photo: Simone D. McCourtie / World Bank I spent two days earlier in the week with global private equity investors. Their anxiety mostly revolves around how financial sector regulation will evolve over the coming months. They feel the cold wind of oversight, and the discussion revolves around two competing plans for financial regulation, one emanating from Brussels and the other from Washington. But everyone accepts that an overhaul of financial sector regulation is the unfinished business from last year's financial crisis, even though views differ on the extent and content of the changes needed. My own concerns are whether the world's piecemeal international governance system will enable a coherent global regulatory structure to emerge from the wreckage of last year's financial meltdown.

In Istanbul I'm looking forward to taking the temperature of the financial world. I hope and expect the meetings to be more subdued than in past years, because we have some serious business to do; and many players who were around at the Singapore meetings are no longer with us (Lehman, Bear Stearns, Merrill, AIG...).

It's a new world.

Zoellick: Protection for most vulnerable must be permanent part of financial architecture

Angie Gentile's picture

World Bank President Robert B. Zoellick. 2009 Annual Meetings, Istanbul, Turkey. Photo credit: Simone D. McCourtie/World BankBank President Robert Zoellick told an overflowing room of journalists this morning that these annual meetings come at an important time for the work of the Bank Group and its members.

“The G-20 summit last week provided clear markers for the work of the World Bank. But more than 160 countries were not at the G-20 table,” he said. “These meetings can therefore ensure that the voices of the poorest are heard and recognized. This is the G-186.”

Zoellick began his remarks by expressing his sympathy for the people of Indonesia, the Philippines, Samoa and Tonga and others in the region, who have been battered by a series of cataclysmic natural disasters.

The Bank’s President told reporters that developing countries are still suffering from the global economic crisis, and it is important for the G20 to scale up support. He said the meetings offer a platform to follow up on the proposal for a crisis facility for low-income countries—critical to ensuring that protection for the most vulnerable becomes a permanent part of the world’s financial architecture.

Public service announcements showcase Bank’s work

Nina Vucenik's picture

Our work spans many fields of development—with the ultimate goal of helping poor people lift themselves out of poverty, improve their lives and, in general, have a chance at a more productive and fulfilling life.

Some key areas of our work focus on helping children get a good start in life by making sure they're healthy and can go to school, creating jobs opportunities for youth and working-age adults, and on a broader level enabling a country's economic growth.

Here are several public services announcements we prepared for the meetings. They’re being shown around the Istanbul Conference Center and are airing in news outlets around the world, including TRT, CNN Turk, and CNBC Europe.

Deserving the Chance to Succeed

Ask your question and join the debate on 'What Now? The World Beyond the Crisis'

Nina Vucenik's picture

How should the world look after the global financial and economic crisis?

A special high-level panel will discuss the world post the global economic crisis on Friday, October 2, in Istanbul during the Annual Meetings.

The panel will feature Robert B. Zoellick, Bank Group President; H. E. Sri Mulyani Indrawati, Minister of Finance, Indonesia; H.E. Mahmoud Mohieldin, Minister of Investment, Egypt; Ms. Eleni Gabre-Madhin, CEO, Ethiopian Commodity Exchange; and Professor Paul Collier, Department of Economics, University of Oxford.

The debate will be recorded on Friday, October 2, and will be broadcast over the next two days on France 24.

The panel is taking questions from people from around the world. If you have any questions for the panelists, you can ask them directly through Speak Out, our online chat, and we will pass them on.

 

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