Syndicate content

Latin America & Caribbean

Post-crisis debate likely to heat up in Miami setting

Carlos Molina's picture

In the lead-up to the World Bank-IMF Annual Meetings, the Latin America and Caribbean Region VPU of the World Bank is co-hosting and attending the Americas Conference.

Old rumors fill corridors and grand rooms mimmicking 12th century Sevillian architecture. Perhaps are distant echoes from heated discussions that shaped Government agendas in previous years.

Or maybe it’s just small talk. Either way, it isn’t a stretch of the imagination to think about the Bushes, Clintons, Arias, Uribes or Bachelets of this world exchanging quick policy jabs within the corridors of the historic Biltmore walls as part of the decade-old Americas Conference, only a few days away now from trying to ignite once again an animated debate about the region’s political and economic future.

Cocooned in its limbo of palm trees and warm Miami breeze, the Biltmore Hotel seems to spur high stakes decision-making that has truly contributed to the region’s history -from Free Trade Agreements to Plan Colombia –while serving as a vacation hub for countless royalty and regional elites since the hotel was built in 1926.

In its first effort of this kind, the World Bank has joined this prestigious Conference as a partner, in the hopes of further engaging in a dialogue with the region as it exits the global financial crisis.

The latest move is part of the World Bank Group’s proactive approach to the crisis. It already has contributed an unprecedented US$17 billion in FY09 –triple previous annual commitments- to help countries in the region weather the financial crisis.

Bank to give Mexico $205 million for swine flu

Nina Vucenik's picture

Augustin Carstens, Development Committee Chair, Finance Minister, MexicoAt the Development Committee closing press conference, Bank President Bob Zoellick together with Agustín Carstens, who is Mexico's Finance Minister as well as Development Committee Chair, announced that the Bank is giving Mexico more than $205 million to help the country fight the Swine Flu virus.

According to news reports, the virus has killed up to 81 people in Mexico city and a sickened more than a thousand people since the outbreak began.

“We're extremely grateful for the prompt response by the World Bank -- such promptness is always very, very appreciated,” said Carstens. “But beyond resources, what is also important is all the experience that the World Bank has accumulated in precisely having assisted other countries in this type of situation."

The project will be fast-tracked so that funds can be disbursed within 3-5 weeks.

Development banks join together to provide funding for Latin America and the Caribbean

Sameer Vasta's picture

Pouring and weighing fresh milk. Colombia. Photo: © Edwin Huffman / World BankThis past Wednesday, leading development banks joined efforts to provide as much as US$90 billion during the next two years in a joint effort to spur economic growth in the Latin America and Caribbean region.

The Inter-American Development Bank and the Inter-American Investment Corporation, the World Bank Group (IBRD, IFC and MIGA), Corporacion Andina de Fomento, the Caribbean Development Bank and the Central American Bank for Economic Integration are all working together to explore new opportunities to protect the economic and social gains achieved in the region during the last five years.

World Bank President Robert Zoellick spoke about the importance of this joint effort:

"Latin America and the Caribbean have achieved substantial economic and social progress over the last five years and we must ensure that this is not lost because of the external shock of the global crisis. We need to avoid a social and human crisis."

For more information:

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