Douglas Alexander speaks about the impact of the financial crisis and the role of the World Bank
25 February 2009
In a speech at Chatham House last night, International Development Secretary Douglas Alexander warned of the impact the financial crisis will have on the world's poorest people over the coming months and years. He set out the need for strong action by the global community through the international institutions. In particular he singled out the vital role the World Bank is playing and set out how it must be quickly enabled to do more.
Douglas Alexander said:
"It is clear therefore that beneath this financial crisis lies a human crisis, and we need a coordinated global response to this crisis to ensure that the coming years do not become the ‘lost years’ in the global fight against poverty.
"That is why we are urging donors to reaffirm our shared commitment to the Millennium Development Goals and meet our aid pledges. Developing countries must ensure that they continue to prioritise the basic services that their citizens need. And NGOs must continue their vital work to provide both development and humanitarian assistance.
"And, perhaps most relevantly for today, the International Financial Institutions have a crucial role to play, in providing more, better and faster financing to help protect investments in health and education, and in stimulating economies and creating jobs through support to infrastructure and trade finance.
"And I believe that a more representative, accountable and effective World Bank can and must be a central part of those efforts "
Links
- The financial crisis - a human crisis too
- Who DFID works with - the World Bank
The London Summit 2009 website- Bailing out the poor, not just the banks - Minouche Shafik makes the case for providing better protection for the most vulnerable
- UK demands global response as world’s hungry set to hit 1 billion
