World Bank Vows to Shield Poor During Turmoil

Here are excerpts from World Bank Group President Robert B. Zoellick's remarks at the Development Committee Press Conference today, speaking on the global financial crisis:

"The poorest and most vulnerable groups risk the most serious - and in some cases permanent - damage. 100 million people have already been driven into poverty this year and that number will grow.

The World Bank will join with the IMF and others to draw on the full range of our resources -- finance, analysis and advice - to help developing countries strengthen their economies, bolster their financial systems, maintain growth, and protect the most vulnerable groups against the impact of the current crises.

This has been a man-made catastrophe. The actions and responses to overcome it lie in all our hands. We must also ensure that as governments and publics turn their attention close to home, they do not step back from their commitments to boost overseas assistance to meet the Millennium Development Goals. Aid flows must be maintained. Today's meeting of Ministers was unanimous in that regard. ..."

Zoellick outlined a number of policy points, including the need to move forward with a new Energy for the Poor program. "The events of September and October have underscored that we need to modernize multilateralism and markets for a new global economy," he added.

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