Global finance and aid ministers on Sunday warned that world poverty will rise sharply as more nations fall victim to the financial crisis unless donor countries step up funding for the developing world.

globalThe ministers from the 185 member countries of the World Bank and International Monetary Fund said the crisis should not be allowed to set back progress made in recent years under targets set by the U.N. to halve poverty by 2015.

“A clear message must go out from this meeting, that despite the crisis, we will not allow achievement of the Millennium Development Goals to be jeopardized,” German Development Minister Heidemarie Wieczorek-Zeul told the joint IMF-World Bank Development Committee.

“Instead we need to reaffirm, expand and deepen the international alliance for sustainable development,” she said. Developing countries, initially shielded from the direct impact of the financial crisis, are now being hurt just as they were trying to recover from a damaging food and fuel crisis.

An outbreak of a new flu virus that has killed 81 people in Mexico and infected 20 in the United States was being talked about in corridors and could dent hopes for a global recovery, but it was not raised by ministers in the official session. The World Health Organization warned on Saturday that the swine flu outbreak has the potential to cause a global pandemic.

Asked by Reuters whether the outbreak would impact the global economy, European Central Bank Governing Council member Ewald Nowotny said: “I don’t think so but I don’t have enough factual information to give a qualified answer to that.”



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: