WB-POVERTY 2LST

Global GDP output, meanwhile, is projected to increase
to 4.2 per cent this year, reversing a decline of 0.6 per cent
last year. But the recovery is still fragile,with implications
for the MDGs.
"While the MDGs are still within reach in certain
regions and countries, we know from past crises that human
progress, whether in terms of income, nutrition, health or
education, tends to decline sharply in bad times, while
recovery in good times takes much longer," said World Bank
chief economist Justin Yifu Lin.
Oxfam spokesperson Elizabeth Stuart said these
findings by the IMF and World Bank are a shocking portrait of
just how badly the crisis has hit poor countries. "Oxfam's
research finds that developing countries have been forced to
prematurely reverse their fiscal stimulus. This means that the
biggest impact of the crisis is yet to come.
"The IMF must now work with the developing country
governments to help them ramp up rather than cut health or
education budgets," she said.
"In a survey of 56 developing countries, Oxfam found
that the economic crisis has left them with a combined fiscal
hole (that is, a shortfall in budgetary revenue) of USD 65
billion in 2009 and 2010," she said.
"The G20 and donor countries reneged on aid promises,
meaning that poor nations were forced to resort to domestic
borrowing to finance spending in 2009 and are now cutting
spending prematurely to avoid a new debt crisis," Stuart said.
PTI LKJ
KAB


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