The direct impact of recent financial market turbulence on developing countries has been limited and global economic growth remains strong, the World Bank said Sunday.
In a statement, the bank's policy-setting Development Committee said that its members urged governments to continue implementing policies supporting economic resilience and urged the Bank and the International Monetary Fund to support and monitor those efforts
The committee, which held its 76th ministerial meeting here, also called on donors to meet their respective commitments to scale up aid for development and said countries with fast-growing economies and mounting currency reserves could bring new resources to this effort.
"We reiterated our call to those donors who have not done so to make concrete efforts towards the target of 0.7 percent of gross national income as overseas development assistance in accordance with their commitments," it said in the statement.
Its members agreed that strengthened support for the inclusion and empowerment of the poorest in development, especially in sub-Saharan Africa, and for active engagement by the bank in fragile and conflict-afflicted states must be key elements in the strategic framework.
Meanwhile, the committee said its members reiterated their strong support for intensified efforts to agree on an ambitious pro-development Doha Round.
"We stressed the need to integrate trade and competitiveness within national development strategies, while stepping up support for Aid for Trade, as proposed by the Bank and the Fund," said the committee.
The Development Committee was established in October 1974 to advise the Boards of Governors of the two financial institutions on critical development issues and on the financial resources required to promote economic development in developing countries.
The committee usually meets twice a year. Its next meeting is scheduled for April 13, 2008 in Washington, the United States, according to the statement.
Source: Xinhua
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