World Bank calls for safety nets for the poor

2011-10-26 08:22

Manila, Philippines – The World Bank says many developing countries have been hurt by Europe’s debt crisis and there is a need to put in place programs to cushion its impact on the poor.

The bank’s president, Robert Zoellick, told reporters today that in many developing countries, stock markets have gone down, bond spreads have gone up and exports have dropped since August.

He says exports have slowed even in the Philippines, whose economy has been growing well.

Zoellick made the comments during a visit to a Manila slum community where he talked to beneficiaries of an anti-poverty program supported by the World Bank.

He will meet tomorrow with President Benigno Aquino III to discuss government reforms to fight corruption and poverty.

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