Developing Countries Could Face $270 Billion to $700 Billion Financing Gap in 2009, World Bank Says
March 10, 2009
Developing countries could face a financing gap of between $270 billion and $700 billion this year as a result of the global economic downturn and declining trade income, the World Bank said Sunday, Reuters reports. The bank added that international institutions might not have enough resources to meet the financing gap even at the low end of the estimate. According to Reuters, the International Monetary Fund last week said developing countries would need between $25 billion and $140 billion in 2009 to meet financing needs. In a paper prepared for the London Summit of the Group of 20 Industrialized Nations, which will take place in April, the World Bank said, "Should a more pessimistic outcome occur, unmet financing needs will be enormous."
This article was provided by Henry J. Kaiser Family Foundation. It is a part of the publication Kaiser Daily HIV/AIDS Report. Visit the Kaiser Family Foundation's website to find out more about their activities, publications and services.