Newswire

World Bank Seeks 'Vulnerability Fund' to Counter Crisis

By Devex Editor on 16 February 2009

World Bank President Robert Zoellick urged wealthy nations to establish a "vulnerability fund" to assist poor countries severely affected by the global financial woes, Agence France-Presse reported. "I propose that developed countries agree to devote 0.7 percent of their stimulus packages to a vulnerability fund to support the most needy," Zoellick said. He added: "What began as a financial crisis has become an economic crisis, and is now becoming an employment crisis, and without countries' action could become a human crisis on a global scale."
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