IMF, World Bank & IFI Round-Up

The World Bank's chief economist has called for a "Marshall Plan" to help rebuild the global economy. "Considering the global crisis we are in now, I think we should be more aggressive," World Bank chief economist Justin Yifu Lin told a Washington conference. "We need to be more imaginative. And I'd like to propose a global recovery fund in the spirit of Marshall Plan," Lin said, referring to the aid the US sent to rebuild Europe after World War II. The five-year fund, with USD 400 billion each year, is about one percent of the GDP of the high-income countries, and would help the low-income countries participate in a coordinated global stimulus and invest in the bottleneck areas, Lin said.

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