Report: Crisis to Leave Lasting Impact on Development Efforts

The worldwide economic crisis has given rise to uneven progress in achieving the Millennium Development Goals, according to new report by the World Bank Group and International Monetary Fund.

The agencies said the crisis has had adverse impacts in key areas of the MDGs such as hunger, child and maternal health, gender equality, potable water supply and disease control, and will hamper development prospects even after 2015. 

The ”Global Monitoring Report 2010: The MDGs after the Crisis,” however, stressed that the developing world is still on course in halving extreme income poverty from its 1990 level of 42 percent by 2015. The report forecasts that the number of extremely poor people will reach 920 million in 2015. 

Multilateral development banks have committed more than USD150 billion since the beginning of the crisis, while the IMF allocated some USD175 billion in crisis aid as of February 2010. 

The report underscored the need for strong external funding coupled with domestic reforms to ensure that government spending and service delivery are more efficient.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.