Latin American nations will need USD 350 to USD 400 billion in 2010 to jumpstart their economies after the global financial crisis, a top World Bank official said Sept. 29. World Bank Vice President for Latin America Pamela Cox said securing the cash will be challenging due to high demand as developed nations use massive amounts of capital for stimulating their own economies. The economic recovery of the region depends "enormously" on the recovery of other world-wide economies, she said. "As the world economy improves, the demand and price of goods and exports will increase, which the region depends on for capital," Cox said. Chile, Brazil, Colombia and Peru are the only Latin American economies that have the liquidity to apply economic policies that allow them to confront certain effects of the financial crisis such as unemployment, Cox said.
The World Bank has announced a USD 74-million grant to revive Zimbabwe's agriculture sector."The money is 74 million dollars up from 25 million last year," David Rohrbach, a senior agricultural economist at the World Bank, told reporters on the sidelines of an agriculture conference in the capital Harare.The bank hopes the money will help 700,000 farmers, said Rohrbach. "We are dealing directly with NGOs. We are following suit with what other donors have done to help Zimbabwe. We are not yet at a stage to deal with government directly but we consult them," he said. The announcement came as a new report – prepared for the conference by donors and the government – said compensation had been paid for about three percent of the 6,500 white-owned farms seized under Mugabe's land reforms.The study said land reforms had drastically reduced the area of land under cultivation by 50,000 hectares (123,500 acres) and lands under irrigation also declined more than nine percent to 139,500 hectares.