Joy Phumaphi, Vice President for Human Development at the World Bank, says that while economic improvements in poorer countries have been made, the global financial crisis puts those improvements in danger. (0:31)
In anticipation of the 2008 Annual Boards of Governors Meetings, popularly known as the ‘G-7’, International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said “the economic crisis we’re in is very serious, but we can solve our problems if we act swiftly and coordinately.” Both the IMF director and World Bank President Robert Zoellick agree that this is a global crisis, and ‘no country is immune’. The leaders claim confidence and cuts in interest rates are the swiftest solutions to the crisis. Confidence is the first tool to be used in response to the economy, and Strauss-Kahn said “if you have the scope for fiscal stimulus, use it.”
The IMF predicts the global economy will have a slow recovery, but will come back starting in the second half of 2009. In order to initiate this growth, the IMF advises action to rejuvenate economic growth. This is why the IMF activated a ‘high access financial program’ yesterday, which will allow the management board to give fast and easily accessible up front payments, while also defining a long-term macroeconomic plan.
The IMF forecasts that the growth rate of developing countries will decline from 6.6% next year to around 4%. They say this is still an acceptable rate of growth, but the deceleration would be so sharp as to feel like a recession. Zoellick said “with the rising economic powers, the G7 countries can work through this crisis by dealing with bad assets, recapitalizing banks, and providing much needed liquidity.” Strauss-Kahn said that, “you can’t say a crisis affects all parts of the world and then develop economic policies that don’t consider the global economy”.
World Bank President Robert Zoellick explains how countries should coordinate in their response to the global economic crisis.
Former Secretary of State Madeleine Albright addressed the World Bank to mark the beginning of Domestic Violence Awareness Month. The World Bank, the Inter-American Development Bank, and the International Monetary Fund are starting abuse prevention programs within their own organizations by providing training for managers to be able to deal with domestic abuse that may be occurring between employees and employers.
Albright spoke about the criminal act of domestic violence as a “violation of fundamental human rights”, especially within one’s own home. Due to many countries treatment of women as objects within a marriage left at home to care for the children, women have become “undervalued” and “underdeveloped resources”, Albright said. The belief that every life counts, Albright concluded, is what will lead to a positive change against domestic violence.
A Bush administration proposal aimed at expanding cleaner technology in developing countries was discussed by the Domestic and International Monetary Policy, Trade, and Technology Subcommittee. Speakers agreed that developing states are inclined to turn to inexpensive, polluting forms of technology in an effort to increase GDP and improve the national standard of living. (more…)
During his speech to the World Bank about “Building Better Cities,” New York City Mayor Michael Bloomberg answers a question about how the police force in New York City has been so successful at reducing crime. We have tried to allocate the police department to problem places with problem people, he says, instead of putting them “where people scream the loudest.” He says that the police department reflects the community in respect to demographics. That is “key,” because it is critically important that people feel “the police officer understands you.” It’s a two way dialogue, he says, and without that, crime fighting is not effective. (1:30)
In his speech to the World Bank about “Building Better Cities,” New York City Mayor Michael Bloomberg says there are four values that have helped transform New York. Harnessing the forces of immigration and globalization, tapping the power of innovation, instituting rigorous and accountable governance, and having the independence to take on ‘entrenched interests’ when they stand in the way of progress. (:27)
New York City Mayor Michael R. Bloomberg addressed the World Bank Employees on “Building Better Cities: New York’s Experience in Urban Transformation” at World Bank’s Urban Sector Day. He said they should be proud of the difference they were making to society. For the first time in human history, he said, most of the world’s population is in cities as opposed to urban areas.
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