Sunday, February 08, 2009

World Bank President Presses US to Contribute to Vulnerability Fund

Last month, World Bank President Robert Zoellick pressed Obama to pledge $6 billion of an $825 billion U.S. economic stimulus package to a global "vulnerability fund" for poor countries hit by the financial crisis.
"With this modest step, the United States would speed up global recovery, help the world's poor and bolster its foreign policy influence," Zoellick wrote in a New York Times editorial. "Support for a vulnerability fund can help limit the depth and length of the international downturn, prevent the contagion of social unrest and help save a generation from a new poverty trap. For less than 1 percent of America's stimulus package, President Obama can lead the G-20 in London and reintroduce America to the world."