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Chinese minister calls for more World Bank support for developing nations (10/06/09)

 

ISTANBUL, Oct. 5 (Xinhua) -- Chinese Finance Minister Xie Xuren said on Monday that the World Bank should always be innovative in providing developing countries flexible and user-oriented services.

"We hope the Bank would provide more flexible, diverse and facilitative lending support through innovative products and services," he said during the 80th meeting of International Monetary Fund (IMF) and World Bank's Development Committee.

Boards of governors of the World Bank and IMF jointly held the 80th meeting of the Development Committee ahead of the annual meetings of the two organizations, with enhancing voice and participation of developing countries in the 186-nation World Bank high on its agenda.

In his speech, the Chinese minister expressed his hope that the World Bank could take stock of the development experiences in the past decades, particularly lessons from this crisis, and provide tailored policy advice for developing countries at different development stages.

"Sustainable financial capacity is fundamental to the World Bank's ability to fulfill its due role in promoting poverty reduction and development," Xie said.

China supports the World Bank in its efforts to enhance capital adequacy to increase its support for developing countries and help them better respond to the financial crisis with a view to achieve sustainable development, he said.

The minister also said the World Bank should adhere to and strengthen its core mandate of poverty reduction and development, and provide more financial resources for developing countries' medium and long-term development.

While the world is seeing more and more signs of recovery, many developing countries are facing even more daunting challenges on poverty reduction and structure adjustment.

According to Xie, the World Bank is a key actor in helping developing countries respond to the crisis, promote global economic recovery, and ensure sustainable development beyond the crisis.

"We hope the World Bank would build partnership with developing countries on an equal basis and encourage and support various initiatives on regional cooperation and South-South cooperation," he said.

 

 


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