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Annual Meetings 2008: World Bank President Robert B. Zoellick

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WASHINGTON, DC [HIGH-RES]
October, 9 2008 - International Monetary Fund/World Bank Annual Meetings: Robert Zoellick, President World Bank Group speaks to members of the press during the 2008 Fund/Bank Annual Meetings.

"We are meeting at a momentous time. In July at the G8 summit, I said that developing countries were facing a double jeopardy from the impact of high food and fuel prices. But what was then a double jeopardy is now a triple hit – food, fuel, and finance - threatening not just to knock the poorest people down, but to hold them down." -- Zoellick

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© Simone D. McCourtie/World Bank

WASHINGTON, DC [HIGH-RES]
October, 9 2008 - International Monetary Fund/World Bank Annual Meetings: Robert Zoellick, President World Bank Group. "The events of September could be a tipping point for many developing countries. A drop in exports will trigger a falloff in investments. Deteriorating financing conditions, combined with monetary tightening, will trigger business failures and possibly banking emergencies. Some countries will slip toward balance of payments crises. " -- Zoellick

Photo: © Ryan Rayburn / World Bank

WASHINGTON, DC [HIGH-RES]
October, 9 2008 - International Monetary Fund/World Bank Annual Meetings: Robert Zoellick, President World Bank Group. "Children suffer long-term consequences from short-term economic shocks. Many never fully recover. We estimate that 44 million additional people will suffer from malnutrition this year as a result of high food prices – for the children among them that means lost potential that will never be regained We cannot let a financial crisis become a human crisis" -- Zoellick

Photo: © Ryan Rayburn / World Bank

WASHINGTON, DC [HIGH-RES]
October, 9 2008 - International Monetary Fund/World Bank Annual Meetings: Robert Zoellick, President World Bank Group. "We also need to work hard to protect valuable development gains, especially for those blown off track. To that end, the Bank will be providing an additional $25 million in emergency grants for Haiti - hit by the devastating impact of Hurricanes Fay, Gustav, Hanna and Ike." -- Zoellick

Photo: © Simone D. McCourtie / World Bank

WASHINGTON, DC [HIGH-RES]
October, 9 2008 - International Monetary Fund/World Bank Annual Meetings: Robert Zoellick, President World Bank Group. "Looking ahead to tomorrow, I hope the G-7 meeting will point toward coordinated action to show that authorities are getting ahead of the curve. Countries will take different actions, customized to their circumstances. Yet the actions need to target the same basic problems. The actions need to be coherent and reinforcing, like the cut in interest rates by central bankers around the world this week. All these actions will still take time to work." -- Zoellick

Photo: © Simone D. McCourtie / World Bank




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