October 10, 2008—The meeting took place at a critical time for the global economy, with financial markets experiencing unprecedented turmoil. Developing and transition countries (DTCs) - many of them already hit hard by current high prices for energy and essential foodstuffs - risk very
serious setbacks to their efforts to improve the lives of their populations from any prolonged
tightening of credit or sustained global slowdown. The poorest and most vulnerable groups risk
the most serious – and in some cases permanent – damage.

The World Bank will join with the IMF and others to draw on the full range of our resources -- finance, analysis and advice - to help developing countries strengthen their economies, bolster their financial systems, maintain growth, and protect the most vulnerable groups against the impact of the current crises.