Zoellick to Join G-20 Finance Minister Discussions in Sao Paulo November 8 - 9

Contacts:
In Sao Paulo: Richard Mills +1 (202) 509-7775
rmills2@worldbank.org;

Sergio Jellinek +1(202)294-6232

sjellinek@worldbank.org

WASHINGTON DC, November 6, 2008 – World Bank President Robert B. Zoellick will travel to Sao Paulo, Brazil to participate in the November 8 – 9 meeting of G-20 Finance Ministers and heads of Central Banks, to discuss the ongoing global financial crisis.

“The financial crisis has clearly been a wake up call to the global economic system, rippling from country to country in waves of economic loss, anxiety and frustration.  It is a critical time for key players to be coming together to find cooperative solutions, new ways to flexibly connect global institutions and to ‘reboot’ multilateralism,” said Zoellick.

“As Ministers discuss issues of high finance, we can’t forget the world’s poor,” said Zoellick. “The bottom billion need our help more than ever.  The world must follow through on past aid commitments to fight poverty and promote sustainable development.

"Our discussions in Sao Paulo will not furnish all the answers, but will help frame issues, explore solutions, and lay the ground work for the November 15^th gathering of G-20 Leaders and beyond,” said Zoellick. “I look forward to hearing the perspectives of finance ministers and colleagues on ways to move forward.”

The World Bank is working with countries, other international institutions, and global partners to deploy the full range of its resources, from finance to analysis to advice in helping developing countries strengthen their economies, bolster financial systems, maintain growth and protect the most vulnerable.  The Bank estimates that approximately 100 million people worldwide have already been pushed into poverty due to the global food and fuel crisis, with an additional 44 million suffering malnutrition.

The G-20 is a forum to promote dialogue between advanced and emerging countries on key issues regarding economic growth and stability of the financial system.  Brazil is chairing the group in 2008 and will pass the chairmanship to the United Kingdom in 2009.

On November 15 there will be a G-20 meeting of heads of state in Washington, DC.  The G-20 is made up of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, South Korea, United Kingdom, and the United States, with the participation of the IMF, World Bank, the EU Presidency (France), and the Chairs of the International Monetary and Financial Committee (IMFC) and the Development Committee (DC)

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