IFC Annual Report 2009 : Their/Our Story, Creating Opportunity Where It's Needed Most
The global economic crisis has opened an uncertain chapter, especially for the 2.5 billion people who live on less than $2 a day. Many of them lack access to electricity, or clean water, or basic health care. For at least a decade, economic growth...
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| Format: | World Bank Annual Report |
| Language: | English |
| Published: |
Washington, DC: World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20091005015608 http://hdl.handle.net/10986/4355 |
| Summary: | The global economic crisis has opened an
uncertain chapter, especially for the 2.5 billion people who
live on less than $2 a day. Many of them lack access to
electricity, or clean water, or basic health care. For at
least a decade, economic growth in developing countries
helped expand the availability of basic necessities while
steadily reducing the number of people in poverty. But this
year, the number of people in extreme poverty is expected to
be much higher than was predicted before the crisis.
Unemployment is rising. Yet many countries lack the domestic
resources needed to speed up development. International
Finance Corporation (IFC) has responded swiftly and
creatively to improve the lives of the most vulnerable
people by working with the private sector to create
conditions for sustainable prosperity, wherever the need is
greatest. IFC has quickly ramped up its advisory efforts and
mobilized its donor partners to help governments, clients,
and markets cope with the crisis and recover speedily.
Priorities include: helping financial institutions better
manage their risks and their nonperforming loans;
complementing investment efforts in banking for small and
medium enterprises, microfinance, and housing finance with
advice to financial institutions; supporting
governments' efforts to keep trade flowing with advice
on trade logistics; helping governments facing larger
deficits widen their tax base; encouraging governments to
simplify their bankruptcy systems to allow indebted
companies to recover faster; advising boards of directors on
risk management and crisis intervention; and helping
governments redesign public-private infrastructure projects
that face crisis-related difficulties. |
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