World Bank To Strengthen Social Safety Net Programs To Support Those In Developing World Vulnerable To Economic Volatility
“The World Bank plans to strengthen its social safety net to help the 60 percent of people in the developing world who lack adequate protection from the impact of global financial volatility and rising food and fuel prices,” Bloomberg reports. “Expanding cash transfers, food assistance, public works programs and fee waivers to help nations respond to crises and fight persistent poverty will be the center of the agenda for the World Bank-International Monetary Fund Development Committee meeting on April 21, the bank said [Wednesday] in Washington,” according to the news agency (Martin, 4/18). “Safety nets can transform people’s lives and provide a foundation for inclusive growth without busting budgets. … Effective safety net coverage overcomes poverty, and promotes economic opportunity and gender equality by helping people find jobs and cope with economic shocks, and improving the health, education, and well-being of their children,” World Bank President Robert Zoellick said, the Guardian notes (Elliott, 4/18).