Developing countries face a financial shortfall of between US$270 billion and US$700 billion this year, the World Bank said in a study published on Sunday.
The shortfall comes “as private sector creditors shun emerging markets and only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty,” the Bank said in statement.
Published ahead of meetings for ministers of the G20 developing and industrialized nations to be held in London on Friday and Saturday, the study found that “international financial institutions cannot by themselves currently cover the shortfall” for the 129 developing countries.
“We need to react in real time to a growing crisis that is hurting people in developing countries,” said World Bank Group president Robert Zoellick.
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