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World Bank stops charity, aids to Nigeria

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World Bank stops charity, aids to Nigeria

Post  Admin on Wed Apr 25, 2012 3:11 pm

DEVELOPING countries, including Nigeria, are no longer candidates for charity and aid from developing countries, the World Bank has said.

The outgoing World Bank president, Robert Zoellick, disclosed this at the ongoing International Monetary Fund/World Bank Spring Meeting in Washington DC, United States.

He said since "the developing countries have provided two-thirds of global growth over the past years, these are no longer charity cases."

Noting that developing countries are vital to the world economy, Zoellick, whose five-year tenure ends on June 30, nonetheless, stressed the need for both developing and developed countries to focus on structural reforms that would drive future growth, adding that "otherwise, the world will keep stumbling along."

The World Bank chief said countries in Sub-Saharan Africa must work to remove barriers to the economic potential of the region and seek to achieve regional integration.

Speaking on the effects of the Arab spring, Zoellick said economy of Tunisia was under stress, since the country lost a lot to the uprising, just as Libya needed capacity to build its enormous resources.


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