Global Recession

The Asian Development Bank released the 2009 version of it’s “Key Indicators” report. The report notes the many ways the global economic slowdown has hurt poverty reduction efforts in the continent.

The Asian Development Bank is lending money to nations to help with their own economic stimulus programs, and the first such loan went the Philippines. $500 million dollars will be lent to the country.

The International Monetary Fund says it will begin to increase lending to poor nations. The fund says that the world has higher financing needs due to the global recession, and the sharp rises in food and fuel prices that preceded the recession.

From this Associated Press story that we found at the Lexington Herald Leader, writer Harry Dunphy gives us more of the IMF’s statement.

Britain has gone on record to say that they will not cut aid to the under-developed world despite the global economic recession. The International Development Secretary for Britain said they will also press the other rich nations to do the same during the G-8 meetings in Italy this week.

We finally came across a perspective on how the global economic recession is effecting the Caribbean. The region depends heavily on tourism money for it’s economy, and of course, not many are traveling now.