Three out of five people in developing countries lack effective social safety net coverage as they struggle to forge ahead through global financial volatility and food and fuel price hikes, the World Bank said.
Outgoing World Bank President Robert Zoellick on Friday said it was important to keep the top job at some international institutions with the United States to get the support of the world's largest economy.
Leaders of India and four other BRICS nations on Thursday welcomed the candidatures from emerging economies for the World Bank chief's post and emphasised on the need for a merit-based selection process.
Heads of the two most powerful banking institutions globally, the World Bank and the IMF, are likely to be in India later this month, amid an ongoing search process to finalise the name of the next World Bank President.
The head of the World Bank urged Germany on Tuesday to take the lead in resolving the euro zone's debt crisis, warning in a Financial Times commentary that simply trying to muddle through was dangerous.
The head of the World Bank on Wednesday warned there was not a lot of room for error as European leaders scramble to agree on increasing the size of a bailout fund before a key Oct 23 summit on the region's debt crisis.