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World Bank chief urges better balance between rich, poor nations
Dubai, Sept 23: The World Bank opened its annual meeting today with a blistering attack on rich countries for spending hundreds of billions more on their militaries and their farmers than they do on helping the poor.
Dubai, Sept 23: The World Bank opened its annual meeting today with a blistering attack on rich countries for spending hundreds of billions more on their militaries and their farmers than they do on helping the poor.
"Our planet is not balanced," World Bank president James Wolfensohn told delegates from 184 countries. "Too few control too much, and too many have too little to hope for. Too much turmoil, too many wars. Too much suffering."
The failure of global trade talks this month in the Mexican resort of Cancun highlights the deep divide that must be overcome to create a stable future, Wolfensohn said in an opening address to the joint meeting of his bank and the International Monetary Fund.
He attacked rich countries for providing just USD 56 billion a year in development assistance to poor countries, compared with more than USD 300 million they spend on agricultural subsidies and USD 600 billion spent on defence. Nations have committed an additional USD 16 billion in aid by 2006, but Wolfensohn said that poor nations could easily use twice as much.
Rich nations balked at greater cuts in farm subsidies in the Cancun meeting and poor nations, who say their farmers suffer as a result, refused to proceed.
The failure of global trade talks this month in the Mexican resort of Cancun highlights the deep divide that must be overcome to create a stable future, Wolfensohn said in an opening address to the joint meeting of his bank and the International Monetary Fund.
He attacked rich countries for providing just USD 56 billion a year in development assistance to poor countries, compared with more than USD 300 million they spend on agricultural subsidies and USD 600 billion spent on defence. Nations have committed an additional USD 16 billion in aid by 2006, but Wolfensohn said that poor nations could easily use twice as much.
Rich nations balked at greater cuts in farm subsidies in the Cancun meeting and poor nations, who say their farmers suffer as a result, refused to proceed.
US Treasury Secretary John Snow and other top finance leaders have been lobbying for a quick resumption of the World Trade Organization negotiations, arguing breaking down barriers to global commerce would benefit all.
But Wolfensohn said that wealthy nations need to do what they
say.
Bureau Report