WORLD BANK HEADS MOVE TO ADDRESS IMPACT OF GLOBAL CRISIS
Trade and Investment News - 22 Desember 2008
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The World Bank is working with Australia, Japan and the Asian Development Bank on a financing package to deal with Indonesia’s effort to address impact of global financial crisis that could reach up to $6 billion, said World Bank President Robert Zoellick, reported Dow Jones. Zoellick said the World Bank is also working on a similar financing plan for Mexico and will make its resources available to other countries in need of funds."Indonesia has been uncertain whether they can tap international financial markets but at the same time, learning from 1997 and 1998, they don't want to run strict correctionary policies that could deepen the problem because of the slowdown in the global real economy," Zoellick told a forum during a visit in Singapore. The supply of government-guaranteed debt from developed countries has made it difficult for these borrowers to raise funds despite their sound fiscal policies, he said. "I'm afraid that the first six months of 2009 are going to be a problem worldwide, including Asia and including Southeast Asia," he said. Although no one knows how long or deep the credit crisis may be, Zoellick shares the view that the next phase will be an employment crisis, which could happen early next year.

Sumber: www.ekon.go.id