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6.26.2009
World Bank, G20, World Bank Get Trade Finance Flowing in Developing Countries
Color Daily Extra
Washington — Developing countries’ trade, already hurt by the global economic slowdown, has been hammered further by the reduced availability of trade finance, a problem that the World Bank Group, supported by the Group of 20 industrialized nations, is acting to address.
A World Bank affiliate, the International Finance Corporation (IFC), has launched the Global Trade Liquidity Program that will work through commercial banks to make trade finance more available in developing countries. “We’ve just had an extraordinary drying up of liquidity in the marketplace, and this is a way to try to mobilize some public sector resources so that we could get some private sector money moving again to help with trade finance,” said E. Whitney Debevoise, the U.S. executive director at the World Bank.
The IFC and two regional developments banks already have trade finance assistance programs, mostly providing guarantees that cover the risk of nonpayment for individual transactions. The IFC has a $3 billion program that provides these kinds of guarantees. The Asian Development Bank and the Inter-American Development Bank also have guarantee programs. Both recently increased funding for their programs to $1 billion.
The U.S. government provides trade finance insurance, loans, guarantees and other assistance through programs managed by the Export Import Bank of the United States, the Small Business Administration and U.S. Department of Agriculture.
Washington — Developing countries’ trade, already hurt by the global economic slowdown, has been hammered further by the reduced availability of trade finance, a problem that the World Bank Group, supported by the Group of 20 industrialized nations, is acting to address.
A World Bank affiliate, the International Finance Corporation (IFC), has launched the Global Trade Liquidity Program that will work through commercial banks to make trade finance more available in developing countries. “We’ve just had an extraordinary drying up of liquidity in the marketplace, and this is a way to try to mobilize some public sector resources so that we could get some private sector money moving again to help with trade finance,” said E. Whitney Debevoise, the U.S. executive director at the World Bank.
The IFC and two regional developments banks already have trade finance assistance programs, mostly providing guarantees that cover the risk of nonpayment for individual transactions. The IFC has a $3 billion program that provides these kinds of guarantees. The Asian Development Bank and the Inter-American Development Bank also have guarantee programs. Both recently increased funding for their programs to $1 billion.
The U.S. government provides trade finance insurance, loans, guarantees and other assistance through programs managed by the Export Import Bank of the United States, the Small Business Administration and U.S. Department of Agriculture.
World Bank Issues gloomy report on global recession
The World Bank said the global recession in 2009 will be even deeper than previously predicted, with developing nations facing increased poverty and unemployment.
In a report issued Monday the bank said that the global economic recession and associated market turmoil caused a steep drop in international capital flow to investments in less developed countries in 2008. The bank said foreign investments are expected to fall further this year.
Earlier this month the World Bank said the global economy will shrink by 2.9 percent. In March, the Washington-based lender had said the economy would decline 1.7 percent.
The bank said the world economy should start to grow again in late 2009, but recovery will be slower than expected. It urged countries to make "bold" policy measures to revive lending and growth.
The World Bank's economic forecast is even more pessimistic than expected predictions by its sister organization, the International Monetary Fund.
Reports on Bloomberg and Reuters quoted unnamed sources saying the IMF is raising next year's growth prediction to hit 2.4 percent, up a half a percent from what earlier IMF studies predicted.
In a report issued Monday the bank said that the global economic recession and associated market turmoil caused a steep drop in international capital flow to investments in less developed countries in 2008. The bank said foreign investments are expected to fall further this year.
Earlier this month the World Bank said the global economy will shrink by 2.9 percent. In March, the Washington-based lender had said the economy would decline 1.7 percent.
The bank said the world economy should start to grow again in late 2009, but recovery will be slower than expected. It urged countries to make "bold" policy measures to revive lending and growth.
The World Bank's economic forecast is even more pessimistic than expected predictions by its sister organization, the International Monetary Fund.
Reports on Bloomberg and Reuters quoted unnamed sources saying the IMF is raising next year's growth prediction to hit 2.4 percent, up a half a percent from what earlier IMF studies predicted.
Decade of High Food Prices Looming
More investment needed in the farming sector, notably in infrastructure, training, and agricultural inputs like fertilizer.
A report released in Paris says international food prices will likely remain high during the next decade, although they will probably not hit the heights that sparked riots last year. Experts also say the prices will have a mixed impact in developing countries.
Jointly published by the Paris-based Organization for Economic Cooperation and Development and the U.N. Food and Agricultural Organization, the report predicts crop prices will be 10 to 20 percent higher during the next decade than during the previous 10 years.
"The basic message is that because input prices are higher, because biofuel remains high, this is going to keep real prices for agriculture [higher] than in the early part of the decade," said FAO economist Merrit Cluff.
The report also predicts that energy costs and erratic weather may make prices more volatile in the future. But the report predicts the price hikes are unlikely to be as dramatic as last year, when soaring food prices sparked protests and rioting in developing countries.
Cluff says the current global recession has driven down food costs in some countries, but not in all.
"In many countries, particularly low-income countries, income has been worse, the prices have remained relatively high. So the food security situation is perhaps a much at risk, perhaps more at risk than last year," Cluff said.
Meanwhile, Cluff says chances of higher food prices in the future are a mixed blessing. While farmers in Africa and other developing countries will benefit, net food consumers, notably those living in urban areas, are likely to suffer.
The organizations believe farmers have the capacity to increase food production in the coming years. But experts say governments and individuals must also invest more in the farming sector, notably in infrastructure, training, and agricultural inputs like fertilizer.
A report released in Paris says international food prices will likely remain high during the next decade, although they will probably not hit the heights that sparked riots last year. Experts also say the prices will have a mixed impact in developing countries.
Jointly published by the Paris-based Organization for Economic Cooperation and Development and the U.N. Food and Agricultural Organization, the report predicts crop prices will be 10 to 20 percent higher during the next decade than during the previous 10 years.
"The basic message is that because input prices are higher, because biofuel remains high, this is going to keep real prices for agriculture [higher] than in the early part of the decade," said FAO economist Merrit Cluff.
The report also predicts that energy costs and erratic weather may make prices more volatile in the future. But the report predicts the price hikes are unlikely to be as dramatic as last year, when soaring food prices sparked protests and rioting in developing countries.
Cluff says the current global recession has driven down food costs in some countries, but not in all.
"In many countries, particularly low-income countries, income has been worse, the prices have remained relatively high. So the food security situation is perhaps a much at risk, perhaps more at risk than last year," Cluff said.
Meanwhile, Cluff says chances of higher food prices in the future are a mixed blessing. While farmers in Africa and other developing countries will benefit, net food consumers, notably those living in urban areas, are likely to suffer.
The organizations believe farmers have the capacity to increase food production in the coming years. But experts say governments and individuals must also invest more in the farming sector, notably in infrastructure, training, and agricultural inputs like fertilizer.
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