Home' Trinidad and Tobago Guardian : October 14th 2014 Contents A18
Guardian www.guardian.co.tt Tuesday, October 14, 2014
*Percentage Daily Values are based on the recommended daily allowances for a 2,000 kcal diet.
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WASHINGTON---World financial leaders
are pledging to act boldly to give a weak
and uneven global recovery some
momentum, but they have often fallen
short in the past when trying to follow
through on their promises.
The pledge from the International Mon-
etary Fund s policy-setting committee
comes after a week of volatile swings in
the financial markets, powered by con-
cerns that parts of Europe may be sliding
into another recession.
The IMF called increasing economic
growth an "utmost priority" during the
fall meeting of the IMF and World Bank.
In a closing statement from the steering
committee of the 188-nation IMF, the
finance leaders also committed to making
the necessary structural changes that
would boost growth.
Officials also endorsed the IMF s efforts
to support three West African countries
battling the Ebola crisis.
Managing director Christine Lagarde
said at a news conference that the IMF
has made US$130 million available to
Guinea, Liberia and Sierra Leone and that
the IMF and other international agencies
stood ready to do more.
"If more is needed, it will be there,"
In addition to the US$130 million in
interest-free loans being provided by the
IMF, the World Bank is providing US$400
million for the Ebola efforts.
In its closing statement, the World Bank
policy committee said "swift and coor-
dinated action and financial support are
critical to contain" the Ebola crisis.
World Bank President Jim Yong Kim
said a Thursday meeting sponsored by
the bank to highlight the funding needs
was useful, but he stressed that the sit-
uation remained critical. "We call on all
countries that are watching: If you have
any sense that you want to help with this
epidemic, do it now," Kim told reporters
at a closing news conference.
International relief agencies stressed
that time was urgent.
"The speed and amount of govern-
ments pledges will make the difference
between Ebola containment or pandemic,"
said Nicolas Mombrial, an official with
Protesters gathered outside the bank
to assert that some of its projects harm
the environment, but their number was
nowhere near the thousands that used to
gather when financial crises wracked parts
of the world.
The IMF and World Bank meetings
were preceded by talks among finance
ministers and central bank presidents of
the Group of 20 advanced and emerging
nations, which comprise 85 per cent of
the global economy. The talks focused
on measures to strengthen the global
economy and make the recovery more
Finance ministers seek
to boost global recovery Eclac calls for investment
The region s countries should invest annually 6.2
per cent of their Gross Domestic Product (GDP)---some
US$320 billion dollars---to satisfy their infrastructure
demands in the period 2012-2020, according to new
estimates released yesterday by the Economic Com-
mission for Latin America and the Caribbean (Eclac).
That is the conclusion of a United Nations organi-
sation s study, which was prepared by the Infrastructure
Services Unit of Eclac s Natural Resources and Infra-
In the report, Eclac unveils the Economic Infrastructure
Investment in Latin America and the Caribbean Database
1980-2012 (EII-LAC-DB), which collects and systematises
figures by country and investment origin (public or
private) and updates the annual investment requirements
in four main economic infrastructure sectors---trans-
portation, energy, telecommunications, and water and
sanitation---to respond to the needs that will arise from
the region s companies and end users in that same peri-
od.The figure of 6.2 per cent of GDP comes from applying
the investment trajectory to expected infrastructure
needs, and it assumes that the historic pattern of country
investments will be repeated. As such, it is an approx-
imation and not a strict recommendation, the document
According to the report, the average 2.7 per cent of
GDP allotted to infrastructure investment in the last
decade shows that the region is not investing enough.
The study also says that an adequate response to require-
ments in this field is key for the region s insertion in
the global economy in the XXI century and for its people s
quality of life.
According to Eclac, investment in infrastructure
projects contributes to increasing the coverage and quality
of public services---for example, health, education and
recreation---and reduces the costs associated with mobility
and logistics, which in turn improves access to markets
of goods, services, employment and financing, providing
a favourable environment for improvements in the pop-
ulation s overall well-being.
International Monetary Fund (IMF) Managing Director
Christine Lagarde, accompanied by IMFC Chair and
Singapore's Finance Minister Tharman
Shanmugaratnam, left, speaks during a news
conference at the World Bank Group-International
Monetary Fund Annual Meetings at IMF headquarters
in Washington. AP PHOTO
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