The recession is global

In order to combat the impact of economic crisis, developing countries need, according to the World Bank gigantic grants. Developing countries threatened a financing gap from 270 to 700 billion dollars, the World Bank warned on Sunday.

The resources of international institutions were not sufficient to address these needs, the bank wrote in a document that at the meeting of the 20 largest industrial and emerging countries (G20) in April in London to be discussed.

Due to the global consumer slowdown could be companies from emerging markets its products worsening export and sell, said the World Bank. Furthermore, remittances from workers living abroad as well as revenue from the sale of raw materials. Therefore, many countries in financial assistance from abroad.

On Tuesday, the International Monetary Fund warned the world’s poorest countries would be because of the financial crisis in 2009 additional support from 25 to 140 billion dollars needed.

The World Bank warned in particular against the risk that expiring credits, given the crisis can not be extended. The World Bank estimates that in the emerging markets this year, loans from 2000 to 3000 billion dollars due. Many of these loans were of major international banks in foreign currencies have been granted.