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World Bank President Lewis Preston says

Poor must not pay for problems of the rich
WASHINGTON. Sept 24: Poor countries must not be asked to pay the price of problems in the developed world as well as their own. World Bank President Lewis Preston said here Wednesday, reports AFP.
The potential for develop ment tn the rest of thia cen tury. and into the next, is great". Preston told the annual meetings of the International Monetary Fund and the World Bank here.
But we have not yet taken advantage of the great promise offered by the post Cold War era." with workKoutput last year "one of the slowest in any year since the Second World War-
Trade barriers are on the rise tn much of the Industri ailsed world", while living standards tn developing coun tries had fallen for three years in a row. he said
"Donor budgets are tight and events of the past week have created further uncer tain ties and pressures.' he said
"But the poor should not be asked to bear the burden of adjustment In the rich countries as well as their own."
He noted that despite the 'proven record' of the International Development Association (IDA ) and "proven
economic slowdown
After World War I, he said governments 'turned Inwards and made no systematic effort
to . help rebuild the defeated nations The depression and World War it followed
But after the Second World
War, "nations pursued growth oriented domestic policies, pursued cooperative external policies and helped rebuild
increasing needs" the tenth replenishment of its funds had not yet been agreed.
Preston warned against the dangers of countries becoming more protectionist in a bid to cope with the current world the countries devastated by
'In addition, the Bretton tablished to help promote growth and development.
Two generations of social and economic advance re suited".
Describing the Cold War a* the "third global war to have ended this century," he noted that domestic economic problems preoccupy angry electorates. Trade friction* are growing And the economies of the former Soviet Union and of the world's, poorest nations, arc declining
This I* a critical moment In history. The spirit of Bretton Woods must prevail, he added
Stressing that the central mission of the World Bank remained the reduction of poverty. Preston said that "the last year has seen real development progress. but also real cause for concern."
The outlook had brightened tn South Asia. and many countries In sub Sahran Africa had undertaken significant eco-
nomic reform*, but "an enor mous challenge remains" in the region.
Latin American economies were also emerging with healthy economies after a decade of debt crisis and
The potential for develop ment tn the rest of this cen tury, and into the nex^, is great." Preston said
But "we must focus on two critical challenge*" — environmentally sustainable development for poverty reduction*, and the challenge of helping the formerly centrally planed economies make the transition to modern, market baaed *y* terns
On the former Soviet bloc countries, Preston said "the world s stake in their success is enormous.
Eastern European countries had shown "signs of progress' despite the loss of half their trade due to the collapse of the Soviet Union.
The former Soviet republics face 'an even longer and tougher road" because their were more sealed off from the rest of the world than other eastern European countries.
But 'If the difficulties of the transition can be overcome, there is tremendous potential ... the transition can succeed," Preston said