The World Bank will launch Global
Development Finance 2005 in Beijing on April 6, with the theme of
mobilizing finance and managing vulnerability.
The theme embraces three key
challenges: (i) Managing the vulnerability inherent in global
economic and financial imbalances, (ii) Confronting the risks posed
by the new complexities in developing country debt, and (iii)
Mobilizing and diversifying sources of finance for low-income
countries with more limited access to international capital
markets.
In 2004 capital flows to the
developing world reached levels higher than at any time since the
crises of the 1990s. Low international interest rates allowed
developing countries to restructure their debt on favorable terms.
They also provoked a search for higher yields among international
investors, whose appetite for risk was sharpened by the growing
ability of capital markets to gauge risk in individual countries.
Stronger creditworthiness ratings in many developing countries,
reflecting improved macroeconomic, fiscal, and regulatory policies,
contributed to investor confidence.
For the poorest countries, which
lack ready access to market-based finance, official development
assistance remains the most important source of external finance.
But other capital flows and nontraditional sources of foreign
exchange—workers' remittances, grants from nongovernmental
organizations, and aid from middle-income countries—have risen in
importance.
The media are invited to attend the
press launch of Global Development Finance 2005 "Mobilizing Finance
and Managing Vulnerability" in Beijing. The report will be
presented by Uri Dadush, Director of the International Trade
Department and head of the Development Prospects Group, and Hans
Timmer, Lead Economist, Manager Global Trends, Development
Prospects Group.
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Event: Launch of Global Development Finance 2005
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Time: 15:00 PM -16:30 PM
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Date: Wednesday, April 6, 2005
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Location: World Bank Office, Beijing
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16th Floor, China World Tower 2
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No.1 Jianguomenwai Avenue
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Beijing?
????????????????Contacts:
Li Li, 5861 7850?
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Lli2@worldbank.org
(China.org.cn March 28, 2005)