In contrast to the
increasingly protectionist
policies adopted by the US,
Kristalina Georgieva, CEO of
the World Bank, has spoken
out strongly in support of
globalisation. During her
first visit to China, Georgieva
gave a ‘spirited defence’ of the
concept.
Speaking to Reuters, she
said: “Open markets, trade,
(and) division of labour has
worked extremely well for the
poorer countries.”
Warning against
protectionist policies, she
said every country would be
hurt if decades of integration
and interdependence were
unravelled. “It’s impossible to
say, now we are in this boat,
but it is only your end of the
boat that is sinking,” she said.
On March 19 the World
Bank announced a record
$57 billion in financing
for sub-Saharan African
countries over the next three
fiscal years. The bulk of the
financing – $45 billion – will
come from the International
Development Association
(IDA), the World Bank
Group’s fund for the poorest
countries.
