World Bank urges support for poor

The World Bank has said many developing countries have been hurt by Europe’s debt crisis and there is a need to put schemes in place to cushion its impact on the poor.

The bank’s president, Robert Zoellick, told reporters in Manila that in many developing countries, stock markets have gone down, bond spreads have gone up and exports have dropped since August.

He said exports have slowed even in the Philippines, whose economy has been growing well.

Mr Zoellick made the comments during a visit to a Manila slum community where he talked to beneficiaries of an anti-poverty programme supported by the World Bank.

On Thursday he will meet president Benigno Aquino III to discuss government reforms to fight corruption and poverty.