World Bank: Nations should speed up aid

? The World Bank on Sunday urged donor nations to speed up delivery of the money they’ve already pledged — and open their wallets wider — to help poor countries reeling from recessions rooted in rich nations.

The economic nosedive is turning into a human and development “calamity,” which already has driven more than 50 million people into extreme poverty this year, the World Bank’s policy steering committee said in a communique issued at the close of its spring meeting.

“There is widespread recognition that the world faces an unprecedented economic crisis, poor people could suffer the most and that we must continue to act in real time to prevent a human catastrophe,” World Bank chief Robert Zoellick said.

Poor countries have watched as the recession has dried up investment capital, sharply reduced exports and commodity prices and slowed the flow of cash sent home by their citizens working abroad. Finance ministers at the meeting said impoverished nations need a hand up that doesn’t burden them with debt or add to the ranks of those earning just a few dollars a day.