WASHINGTON: The head of the World Bank said on Tuesday that the global lender stands ready to help developing countries cope with a rise in interest rates as a result of the US Federal Reserve's plan to scale back its stimulus program.
"There's a tremendous amount of concern about what could happen," World Bank president Jim Yong Kim told reporters after a talk on the bank's goal of reducing extreme poverty to 3 percent by 2030.
"We just have to be ready to move and try even harder to make sure that capital is available for the kinds of infrastructure investments developing countries need," Kim said, noting that interest rates have already risen in some developing countries.
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