World Bank spent a record $58.8 bn during global crisis

The World Bank Wednesday said it spent a record $58.8 billion on loans, grants, guarantees and social projects over the last year to help poor countries steer through a dramatic global recession.

The World Bank Wednesday said it spent a record $58.8 billion on loans, grants, guarantees and social projects over the last year to help poor countries steer through a dramatic global recession.

The development bank said its budget jumped 54 percent between July 2008 and June 30 from a year earlier and is now at the highest level in its 60-year history.

The money keeps developing countries from cutting back on social programmes, and World Bank President Robert Zoellick said he expected the demand to remain high as the economic crisis continues through 2010.

"The pace of recovery is far from certain," Zoellick said. "Millions of people are still suffering, and we must continue to help countries safeguard priority expenditures."

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