U.S. Treasure Secretary Timothy Geithner warned that the global economic crisis threatens international efforts to reduce poverty in the world. Banks that provide aid to poor nations must embrace changes in their operations, he said.

Those development banks are at the forefront of efforts to eradicate poverty and promote sustainable growth, he said the World Bank’s policy-setting board.

“We cannot afford to lose time or lose ground,” Geithner said.

At the same time, he said it was important for the banks to conduct their aid business in the open.

They must face reviews to ensure they have enough money and are promoting fundamental changes, Geithner said. He added that their resources must be used to “achieve the maximum impact on long-term development objectives, including addressing the needs of the poorest.”

The West has invested so heavily in ‘poor countries’ already, that you have to wonder whether this deserves to be our priority now. After all, all our efforts have not led to any positive results.| MORE ›