Many emerging market developing countries, with considerable numbers of poor people, are already suffering from the consequences of the financial crisis. Tighter global finance will restrict private investments and trade credits. The global downturn will see lower export demand, commodity prices and remittance flows for poor countries, and is threatening social sector provisions and social stability.

The actions to stabilise the financial system and build the foundations for sustaining and strengthening global growth are essential in order to secure our development objectives.

The multilateral development banks (MDBs) need to take immediate action tohelp countries cope with the impacts of the crisis on the poorest people.

World leaders need to agree the principles for governance reform of the international financial institutions (IFIs) to make them more effective and legitimate.