Gains on fighting poverty threatened by global economic crisis

The current global crisis is an obstacle in the fight against poverty and is threatening to reverse any gains on the fight against poverty.

Banks that provide aid to poor nations must embrace changes in their operations, Treasury Secretary Timothy Geithner said Sunday.

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.

Finance ministers at the meeting said there are signs that the economy is starting to stabilize and that by mid next year the world should have emerged from the recession.

Last week, the IMF said the global economy is likely to shrink by 1.3 percent this year, the first such decline in six decades.

Officials agreed on an immediate increase of $250 billion for IMF lending. A further $250 billion would be added later to an expanded and more flexible line of credit.