News release: “The world economy remains mired in a severe financial crisis, threatening decades of development progress in many countries. Emerging market economies are particularly vulnerable as the sharp contraction in capital flows from public and private sources is occurring in an environment of increased investor risk aversion. The World Bank estimates that the developing world’s need for external financing is likely to increase to $1.3 trillion in 2009, including current account deficits and principal repayments on private debt coming due. With declining capital flows, this would generate a financing gap of between $270 and $700 billion.”