The annual meeting of the World Bank and International Monetary Fund are in their second and final day in Singapore. During the opening session, leaders of the organizations called for more aid for developing nations, especially those of Africa.
The heads of the World Bank and IMF said more aid is needed for developing countries, particularly in Africa, if those countries are to reach the United Nations' Millennium Development Goals. Those goals include halving poverty by 2015.
Bharat Jagdeo is the president of Guyana, and current chairman of the World Bank's board of governors. He says there is no room for delay if the developing nations are to be helped.
"Either we do what is needed to face up to these challenges or we miss the opportunity and slow the progress of our nations," he said.
The heads of the organizations also voiced concern that corruption in the aid process was impeding development. They urged wealthy nations to prevent this corruption, and to help return stolen assets that have been deposited in developed nations' banks.