The World Bank and the International Monetary Fund have vowed to alleviate the impact of the global financial crisis on developing countries.

The two organizations made the pledge in a communique issued after their joint meeting of the Development Committee in Washington.

The Development Committee meets inside the World Bank in Washington, DC. [Paul J. Richards/AFP]

They warn the crisis has driven over 50 million people into extreme poverty. And, progress towards the Millennium Development Goals is in jeopardy.

The World Bank and the IMF say they will help developing countries bridge the huge financing gap including efforts to revive private capital flows.

The communique expresses support for the implementation of initiatives the World Bank has launched.

These aim to protect the poorest, reinvigorate trade finance, maintain infrastructure development and create jobs, and help support the financial sector.

(CCTV April 27, 2009)