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US fiscal impasse affects global economy: World Bank

The federal government will reach its debt ceiling of $16.7 trillion by Oct 17

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The fiscal uncertainties in the have global implications and will undermine the efforts to end poverty in developing countries, the said.

"The US remains the biggest economic power in the world and whatever happens here is going to affect all the developing countries," Xinhua quoted Sri Mulyani Indrawati, World Bank Group's managing director and chief operating officer, as saying Thursday.

The US debt ceiling issue is clearly getting attention around the world, and it is in everyone's interest for the fiscal dispute between US and to be resolved in a timely manner, she told reporters during a press briefing.

As the US government shutdown is in its 11th day, Washington faces another fiscal deadline. The federal government will reach its debt ceiling of $16.7 trillion by Oct 17, and failure to raise it would lead to a catastrophic default, US Treasury Secretary Jacob Lew has said.

The lingering US fiscal wrangle will push borrowing costs higher in developing countries, shifting their resources to service the debt from projects targeted at reducing poverty and enhancing shared prosperity.

Global economy has some good news as the European economy is picking up steam, but on the other hand, "we are still very concerned" about the fragile recovery of the global economy against the backdrop of the US fiscal impasse, Indrawati said.

The World Bank Group is committed to the main goals of ending extreme poverty by 2030 and promoting shared prosperity.

The Washington-based agency stands ready to help developing countries strengthen their policy frameworks to achieve robust and inclusive growth, she added.

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RT @ConanOBrien: An iconic American writer known for his rugged manliness poses with Ernest Hemingway. #ConanCUBA http://t.co/7TqcVcj9p0
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My Twitter handle changed yesterday to @PandaJay 😊, please follow that..
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Saudi Destruction of Muslim Historical Sites - updated 10/3/2014 http://t.co/t3j8X297Dj
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One of the best pieces on this year's budget, by @Swamy39. http://t.co/zoWP2nYNOj
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I refuse to be drawn in this ugly battle.Will concentrate only on Delhi's governance.जनता के भरोसे को किसी भी हालत में टूटने नहीं दूंगा(2/2)
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International Ramayan mela hosted by ICCR. To watch Cambodia's presentation in Bharat Bhawan Bhopal today at 8 pm.
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Meeting for further programs for NE States held at Parliament House today ... https://t.co/FtsVDZTTW3
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RT @HRDMinistry: Revision of rates of Ph.D. Scholarship in AICTE funded & Centrally Funded Technical Institutions (w.e.f 1.10.2014) http://…
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Roadmap for five years of unprecedented growth & prosperity articulated by FM Jaitley through Budget for fulfilling the dream of PM Modi.
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@madar08 OROP will come as promised by RM. Have patience!
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. @SreeIyer1 Thank you.
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