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Asia Pacific Region Microcredit Summit (APRMS) Council Meeting Of Corporations, Banks, Foundations And Philanthropists

Responses to New York Times Editorial Regarding New US Law on Poverty Measurement Tools

REGISTER NOW for Middle East/Africa Region Microcredit Summit Meeting of Councils

Microcredit Summit Campaign Announces Appointment of New Africa Regional Organizer

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Letters to the Editor of The New York Times

To the Editor:

Most agree that microcredit can reach the very poor, even those living on $1 a day (letters, May 2). But we must also identify other financial services relevant to clients poorer than most microfinance institutions reach today.

Loans are seldom the most appropriate service for the destitute. Debt they cannot repay renders them yet more vulnerable. Food, shelter and livelihood development are needed before borrowing.

Exclusive focus on microcredit for the poorest muffles the innovation needed to address the primary needs of the destitute and dismisses the financial needs of the rest of the poor, who also need a safe place to save and a way to receive money from family breadwinners living elsewhere.

Rather than focus exclusively on microcredit and the poorest, our organization aims to help developing countries build inclusive, democratic, full-service financial systems that serve all their poor citizens.

ELIZABETH L. LITTLEFIELD
Washington, May 5, 2004

The writer is chief executive of the Consultative Group to Assist the Poor and a director of the World Bank.

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