The World Bank is to more than double its spending on social and economic projects in East Asia to alleviate hardship and poverty caused by the regional crisis.
It will also push for an expansion of fiscal policy and increased capital mobilisation to help revitalise economic growth in the region.
The bank also admits it misjudged the depth and breadth of the economic crisis and its impact on Asia-Pacific countries.
A World Bank report describes East Asia's downturn as a unique combination of currency crisis and regional financial panic causing a 'particularly virulent strand of economic malady'.
The bank has pledged almost US$18 billion to crisis-stricken countries and has disbursed $5.5 billion this year.
It will more than double spending on damaged economies from $790 million this year to $2 billion next year.
