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The World Bank, which provides about $20bn a year in development aid to the world's poorest countries, said it was in talks with a number of countries including Sri Lanka and Indonesia about redirecting existing loans to the rebuilding process.
The damage to life and property has been on a massive scale
"With the enormous displacement of people...there will be a serious relaxation of fiscal policy," Glenn Maguire, chief economist for the region at Societe Generale, told Agence France Presse.
"The economic impact of it will certainly be large, but it should not be enough to derail the momentum of the region in 2005," he said.
"First and foremost this is a human tragedy."