EU tells IMF/WB to get lost

Dennis Robert Redmond dredmond at efn.org
Sat Sep 22 16:19:39 PDT 2001


Found this revealing remark from the EIB's report on lending to Eastern Europe (http://www.eib.org/pub/divers/accstrat_en.pdf):

"Over the last few years, the role of the Bretton Woods institutions in the Accession Countries has been substantially reduced and directed to selective sector and policy financing... Concrete opportunities for joint EIB/WB support of projects appear to be limited and it is thus expected that co-financing with the World Bank would be rather limited and directed towards the still economically or politically weaker countries in the region. It is also in such countries that an understanding needs to be found with IMF: It is important to ensure that progress in enlargement preparations is not seriously damaged by too narrow a restriction on borrowings -- independent of scope, loan maturities or grace periods -- and our cooperation will remain close."

-- Dennis



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