Aid and Power - Vol 1: The World Bank and Policy Based by Jane Harrigan, Paul Mosley, John Toye

By Jane Harrigan, Paul Mosley, John Toye

While the key reduction companies made flows of relief conditional on alterations in coverage, they caused an intensive debate in improvement circles. Aid and Power has made essentially the most major and influential contributions to that discuss. This variation has been revised to take account of adjustments in the international financial institution itself and the extension of coverage established lending to the previously socialist economies of east and relevant Europe.

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The largest borrowers have been Poland (28 per cent), Russia (21 per cent, including an enormous $600 million rehabilitation loan made in August 1992) and Hungary ( 12 per cent) (Wallich, 1994). All of this lending is on near-commercial IBRD terms. But, in many cases, the borrowers are countries which at the end of the 1980s had already taken on as much external debt as they could prudently afford. The adding of a new burden of debt service on top of existing obligations makes it imperative that xxx INTRODUCTION TO THE SECOND EDITION adjustment takes place quickly, or countries may fall into repayments arrears.

9 Ind111trial countries Real GDP foum: Adapced from World Bank, World Development Report 1994, Appendix Tables 1 and 25. The evidence of growth rate statistics shows that the whole of this period has been one of the gradual deceleration of growth in almost all parts of the world. The only significant exception was in China and the countries of South and South-East Asia in the 1980s. Within this general deceleration of growth, two aspects are worth noting. 2 as the deceleration proceeded. The other is that within the developing countries, the dispersion of growth rates has widened, with sub-Saharan African economies actually contracting in the early 1980s while China and India were improving on their historic growth performances.

6 Source: World Bank, World Development Report 1994, appendix tables. 'investment' would create a surplus, and whether that surplus could be realized as additional foreign exchange for debt service. They, too, were spectacularly wrong. What brought these mutual miscalculations out into the open at the beginning of 1980 was the course of real interest rates. The years 1979-80 saw the arrival in office in the major industrialised countries of political parties of the right, convinced - or claiming to be convinced - of the simple proposition that inflation can be manipulated by the control of the money supply.

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