By Jane Harrigan, Paul Mosley, John Toye
While the most important relief organisations made flows of relief conditional on adjustments in coverage, they caused an in depth debate in improvement circles. Aid and Power has made essentially the most major and influential contributions to that discuss. This version has been revised to take account of adjustments in the global financial institution itself and the extension of coverage dependent lending to the previously socialist economies of east and primary Europe.
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Extra info for Aid and Power - Vol 1: The World Bank and Policy Based Lending
The sole exception is that neither will lend when arrears are owing to the other. Each has to do this to prevent its own debt from being rescheduled. But informal or indirect crossconditionality has not only survived but has intensified as the Fund and the Bank have worked harder to define a joint package of policy advice, and as third parties have increasingly looked to performance criteria set by the Fund and the Bank as the trigger for their own lending. Such informal cross-conditionality, although often supported and attacked as a matter of principle, is not right or wrong in principle.
Whereas ten years ago Bank staff might have brushed aside such a trend as a blip, in the 1990s they could not and would not wish to do so. In 1994 the Bank's commitments to the whole of Europe and Central Asia since 1990 amounted to about $16 billion, of which rather more than half remained to be disbursed. Since the Bank's entire portfolio was $148 billion, it is clear that dangers are prospective rather than immediate. Much depends on how lending to other regions is handled. For example, will an effort be made co repackage IBRD finance more imaginatively, so that it will continue to be attractive to highly creditworthy countries like Thailand and South Korea, which otherwise might be inclined to move away to other sources?
Since the Bank's entire portfolio was $148 billion, it is clear that dangers are prospective rather than immediate. Much depends on how lending to other regions is handled. For example, will an effort be made co repackage IBRD finance more imaginatively, so that it will continue to be attractive to highly creditworthy countries like Thailand and South Korea, which otherwise might be inclined to move away to other sources? Even without new loans, such countries will disappear from the portfolio only gradually, since the average remaining terms of their existing loans is quite long.
Aid and Power - Vol 1: The World Bank and Policy Based Lending by Jane Harrigan, Paul Mosley, John Toye