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Article: Aid and enterprise. (Bush administration restricts International Finance Corporation so as to discourage loans to developing countries yet encourage loans to private business) (editorial)
- Article from:
- The Economist (US)
- Article date:
- May 25, 1991
CopyrightCOPYRIGHT 1991 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE Bush administration has blocked a capital increase for the international Finance Corporation (IFC), an arm of that large and unloved bureaucracy, the World Bank. America wants the Bank to change its ways, and lend less to the third world's governments and more to its private businesses. This demand is not quite as plausible as it looks, though it deserves to be taken seriously. America's way of pressing it, however, could hardly have been more absurd.
America has attacked the bit of the Bank expressly designed to promote private enterprise in the developing countries. The IFC makes equity investments in companies and stockmarkets; lends directly to private ...
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