November 29, 1997 |
The International Monetary Fund might consider selling bonds for the first time in an effort to meet its expanding role as the lender of last resort for the world's troubled economies, money managers and traders said Friday. Such a move would give the IMF additional resources to meet the growing need for money to assist faltering economies in Asia and the developing world, they said. "Intuitively, it sounds like a good plan," said Ben Mayer, who manages $1.
September 9, 1997 |
Not long ago, the only way most poor countries could stay afloat was to beg for ever-larger amounts of foreign aid. Western governments poured billions into costly development projects. Private industry and capital were almost nowhere to be seen. No more. Richer countries, feeling strapped for cash themselves, have cut back their foreign aid. At the same time, however, many of the impoverished nations have abandoned socialism and embraced capitalism.
July 15, 1997 |
The World Bank and some of its harshest critics on Monday joined together to examine whether the economic medicine that the lending organization prescribes for poor countries helps or hurts them. The bank, seven governments and a coalition of more than 500 citizens groups will try in the 18-month pilot project to identify what works and what doesn't so that leaders of developing nations can do a better job of improving daily life in their countries.
February 2, 1997 |
In many respects, the U.S. economy is daring Federal Reserve Chairman Alan Greenspan and his cohorts to raise interest rates. But when they get together on Tuesday and Wednesday for a regular policy meeting, odds are they won't. Despite a brisk 4.7% (annualized) gain in real U.S. growth in the fourth quarter, as reported by the Commerce Department on Friday, the economy continues to amaze and confound--in the best possible way.
May 20, 1996 |
Finance ministers from the Americas pledged over the weekend to stay the course on economic reform by fighting inflation and working to live within their means so as to reduce the risk of another Mexican-style economic upheaval. "We are committed to developing and maintaining fiscal and monetary policies that bring inflation down to low levels and keep it there," said a communique issued after two days of intense and far-reaching discussions. U.S. Treasury Secretary Robert E.
December 31, 1995 |
While listing a few signs of hope, the World Bank on Saturday reported the persistence of enormous gaps in economic well-being between rich countries and poor. On average, a Luxembourger's share of his tiny European country's gross national product--the value of all the goods and services produced during the year--was $39,850 in 1994. The United States had a per capita GNP of $25,860. But Burundi, Ethiopia, Malawi, Mozambique and Sierra Leone--all in Africa--had averages of $150 or less.