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BUSINESS
July 15, 1997 | From Associated Press
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.
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BUSINESS
February 4, 2000 | JAMES F. SMITH, TIMES STAFF WRITER
World financial leaders Thursday warned the assembled finance ministers of the Americas that a backlash against globalization could grow in Latin America unless governments find ways to reduce the region's worsening gap between rich and poor. "We are no better off than we were in the 1970s," World Bank President James D. Wolfensohn said, citing poverty data for Latin America.
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BUSINESS
December 6, 1990 | KAREN TUMULTY and JOEL HAVEMANN, TIMES STAFF WRITERS
The world's poor countries, which were drawn into international trade talks four years ago by promises that they would gain new export markets, are complaining now that the talks have degenerated in their final scheduled week into a U.S.-European food fight. "We have been shut out completely," Mokammel Hague, the Bangladeshi commerce secretary, said Wednesday. "We are feeling like schoolchildren waiting for the results to come out of the headmaster's room." The "headmaster's room" is where U.S.
NEWS
May 10, 1998 | From Times Wire Services
Foreign ministers from the Group of 15, an affiliation of developing countries, met here Saturday to pick through the lessons of the Asian financial crisis and try to rally their combined forces in world trade talks. The ministers were meeting ahead of a three-day summit opening on Monday, which Indonesia's President Suharto will attend in spite of riots and economic turmoil at home.
NEWS
May 10, 1998 | From Times Wire Services
Foreign ministers from the Group of 15, an affiliation of developing countries, met here Saturday to pick through the lessons of the Asian financial crisis and try to rally their combined forces in world trade talks. The ministers were meeting ahead of a three-day summit opening on Monday, which Indonesia's President Suharto will attend in spite of riots and economic turmoil at home.
BUSINESS
May 20, 1996 | From Reuters
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.
NEWS
October 8, 1995 | JAMES GERSTENZANG, TIMES STAFF WRITER
The world's leading industrial democracies Saturday applauded the reversal of the dollar's decline and pressed ahead with plans to create a $50-billion emergency fund to bail out troubled economies of developing nations. Top finance ministers of the Group of Seven, meeting in Washington, also saluted what Treasury Secretary Robert E. Rubin called "Russia's impressive compliance" with strict fiscal boundaries intended to bring down inflation and budget deficits.
BUSINESS
April 30, 1990 | from Reuters
Stock markets in developing countries are booming, with many of them out-performing those in the United States and Japan, data compiled by the International Finance Corp. shows. Turkey, Argentina, Taiwan and Thailand became the first, second, fourth and fifth best-performing stock markets in 1989 based on price index changes calculated in U.S. dollar terms, according to IFC, a Washington-based affiliate of the World Bank.
NEWS
March 4, 1991
SIX BRITISH AID AGENCIES, including Oxfam and the Save the Children Fund, called on the world community to compensate about 40 developing countries whose economies were stung by the Gulf War. Citing a report by the independent Overseas Development Institute, the agencies estimated the direct cost of the conflict to these countries at $12 billion, or from 1% to 25% of their gross national product.
BUSINESS
November 29, 1997 | From Bloomberg News
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.
NEWS
September 9, 1997 | ART PINE, TIMES STAFF WRITER
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.
BUSINESS
July 15, 1997 | From Associated Press
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.
BUSINESS
February 2, 1997 | TOM PETRUNO
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.
BUSINESS
May 20, 1996 | From Reuters
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.
NEWS
December 31, 1995 | STANLEY MEISLER, TIMES STAFF WRITER
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.
BUSINESS
September 23, 1991 | From Associated Press
The world's poorest nations suffered financial setbacks last year, compounded by the economic shocks from the Persian Gulf crisis, the World Bank said Sunday. In its annual report, the 155-nation lending agency said economic growth in the Third World edged up 2.3% in 1990, the worst showing since 1982. The situation was even more dire when the weak growth was measured against population increases in developing nations, the report said. Per-capita income in the Third World rose just 0.
NEWS
June 18, 1988 | ART PINE, Times Staff Writer
When Ronald Reagan attended his first summit meeting of the seven major industrial democracies, in Ottawa in 1981, the newly elected American President was greeted as dangerously inexperienced in the world of diplomacy--and as something of a radical. Reagan's aggressive free-market ideology clashed sharply with the emotionally charged socialism of France's new president, Francois Mitterrand. His tight-money economic policies angered West Germany's traditionalist chancellor, Helmut Schmidt.
NEWS
October 8, 1995 | JAMES GERSTENZANG, TIMES STAFF WRITER
The world's leading industrial democracies Saturday applauded the reversal of the dollar's decline and pressed ahead with plans to create a $50-billion emergency fund to bail out troubled economies of developing nations. Top finance ministers of the Group of Seven, meeting in Washington, also saluted what Treasury Secretary Robert E. Rubin called "Russia's impressive compliance" with strict fiscal boundaries intended to bring down inflation and budget deficits.
BUSINESS
May 30, 1994 | From Reuters
There is a danger China is becoming a "great black hole" in Asia, siphoning off funds, expertise and workers from other Asian developing nations, according to officials who attended the Asian Development Bank's annual meeting here earlier this month. Thai banker Ashwin Kongsiri, president of the Industrial Finance Corp. of Thailand, said China's appetite for funds is mind-boggling. Indonesia, the largest recipient of ADB funds, poses a similar but lesser problem, he said.
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