September 24, 1989 |
The annual report of the International Monetary Fund has never been a real spellbinder, but this year its authors may have outdone themselves: The volume is so lackluster that even veteran IMF watchers had difficulty spotting anything new. Inadvertently, perhaps, the lapse may be symbolic. Only a few years ago, the 152-country IMF was a major force in global economic policy-making, at the center of efforts to manage the global debt problem.
September 18, 1989 |
Third World debtors had to pay $50.1 billion more to service their debts to the United States and other creditors last year than they received in new loans--a major drain on their already cash-strapped economies--the World Bank reported Sunday. The figure, contained in the bank's annual report and made public before its annual meeting here Sept. 23, was almost a third larger than in 1987, when the net pay-back totaled $38.3 billion.
August 2, 1989 |
Pirated copies of computer software were pulled off store shelves Tuesday as a copyright protection agreement took effect between the United States and Indonesia. The price of an edition of Lotus Development Corp. software shot up overnight from $1.50 for a bogus copy to $422 for the Cambridge, Mass., manufacturer's original version.
July 14, 1989 |
It is billed as the 15th annual economic summit of the leaders of the seven largest industrial democracies, but this year's session, on Saturday and Sunday, is likely to focus more on environmental issues than the economy. Although there are plenty of international economic problems for the leaders to grapple with, President Bush and the leaders of the six other nations lack both the money and the political will to do much about them.
June 30, 1989 |
The Bush Administration is considering canceling as much as $1 billion in debt owed to the United States by poor sub-Saharan African countries as part of a package to be unveiled during the annual seven-nation economic summit in Paris on July 15 and 16. The plan, still under discussion within the Administration and with congressional leaders, would affect the debt that these countries owe under various U.S. foreign aid programs. Washington either would forgive the debts entirely or allow the countries to repay in local currencies.
April 3, 1989 |
The credit ratings of South Korea, Chile, Portugal, Iran and Tunisia have risen strongly in the past six months, a survey of international bankers shows. But the bankers have sharply downgraded their ratings of Trinidad, Panama, Cuba, Norway, Gabon and Libya, according to the survey by Institutional Investor, a New York-based financial monthly magazine.
March 11, 1989 |
The Treasury Department, seeking to dampen growing political unrest in Latin America, unveiled the outlines Friday of a plan for helping Third World countries reduce their massive foreign debts, provided they undertake needed economic reforms at home. Disclosure of the plan, sketched only broadly and slated to be fleshed out in coming months, was rushed for maximum political impact in Latin America.
March 6, 1989 |
On his first overseas trip as President, George Bush described his visit to Tokyo, Beijing and Seoul last month as designed to underscore American "plans to play a strong and affirmative role as an Asian power." But the United States is casting a far different image at the Asian Development Bank, the region's No. 1 international financial institution.