Word: bank
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Dates: during 1950-1959
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...than a year to command a clear majority in Parliament-is headed by 57-year-old Socialist Karl August Fagerholm, a former barber and longtime boss of the Finnish State Alcohol Monopoly. Scarcely had Fagerholm been sworn in when he 1) stepped up negotiations for a $50 million World Bank loan, and 2) insisted that Moscow call off the projected visit to Finland of Old Bolshevik Otto Kuusinen, Helsinki-born member of the Russian Party Presidium and father of Finnish Communist Party Leader Hertta Kuusinen. From across the Russian border that runs just 40 miles from Helsinki came a growl...
...Became the lesser half of the traveling team of B. and K. in glad-handing tours to Red China, India and Britain. March 27, 1958-Kicked out as Premier after siding with Molotov against Khrushchev in a Central Committee showdown. Four days later appointed chairman of the Soviet State Bank...
...World Bank's need for new capital is not pressing, despite the fact that last year's $710,800,000 in loans to 20 nations is almost double its previous record year, and the long-range outlook is for a continued increase in loans. By voting an increase in the bank's authorized capital and by raising quotas (50% is the suggested figure) to provide it, the governors would help the sale of World Bank bonds on the world's markets. The bank now has capital of $9.4 billion, but bankers feel that its bonds...
Most international financial experts believe quotas on both the World Bank and the IMF should be raised. But there is skepticism over Ike's third point, the International Development Association. The association would make long-term low-interest loans for projects the bank did not want to back because the borrower might not be able to pay back the money in hard currency. The IDA would accept repayments in soft currency...
Lessening the Pressure. Some world bankers were skeptical of such a fund when first proposed because it smacked too much of funny money. But more of them have been coming round to the view that such a fund is necessary to finance vitally needed development programs that the bank cannot back because they contain individual projects that will not pay off. With the proposed new fund, the bank, for example, could finance a dam, while the IDA could finance nonself-liquidating projects needed to develop the area around the dam. One big point in IDA's favor: it would...