Word: ghali
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Sullenberger joins the ranks of past recipients, including United Nations Secretaries General Kofi Annan, Boutros Boutros-Ghali and Javier Perez de Cuellar, as well as Nobel Laureates Desmond Tutu and Elie Wiesel, and actor Denzel Washington...
...London summit, the rich nations, wrangled by U.S. Treasury Secretary Tim Geithner, decided to triple the IMF's resources to $750 billion. After nearly a decade on the sidelines, it was suddenly a player again. "The IMF is back," crowed IMF managing director Dominique Strauss-Kahn. Boutros-Ghali is more cautious: "Now we need to make sure the money shows up, that it wasn't just pious words." (See pictures of the global financial crisis...
...Should borrowers be required to undertake wholesale reforms in order to win loans? In the past the IMF has imposed tough conditions on borrowers, requiring them to prioritize economic and financial reforms ahead of political and social considerations. It's an issue that must be addressed anew, says Boutros-Ghali. "You want a minimum set of policies to make sure things don't get worse," he says. "[But] do we tell them to adjust right now, when it's most difficult? Or do we just give them the money...
Egypt is not a BRIC nation, which may make Boutros-Ghali the ideal man for the position, says Desmond Lachman, an expert on multilateral lending institutions at the American Enterprise Institute: "If the Chinese wanted [the chair of the policy committee], there would have been friction with other emerging economies, like India. Boutros-Ghali, coming from a smaller country, can be even-handed...
...Boutros-Ghali will also need to keep a close eye on his country's own economy: the global downturn has hit Egypt's growth. "The big problem is that it will slow job creation, and we can't afford that," Boutros-Ghali says. But, he adds, there's no reason to panic just yet: "We have a comfortable balance of payments and reserves." With a little luck, Egypt may escape the "pointy end" of the IMF's policies this time...