Word: loan
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...publicity surrounding the large debtors has overshadowed the plight of many other less developed countries that are in far worse shape. Says William Rhodes, a senior vice president at New York's Citibank, which has $18.4 billion on loan to Latin America: "Progress in some countries is sometimes balanced by setbacks in others." Bolivia, which has an annual inflation rate of 3000%, stopped making payments on its $3.5 billion debt last May. The Sandinista government in Nicaragua is using at least 40% of its budget to fight its civil war and thus has no way to meet payments...
...Brazil, economic policymaking has been almost paralyzed by the grave illness of Tancredo Neves, the first civilian to be elected as the country's President after 21 years of military rule. Meanwhile, the IMF has suspended $1.5 billion in loans that the country had expected to receive from the fund. Following the IMF's stern lead, banks in the U.S. and Western Europe halted talks with Brazil about rescheduling payments on its $102 billion debt. One of the main reasons for the IMF's action was that Brazil's annual inflation rate has been running higher than 230%, far above...
...banks have only $6 billion on loan to debt-ridden Africa, the most depressed part of the developing world. But the 42 countries of sub-Saharan Africa owe a total of $80 billion, mostly to foreign governments and organizations like the World Bank. Because of the low prices that African nations are receiving for such key exports as coffee, tea and oil, they cannot import enough food for their drought-stricken populations, much less make payments on foreign debt...
...last week's IMF-World Bank meeting, the debtor nations pressed anew their demands for increased official aid and commercial loans. The U.S. and other industrial countries resisted, arguing that only a long period of strong growth in the world economy can resolve the debt crisis. The IMF's staff optimistically projected that the major industrial countries could average 3% growth annually, after adjustment for inflation, from 1985 to 1990, up from 2% in the first four years of the decade. That growth rate, said the IMF, could help developing countries boost exports by 5% to 6% each year...
...troubles of financial giant BankAmerica were hardly a secret. A red tide of loan losses has swelled over the past four years, and Chairman Samuel Armacost last month forecast little or no profit for the second quarter. Still, the financial community was stunned when BankAmerica last week announced a net loss of $338 million for that period. It was the second-worst quarterly deficit in U.S. banking history (after Continental Illinois' $1.1 billion loss in the second quarter...