Word: terme
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Dates: during 1980-1989
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...deceptively quiet and unassuming start to what looms as a vitally important--and perhaps highly controversial--new era. On his second day in office, Barber Conable, 63, the newly anointed president of the World Bank, strolled onto a dais in Washington last week and inaugurated his term with an apology. He did not know much about his new job, the former Republican Congressman from New York told waiting journalists, and he would therefore require a "period of learning." What Conable already knows, however, is that he will need all the acumen and skills acquired during his 20 years on Capitol...
...that the debt burden--some $415 billion owed by 56 African, Latin American and Caribbean countries alone--could be reduced through the adoption of tough austerity measures by the debtors under the supervision of the International Monetary Fund. At Seoul the so-called Baker Plan affirmed that longer-term economic growth among the developing countries also had a role to play. To spark that expansion, the Treasury Secretary proposed that the World Bank and other multilateral agencies loan an additional $9 billion to the most highly indebted Third World countries over the next three years...
...both Conable and the World Bank. The bank was founded in 1945 as the chief conduit for aid to war-torn Europe and Japan. It was viewed as a source of 15- to 20- year development loans, while the International Monetary Fund was created simultaneously to provide short-term lending to countries suffering from balance of payments problems. Since World War II, though, the World Bank has * evolved from a long-term lender for Third World public works to a technocratic antipoverty institution with some 6,000 employees...
...disbursed more rapidly than project money, meaning that the bank's new aims will appear to eat up more resources more quickly. A much bigger worry, however, is that the institution will fail to come up with enough funds to encourage the kind of policy changes needed for long-term Third World growth. Warns Lawrence Brainard, a senior vice president of Manhattan's Bankers Trust: "Barber Conable will not be able to pull a rabbit out of the hat to solve the debt crisis...
Italian authorities acknowledged there was little chance that Abbas, said to have masterminded the hijacking, would ever serve his term...