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Profile: World Bank

 
  

Positions that World Bank has held:



 

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World Bank actively participated in the following events:

 
  

1965      US-Ghana (1952-1966)

       Ghanaian President Kwame Nkrumah rejects IMF and World Bank recommendations to implement a economic development strategy based on non-inflationary borrowing and reduced government spending. Ghana's refusal to implement these reforms makes it ineligible to receive loans from the two institutions. Nkrumah continues with a policy aimed at diversifying the Ghanaian economy through import substituting industrialization (ISI). [Encyclopaedia Britannica, n.d.; West Africa Review, 1999; BBC, 11/4/1997]
People and organizations involved: World Bank, Kwame Nkrumah, International Monetary Fund (IMF)
          

May 1966      US-Ghana (1952-1966)

       The IMF and World Bank begin working with the military junta in Ghana, providing the country with standby credit. Western countries agree to postpone Ghana's debt obligations until December when an IMF-sponsored meeting is scheduled to convene (see December 1966). [West Africa Review, 1999]
People and organizations involved: International Monetary Fund (IMF), World Bank
          

December 1966      US-Ghana (1952-1966)

       The military government of Ghana meets with the Paris Club of Western governments and forges a debt rescheduling agreement, which defers Ghana's debt obligations between June 1966 and December 1968 to the period 1971-1979. [West Africa Review, 1999]
People and organizations involved: International Monetary Fund (IMF), World Bank
          

November 1993: Enron Power Plant Creates Demand for an Afghanistan Pipeline      Complete 911 Timeline

      
The Dabhol power plant.
The Indian government approves construction of Enron's Dabhol power plant, located near Bombay on the west coast of India. Enron has invested $3 billion, the largest single foreign investment in India's history. Enron owns 65 percent of the Dabhol liquefied natural gas power plant, intended to provide one-fifth of India's energy needs by 1997. [Asia Times, 1/18/01; Indian Express, 2/27/00] It is the largest gas-fired power plant in the world. Earlier in the year, the World Bank concluded that the plant was “not economically viable” and refused to invest in it. [New York Times, 3/20/01]
People and organizations involved: India, World Bank, Enron
          

September 9, 1995      Haiti Coup

       Haitian Prime Minister Smarck Michel begins a 10-day trip aimed at “unlocking about [$1 billion] in foreign aid stalled after a political row in Haiti about planned privatization.” He begins in New York where he meets with commercial bankers. Afterwards, in a two-hour press conference with the Haitian press, he explains to his Haitian viewers that the World Bank, International Monetary Fund (IMF) and the Inter-American Development Bank (IDB) are holding back $150 million until Haiti can “fulfill the conditions which structural adjustment demands,” and warns that there will be “dire consequences” if the Haitian people continue to resist privatization and other neoliberal reforms. [Haiti Progress, 9/13/1995]
People and organizations involved: Inter-American Development Bank (IDB), Smarck Michel, World Bank, International Monetary Fund (IMF)
          

Early October 1995      Haiti Coup

       During the World Bank's annual meeting, the Bank and the International Monetary Fund (IMF) pressure Haiti to sign a letter of intent assuring the US, IMF, and other donors that Haiti would proceed with the Structural Adjustment Program that President Aristide had agreed to in August 1994 (see August 1994) before he was restored to power by a US-led multinational force. Haiti, whose parliament and population are strongly opposed to the neoliberal reforms, refuses to sign the letter. [Multinational Monitor, 11/2004]
People and organizations involved: Jean-Bertrand Aristide, Smarck Michel, World Bank, International Monetary Fund (IMF)
          

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