Financial Daily from THE HINDU group of publications
Wednesday, Sep 24, 2003
Financial Daily from THE HINDU group of publications Wednesday, Sep 24, 2003 |
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Money & Banking
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RBI & Other Central Banks No funding schemes in Iraq as of now, say World Bank, IMF Vimala Vasan
Dubai , Sept. 23 THE World Bank and the IMF will not be involved in any lending programmes in Iraq at present, officials said after a key Development Committee meeting here. Mr Trevor Manuel, Chairman of the Development Committee (Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries), and Minister of Finance, South Africa, said at a press conference here in reply to a query that though substantial financial support had been sought for Iraq, the status of the government in Iraq should be clarified as a precursor to any lending. "A UN Security Council resolution on the status of the government in Iraq is required as a precursor to any lending," he said. Iraq may not be able to fulfil its loan obligations at present, he said. In reply to a query on the reforms announced by the Iraqi Finance Minister here, the World Bank President, Mr J. Wolfensohn, said that theoretically the reforms were good, but he could not comment on how they would fit into the existing economic scenario in Iraq.
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