Financial Daily from THE HINDU group of publications
Friday, Jun 25, 2004
Financial Daily from THE HINDU group of publications Friday, Jun 25, 2004 |
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Opinion
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Letters Multilateral banks
This is with reference to "Projecting corruption in multilateral banks" (Business Line, June 22). The IMF, World Bank, ADB and other similar financing institutions insist on their approval of the consultants and procurers to be engaged by the borrowing countries. The contracts are to be given only to those firms in the World Bank's list, for approval. In fact, the borrowers have little say in the matter, if they want the money. For example, you cannot procure from any country that is not a member of the World Bank.Such stipulationsnaturally breed corruption in the financing institutions.If certain companies are complaining about corruption in the World Bank, it is only because they are not being given all the juiciest contracts. R. Sajan Kerala
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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