Sunday 25 April 1999
The high-minded ideas for global restructuring of the international financial architecture which were briefly floated last year have now been considerably diminished, and the next few days are likely to see little more than moderate tinkering. A small-scale plan to create a new pocket for developing countries to dip into when their economies come under attack is still not finalised, six months after it was first suggested by President Bill Clinton.
When finance ministers from the Group of Seven (the US, Germany, Japan, France, Italy, Canada and Britain) meet tomorrow, there will be the usual spat as the US demands economic expansion from its partners. The Fund and the Bank will also have to confront weaknesses in their plans to help the poorest nations. The Heavily Indebted Poor Countries scheme has been widely criticised, but the IMF says that it is everybody else's fault but theirs. "The programme in many respects has been quite successful," said Tony Boote, in charge of the scheme. "However, there has been a very effective campaign ... which has raised expectations in this area, and against raised expectations we have failed to deliver, in a sense."
- 1 Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 Israel's propaganda machine is finally starting to misfire
- 5 Zayn Malik on Israel-Gaza: One Direction singer bombarded with Twitter death threats after posting #FreePalestine
Sally Farmiloe dead: Howards' Way actress, and former mistress of Jeffrey Archer, dies aged 60
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
Australian model Robyn Lawley stages naked protest against huge coal mine seven times the size of Sydney Harbour
Drew Barrymore’s sister Jessica found dead in her car surrounded by 'dozens of white pills'
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
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