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Context of '1965: Ghana Rejects IMF and World Bank Advance, Continues with Import Substitution Plan'

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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). [BBC, 11/4/1997; West Africa Review, 1999; Encyclopaedia Britannica, 2004]

Entity Tags: World Bank, International Monetary Fund, Kwame Nkrumah

Timeline Tags: US-Ghana (1952-1966)

By 1979, Pakistan’s economy is on the brink of collapse. Pakistan owes large debts to international organizations such as the World Bank and the International Monetary Fund (IMF), but lacks the money to pay off its loans. The criminal BCCI bank led by Agha Hasan Abedi comes up with a scheme to save Pakistan’s economy. In 1979, the IMF says that if Pakistan increases its hard currency reserves by at least $50 million for 90 days, Pakistan’s State Bank can raise the lending limits for commercial banks. With banks able to make more loans, the economy will be able to perform better. BCCI secretly loans the State Bank the hard currency until the 90 days are over and then takes it back. Having established this system, BCCI helps Pakistan’s State Bank numerous times in subsequent years to avoid financial limitations placed on Pakistan. BCCI will finally collapse in 1991 (see July 5, 1991). [Beaty and Gwynne, 1993, pp. 292-293]

Entity Tags: Bank of Credit and Commerce International, International Monetary Fund, Pakistan State Bank, World Bank

Timeline Tags: Complete 911 Timeline

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]

Entity Tags: World Bank, International Monetary Fund, Smarck Michel, Jean-Bertrand Aristide

Timeline Tags: Haiti Coup

The World Bank and the International Monetary Fund announce that they will send their economists to Iraq to assess needs for reconstruction as soon as it is safe to do so. The decision was made “with strong pressure from the United States,” the New York Times reports. [New York Times, 4/14/2004]

Entity Tags: International Monetary Fund, World Bank

Timeline Tags: Iraq under US Occupation

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