!! History Commons Alert, Exciting News

Context of 'May 1966: World Bank and IMF Provide Finance to Military Junta in Ghana'

This is a scalable context timeline. It contains events related to the event May 1966: World Bank and IMF Provide Finance to Military Junta in Ghana. You can narrow or broaden the context of this timeline by adjusting the zoom level. The lower the scale, the more relevant the items on average will be, while the higher the scale, the less relevant the items, on average, will be.

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]

Entity Tags: World Bank, International Monetary Fund

Timeline Tags: 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]

Entity Tags: International Monetary Fund, World Bank

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

Ordering 

Time period


Email Updates

Receive weekly email updates summarizing what contributors have added to the History Commons database

 
Donate

Developing and maintaining this site is very labor intensive. If you find it useful, please give us a hand and donate what you can.
Donate Now

Volunteer

If you would like to help us with this effort, please contact us. We need help with programming (Java, JDO, mysql, and xml), design, networking, and publicity. If you want to contribute information to this site, click the register link at the top of the page, and start contributing.
Contact Us

Creative Commons License Except where otherwise noted, the textual content of each timeline is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike