Wolfowitz Isn't the World Bank's Biggest Problem - Time/CNN

Excerpt:
"This dragged-out mess, though, is a distraction. The bigger issue is that the Washington-based bank and its sister organization, the International Monetary Fund (IMF), are struggling to justify their continued existence.

The situation is most pressing for the smaller IMF, which pays its bills with the profits it makes lending money to middle-income countries in financial trouble. With hardly any such countries in trouble these days, the organization is projecting a $224 million deficit for this fiscal year and asking its member nations if it can start selling off some of the gold they deposited with it after World War II (the answer so far: no)."

http://www.time.com/time/magazine/article/0,9171,1617526,00.html

Alex

Sphere: Related Content