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World Bank to promote private sector
WASHINGTON. Apr 27: World Bank President Barber Conable promised on Friday the Bank would do more to promote development of private businesses. But it was uncertain whether the move was enough to head off criticism by the United States that the lending institution was not doing enough to foster market economies, reports Reuter.
US officials have said they would like to see the Bank earmark 50 per cent of all its lending to help governments promote private sector development by the year 1995.
The United States has said that unless the Bank and its affiliates did more for the private sector, It might not support more money for the International Finance Corp, its affiliate which promotes private development- The IFC has sought an Increase of 1.3 billion dollars from Its 140 member countries.
Attitudes on interest rates hardened on Friday among the leading Industrial nations before Sunday's meeting of Finance Ministers, with the United States pressing its case for lower rates and Germany resisting any cuts. US President George Bush will have an opportunity to argue for lower rates when the Ministers attend a White House reception before their scheduled meeting.
The Finance Ministers and Central Bank Governors of the
Group of Seven, comprising the United States. Canada. Japan, France. Britain, Germany and Italy, will meet on Sunday.
Bush has called for lower Interest rates worldwide to stimulate world economies and create more money to Invest in
Eastern Europe. He also wants cheaper credit at home to help bring a quick end to the US recession.
But German Bundes Bank , President Karl Otto Poehl made it clear on Friday that Germany. Worried about inflation taking off after unification.
would resist.
He told a private conference held in conjunction with the International Monetary Fund/World Bank meeting this week that cheap money was not answer to the global capital shortage.
The global demand for investment money is staggering. Lawrence Summers. Chief Economist at the World Bank, estimated that new demands for capital will exceed one trillion dollars In the 1990s. or more than 100 billion dollars a
The Industrial world will have to "accept for a long period of time relatively high real rates of interest" as a logical consequence of the capital shortage, Poehl said.
"We cannot solve this problem by slniply printing more money," Poehl said. The IMF has sided with Germany, saying in its semi-annual World Economic Outlook that pushing interest rates too low would undermine efforts to control inflation.
The US Central Bank, the Federal Reserve, also has resisted administration calls for lower Interest rates.
FED officials believe the US recession Is near the bottom and have expressed concern that pushing rates too far will set the stage for an inflationary spiral once recovery begins.