Newly elected Ecuadorean president Rafael Correa, announced in January that he would make early repayments of his country’s $33 million debt to the IMF. This decision came after months of speculation that Correa would declare a debt moratorium, including on the amounts outstanding to the Fund. Correa has turned to Argentina, rather than the IMF, for advice on renegotiating the terms of its external debt with private creditors, inviting an Argentine team to Quito for technical assistance. Despite a November IMF statement that the Philippines would not be repaying early, at the end of the year the governor of the central bank announced the prepayment of $220 million that was due in April 2007.
New BWP briefing offers critical gender analysis of World Bank lending instrument to borrowing countries.
At 75, the World Bank and IMF face a crisis of multilateralism in no small part of their own making as failed economic policies have resulted in skepticism of the international order they helped to create.
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