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Abstract:
I am pleased to be here today to discuss the impact that switching some loans to grants would have on poor countries debt burdens. In July 2001, President Bush proposed that the World Bank and other development banks replace 50 percent of future loans to the world's poorest countries with grants. A goal of this proposal was to relieve poor countries long-term debt burdens. The president s grants proposal would mean a significant change for multilateral institutions such as the World Bank, which traditionally use low-cost loans to deliver development assistance. The World Bank estimates that this controversial proposal would result in a financial loss of $100 billion over the next 40 years.
| Limitations: |
 APPROVED FOR PUBLIC RELEASE |
| Description: |
Congressional testimony |
| Pages: |
10 |
| Report Date: |
02 MAY 2002 |
| Report Number: |
A471104 |
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