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The World Bank is to forgive $12.24 billion in IDA debt payments from HIPC borrowers. It has received $1 billion from … the HIPC Trust Fund to help offset these losses, but still has a $11.6 billion unfunded liability. The IMF has gold worth … $38 billion on hand for which it has no actual use. This article proposes that a small portion of IMF gold be sold …
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If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing...
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