When Paul Wolfowitz became president of the World Bank in June, there was widespread concern that he would be tough, uncompromising and bad news for the world’s poorer countries. If the World Bank’s stance on Ecuador is anything to go by, these fears appear to be well founded.
In August, the Bank suspended at the last minute a $100 million loan to the Andean nation. This was done because Ecuador will divert some of its oil revenues away from debt reduction to social spending.
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