The heads of the World Bank and the International Monetary Fund say they are ready to respond to requests for help in the rebuilding of Iraq
Published:
11 April 2003 y., Friday
World Bank President James Wolfensohn says any major commitment of funds to rebuild Iraq is contingent on the United Nations recognizing a new Iraqi government.
Horst Koehler, the head of the IMF, says the first step is to determine Iraq's financial needs. The IMF has not examined the Iraqi economy for more than 20 years. The IMF and World Bank are owned by their 184-member governments and are required to deal only with government entities.
Mr. Kohler, the German civil servant who has headed the fund for more than two years, says the winding down of the Iraq war is good news for a stumbling global economy.
"First, I think we all should be relieved that hopefully the war will end rapidly," he said. "This cloud hanging over us should fade away. Already now oil prices are below, as you may have seen, our assumption for the world economic outlook."
The IMF predicted that the oil price would average $31 a barrel this year.
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