Business Environment, 1st Edition by Pearson

Chapter 49: The World Bank Group | 643 |

of economies and societies around the world resulting from

increased fl ows of goods, services, capital, technology, and ideas—

an economic force that the World Bank does not control”.

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Also,

there were worldwide protests concerning the problem of extremely

high multilateral debt levels suffered by very poor countries, which

high-income countries eventually agreed were unsustainable and

muffl ed the ability of poor countries to both pay those debts and

combat poverty. This resulted in the World Bank and IMF forming

the Debt Initiative for Heavily Indebted Poor Countries (HIPC) and

to further fi nancial pledges by high income countries to assist these

institutions to carry out debt relief efforts for ...