Iraq's sovereign debt and its curious global implications
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This chapter tells three stories, and questions each, and their interrelationship.
The work 'story' comes from the Latin historia and in cultures with an oral tradition stories literally store great amounts of information. By analysing all three stories together this chapter will seek to identify the current strategic thinking in the Bush Administration about the World Bank and consider the implications of this for the future of the Bank.
The first story is of the developed world's treatment of Iraq's sovereign debts in the rebuilding of the country after the Iraq War. The second story is of the radical change in US policy towards the intractable problem of poor country indebtedness. The third story is the Bush Administration policy of moving the World Bank away from making loans and towards making grants.
This chapter will argue that the first and second stories and the second and third stories are each directly related. It will conclude that one of the major motivations for the Bush Administration in these moves is to seek to reduce the resources available to the World Bank in the long term and to render it more dependent upon the contributions of its principal donor nations. A unifying theme appears to be that this US administration wants a much less independent World Bank. But our journey begins with stories.
Copyright © 2005 Edward Elgar Publishing. All rights reserved
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