IMF AND WORLD BANK: World Bank turns to guarantees

World Bank guarantees are a new way to help crisis-hit countries back into the private capital markets. But the Bank still wants to lend money. James Smalhout reports

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The World Bank has been trying, lately, to return to a place much closer to its roots.

Today it may seem strange, but lending didn’t figure as part of the plan when the founders – principally John Maynard Keynes and US assistant secretary of the Treasury, Harry Dexter White – unveiled their brainchild 55 years ago at Bretton Woods.

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