Thursday, March 17, 2005

World's Poor Lose as World Bank Enriches Corporations

"Each year, the World Bank awards some 40,000 contracts to private firms. For every US $1 Washington contributes to international development banks, US corporations receive more than double that amount in bank-financed procurement contracts.

"If the world's poor are the losers in World Bank/IMF programs-a fact recognized not only by critics but even some Bank officials-then corporations are the winners. The World Bank is a major source of corporate welfare.


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