Remarks at the Council of the Americas | Land Portal

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May 1999
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World Bank

James D. Wolfensohn, President of the World Bank Group, reassessed the global financial architecture and its impact on Latin America. Latin American countries, being small economies, are very vulnerable to world pressures. After a huge drop in private sector finance, we’re seeing the first signs of return. What we need now is greater transparency and supervision in banking and the private sector—and a better common set of principles and standards. We need decent government, trained government, with capacity at all levels. We need legal systems that work. We must ensure social safety nets are in place. The things that bring about equity in a society are education and knowledge. Latin America’s kids need stability and social justice.

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Author(s), editor(s), contributor(s): 

Wolfensohn, James D.

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The World Bank is a vital source of financial and technical assistance to developing countries around the world. We are not a bank in the ordinary sense but a unique partnership to reduce poverty and support development.

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