WASHINGTON (CNN) -- Police said they had arrested about 20 people Sunday, bringing to nearly 700 the number of arrests at demonstrations against the World Bank and International Monetary Fund as the organizations hold their spring meetings. Police estimated as many as 10,000 people were taking part in the demonstrations. According to a Web site for the Mobilization for Global Justice, the umbrella group for the demonstrators, the protesters are members of a coalition of dozens of groups including ACT-UP, Friends of the Earth, Jobs with Justice, United Students Against Sweatshops and the U.S. Student Association. The Web site said the groups are protesting because "most of the world's impoverished countries have suffered under IMF and World Bank programs." Adam Eidinger, a spokesman for Mobilization for Global Justice, said the protesters were nonviolent. -------------------------- IMF predicts fastest economic growth The International Monetary Fund has predicted that after faltering due to a global financial crisis, the world economy this year would grow fastest in more than a decade. It had regained footing in 1999, the institution noted. However, it issued a caveat on the sudden plunge in the US stock market and said a 'hard-landing' for the US economy was one of the leading risks to its forecast. The IMF economic outlook marked the beginning of the preliminary events leading to the formal opening of the spring meeting involving the Fund and World Bank on Sunday. Thousands of protesters have already moved into Washington to vent complaints against the two financial institutions and the IMF-US trade relations with China. The Fund, forced by the 1997-98 currency crisis to lower its forecasts consistently, said now it was in a pleasant position of boosting its estimates, largely because of the continued unexpected strength in the US. The IMF predicted that global output would expand by a strong percentage of 4.2 this year, the best showing since 1988, with growth continuing at a still-strong percentage of 3.9 in 2001. It also revised upward its estimate of output last year, now saying the global economy expanded by 3.3 percent as against 2.5 per cent in 1998 when the currency crisis, that began in Asia, was spreading to Russia and Latin America and posed risk of a global recession. Top IMF and World Bank officials defended their positions on the issues being raised by the protesters. They contended that they had drawn significant reforms and more were on the way. "A quiet revolution is under way at the IMF," said the acting managing director, Stanley Fischer. The paper said: "Wolfensohn, a former Wall Street financier who became president of the bank five years ago, likes to say the organization he inherited simply doesn't exist anymore. He's now got about 3,200 people in field offices, up from about 1,800 five years ago, in an attempt to combat a culture of direction from headquarters. He's replaced most of his 30-plus vice presidents and is about to bring on board an African as a managing director, a powerful job in the tier just below him. She is Mamphela Ramphele, a black South African physician and university vice chancellor who was active in the movement against apartheid." And; The Asian Development Bank (ADB) will offer $2.8 billion to Pakistan under a new three-year program agreed here on Thursday with the government. However, the program (2000-2003) will be continued if it is in line with the loan programs of the International Monetary Fund (IMF). Satisfactory implementation of the program is another requisite for its continuation. "Since Pakistan is still under partial international sanctions, our assistance will mainly confine to basic human needs, development of social infrastructure and poverty alleviation", said the leader of the visiting ADB mission, Marshuk Ali Shah. Briefing reporters, he said the ADB mission had concluded talks with the government officials on offering a new three-year $2.8 billion lending program. Out of $2.8 billion, 64 per cent of the assistance amounting to $1.8 billion would be in soft loans, he added. "In addition to that, the ADB will also provide grant technical assistance of some $23 million." He said the ADB's "Country Programming Mission for 2000" remained in the country for two weeks and concluded its deliberations with the senior government officials and the representatives of all the four provinces on Thursday. The proposed program represented a mix of area development program, education and health, infrastructure development and deepening of the reforms of the capital market. The new program also includes assistance for restructuring of the power sector, legal and judicial reforms and rural micro finance. Mr Shah said the ADB had not provided any funding in 1998 owing to sanctions. "But we offered $403 million, out of $800 million program meant for 1999." He said the bank was also offering funds for boosting exports and maintaining foreign exchange reserves level. Under the "Country Operational Framework program", the ADB's assistance also focused on human and social development, improving economic efficiency, export competitiveness and governance and institutional strengthening, he added. Replying to a question, he said that out of $2.8 billion, the ADB was likely to disburse $850 million annually. He said economic situation in the country was still fluid and vulnerable. "Inflation is stabilized but the foreign exchange reserves are vulnerable", he said and added that the prospects were still not very bright as the external position was weak. "We have told the Pakistani officials that we will monitor the economic performance to continue offering our assistance", he asserted. The leader of ADB delegation warned that if the ADB funds were not utilized effectively and efficiently, the level of assistance would be curtailed. The bank was offering $2.8 billion for 40 projects, he added. Giving the details of the loans, Mr Shah said that power sector restructuring loan of $250 million was expected to be offered shortly. "But a $300 million legal and judicial reforms loan will be approved within next two weeks. Then a loan of about $100 million for public administration reform will also be offered." Generally, he said, programs, like support for balance of payment, would be subjected to clearance by the IMF, while funding for social sectors did not face any problem. Another member of the ADB delegation, Bruce Carrad, said the bank was flexible to offer funds to the country. He hoped that the government would improve its accountability standards and work out a comprehensive poverty reduction strategy. He told the newsmen that legal and judicial reforms loan would be provided to improve the functioning of subordinate courts and remove delays in courts. "It will also cover the formulation of new commercial laws." ______________________________________________________ Get Your Private, Free Email at http://www.hotmail.com
