Source: International Herald Tribune

By Steven R. Weisman

WASHINGTON: After months of internal wrangling, the World Bank has committed itself to a new strategy to combat corruption in its $20 billion annual loan program. But it will not cut off financing to poorly or dishonestly governed countries without consulting the bank's board.

The action, taken in a unanimous vote of the 24 members of the board Tuesday, was hailed as a step forward by the bank president, Paul Wolfowitz, who has made the fight against corruption a signature issue since taking his job nearly two years ago.

"I think we now have the framework," he said after the board meeting, "that will help the bank achieve the main objective of a governance strategy, which is strengthening the ability to help the poor escape poverty.

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Posted by pichu at March 21, 2007 3:58 PM