Read e-book online Aid and Power in the Arab World: World Bank and IMF PDF

By Jane Harrigan, Hamed El-Said (eds.)

ISBN-10: 1137001593

ISBN-13: 9781137001597

ISBN-10: 1349303240

ISBN-13: 9781349303243

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In addition, the timing of two of these loans was undoubtedly influenced by political factors. Without Egypt, there would have been no Arab stance supportive of the US-led coalition in the 1990–91 war against Iraq. Egypt mobilised Arab support for the war and held an emergency Arab Summit for that purpose in 1990. Unlike Jordan, Egypt also sent troops to fight alongside the American forces in liberating Kuwait. Three months after the war ended in May 1991, Egypt was rewarded with a SDR 234 million IMF Standby Loan and a US$ 300 million Bank Structural Adjustment Loan.

Firstly, it may well reduce the developmental impact of a scarce resource, namely aid. Low income countries or those that can use aid to the best effect may not receive as much aid as wealthier countries or countries with weak policies, where aid has been shown to be less effective (Burnside and Dollar 2000). As Collier and Dollar have argued (2002) a more poverty-efficient allocation of aid has the potential to double the number of people lifted out of poverty from 10 to 20 million. Secondly, the politically motivated flow of funds to MENA may well trigger adverse social and political effects.

Each member possesses a number of votes, which depends on its quota allocation and which must be cast as a bloc. This leads to a problem of democratic legitimacy since a member’s influence or voting power within such a decision-making system does not in general correspond to its voting weight. Using voting power analysis,22 Leech and Leech (2003) show that the USA possesses considerably more power than voting weight in relation to ordinary decisions requiring a simple majority. They conclude, ‘Weighted voting tends to further enhance the power of the United States at the expense of all other members in both the board of Governors and the Executive board’ (Leech and Leech 2003 Abstract) and ‘Our principal result is that the voting power of the USA turns out to be far greater than its quota would warrant’ (ibid.

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Aid and Power in the Arab World: World Bank and IMF Policy-Based Lending in the Middle East and North Africa by Jane Harrigan, Hamed El-Said (eds.)


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