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Vol 21 No 11 Nov/Dec 2016

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The World Bank Legal Papers

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ISBN13: 9789041115126
ISBN: 9041115129
Published: December 2000
Publisher: Brill Academic Publishers
Format: Hardback
Price: Out of print



This text compiles the legal opinions and memoranda written by Ibrahim F.I. Shihata to the World Bank's Executive Directors during his tenure as the Bank's Vice President, then Senior Vice President and General Counsel which extended from August 1, 1983 to October 15, 1998. It also includes some of Mr. Shihata's notes to the Bank's Senior Management and some of his oral interventions before the Bank's Board of Executive Directors. In addition, the book comprises the major legal memoranda written by the staff of the World Bank's Legal Department under Mr. Shihata's supervision. Never before had the World Bank or any international organization for that matter authorized the publication of such a detailed record. By authorizing and indeed encouraging such a publication, the World Bank President and Executive Directors are making a significant contribution to the Bank's transparency and to the development of the law of international financial institutions. The book is characterized by the very broad coverage of the topics it addresses and the depth of its analysis.;It provides a most relevant reading, not only to the lawyers of the World Bank and other global and regional development finance institutions, but also to members of the executive boards and management of these institutions as well as to all others concerned with issues of development, international law and international organizations. As the eighth book produced by Shihata, on matters related to the World Bank's work, it crowns his contribution to the varied and expanding fields this important institution continues to address.

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Contents:
Introductory chapter - interpretation as practised at the World Bank.
Part 1 Issues related to the Bank's capital: valuation of IBRD Capital - the 1983 legal opinion; developments related to the standard of value of IBRD's capital and the subscriptions to IDA; details of maintenance of value of the paid - in capital held by the Bank; capital shares; preemptive rights and calls on unpaid capital; use of currencies of Bank resources; the IBRD lending limit and the ""Head Room"" issue.
Part 2 The Bank's purposes and limits: authorized purposes of bank loans, guarantees and grants; actual examples of authorized activities that required legal consideration and analysis; political activity prohibited; issues of ""Governance"" in borrowing members - the extent of their relevance under the Bank's articles of agreement.
Part 3 Operational issues: financing local expenditure; the negative pledge clause; debt and debt service reduction; legal questions related to adjustment lending; treatment of IBRD borrowers in cases of ""acute exchange stringencies"" and ""default""; requirement of a governmental guarantee of bank loans to entities other than a member country; the Bank's policy and practice on external debt defaults to international organizations, governments and governmental institutions - a descriptive analysis; guarantees by the bank of private loans; the IBRD graduation policy; state succession. (Part contents).