Congress is unlikely to approve the U.S....
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Congress is unlikely to approve the U.S. share of the World Bank’s $74.8-billion general capital increase this year, said David Obey, chairman of the House Appropriations subcommittee on foreign operations. Obey, a Democrat, said he opposed more funds for the World Bank because the Reagan Administration’s current strategy for tackling the debt crisis helps big bankers at the expense of American manufacturers and farmers. The increase, which went into effect this week, gives the World Bank a more active role in Third World development.
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