On August 7, 1990 the Executive Directors considered the President's Memorandum entitled 'review of International Bank for Reconstruction and Development (IBRD) negative pledge policy with respect to debt and debt service reduction operations' (R90-151 dated July 19, 1990). This 1990 policy paper explained the content of, and rationale for, the Bank's negative pledge clause and its recommendations were adopted by the Executive Directors. The basic...
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