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7 ILSA J. Int'l & Comp. L. 285 (2000-2001)
The International Financial Institutions and the United Nations: The Theory and Practice of International Financial Assistance to Emerging and Transition Economies and States in Crisis

handle is hein.journals/ilsaic7 and id is 293 raw text is: THE INTERNATIONAL FINANCIAL INSTITUTIONS AND THE UNITED NATIONS: THE THEORY AND PRACTICE OF INTERNATIONAL FINANCIAL ASSISTANCE TO EMERGING AND TRANSITION ECONOMIES AND STATES IN CRISIS Karen Hudes* Reconstruction of countries emerging from conflict is at the heart of development. Since 1980, almost half of all low-income countries have experienced conflict, and nearly every country in Africa has either experienced major conflict, or borders on a country which has.' Conflict has brought Yugoslavia into poverty, and in Bosnia and Herzegovina, postwar incomes were about one-fourth of 1990 incomes. Real per capita income in Lebanon in 1990 was estimated at one-third its 1975 level in dollar terms. Fifteen of the world's poorest countries have experienced significant periods of conflict since the 1980s. What is post-conflict reconstruction? This is a process which supports the transition from conflict to peace in an affected country through rebuilding the socioeconomic framework of the society. Reconstruction does not refer only to reconstruction of physical infrastructure. What is needed is a reconstruction of the enabling conditions for a functioning peacetime society in the framework of governance and rule of law. The role of external agencies, including the World Bank (Bank) is not to implement this process but, rather, to support it. Often, conflicts are linked to competition for scarce resources, and in this context development strategies can play a role in enhancing or reducing tensions. In the past five years the World Bank has made more than $400 million in grants from its surplus earnings to post-conflict governments and to the United Nations system. The World Bank is part of a Conflict Prevention and Post-Conflict Reconstruction Network, which consists of the United Nations, the International Monetary Fund (IMF), as well as bilateral donor agencies, humanitarian aid agencies, and foundations.2 This network met in * Senior Counsel, the World Bank. This article represents the views of Karen Hudes and are not those of the World Bank or its members. I. During the 1990s, there have been 39 major conflicts, and since 1989 the United Nations has mounted more than twenty-five peacekeeping forces. 2. Canadian International Development Agency, Department for International Development, Department of Foreign Affairs and International Trade, Deutsche Gesellschaft fur Technische Zusammenarbeit, European Community Humanitarian Office, Federal Ministry of Economic Cooperation and

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