Large Rise In Bank's Funds Seen; Conable Says Boost In Capital Is Likely To Be in `Upper End'
A consensus is forming to set the increase in the capital of the World Bank at "the upper end" of the $40 billion-$80 billion range being discussed, bank president Barber B. Conable Jr.said yesterday as a three-day joint meeting of the bank and International Monetary Fund neared its end.</br></br>Conable, speaking to reporters at a press breakfast, said financial leaders favor a large increase in funding for the international agency because "most countries don't want us to come back" for more money too soon.</br></br>Bank officials have been seeking an increase in capital for two years. A major obstacle was cleared last month when Treasury Secretary James A. Baker III announced that the United States would support an increase, which Congress would have to approve.</br></br>Baker has never specified how much he believes the bank's capital should be raised, and the sum is now subject to intense negotiation among bank member countries.</br></br>Also in question is the proportion of capital that member countries would put up in cash, rather than simply pledging to provide if needed.