As one of the conditions for a loan to implement the programme, the WB proposed user fees, arguing that they would be key to ensuring sustainability.
To address the problem of farmers being forced to pledge one third of their crop as security on loans, he threatened to implement legislation capping such crop share guarantees at one quarter.
Instead, the practice since the early 1980s has been to bail out reckless lenders through giving new loans, while forcing governments to implement austerity and free-market liberalisation to become "more competitive".
They do not, for instance, require banks to implement loan modifications with borrowers who fall behind, even when the value of the loan to the bank or investors would be maximized by cutting the borrower a break.
Moreover, all financial institutions receiving Financial Stability Plan financial assistance going forward will be required to implement loan modification plans consistent with Treasury Guidance.
As a condition of receiving loans, borrowing countries were required to implement stringent "structural adjustment programs," which typically included severe cuts in spending for health and education, the elimination of price controls, the liberalization of trade, the deregulation of the financial sector, and the privatization of state-run enterprises.
She said: "The idea would mean the council sells empty properties acquired with Housing Market Renewal Grant for a nominal fee and provide new home owners with a loan of up to £30,000 to implement a series of improvement works that the council deems necessary to bring the property back to a decent home standard.
Under HAMP, the Treasury pays servicers $1,000 to implement each loan modification, plus an additional $1,000 for every year that borrowers keep paying on the modified loan.
The IMF has been prepared to extend Egypt a $4.8 billion loan if Cairo is willing to implement fiscal reforms, like eradicating fuel and food subsidies and raising consumption taxes.
In the midst of this increased loan activity, President Obama also recognized the need to implement solid consumer protections for student loan borrowers.
