The Price of Reform

Sep 1, 2002

The Inter-American Development Bank has little to show for the billions of dollars it has pumped into Latin America. But Enrique Iglesias, who has led the IDB for 14 years, defends the bank's role and revelance.

Enrique Iglesias has spent 14 years at the helm of the Inter-American Development Bank (IADB), which have capped a career in international finance, academe and trade diplomacy spanning nearly 40 years. At the age of 72, he is not about to step gracefully into the background. Whether he will serve a fourth term as IADB president will be decided by the bank's governors in September. The IADB's United States executive director, José Angel Fourquet - who was sworn in last December - says that the US, the bank's largest shareholder, has a "great" relationship with Iglesias. There is a sense, nevertheless, in which this is the end of an era. Iglesias' tenure as president has coincided with the heyday of reform in the region. Now, as the economies of the region struggle under the weight of collapsing public finances, ratings downgrades and ballooning debts, many Latin Americans are questioning...

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