This paper examines the Bank's negative pledge policy with a view to assisting Executive Directors in addressing the question of the appropriateness of this policy. Section two gives a brief overview of negative pledge clauses generally and describes the Bank's negative pledge policy as articulated in the negative pledge clause included in the Bank's loan and guarantee agreements with its borrowers. Section three reviews how the Bank's policy has...
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Memorandum to the Executive Directors : review of IBRD's negative pledge policy with respect to debt and debt service reduction operations (English). Washington, DC: World Bank. http://documents.worldbank.org/curated/en/770221468330930339