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Albania: World Bank Anti-Pyramid-Scheme Plan Delayed

  • Robert Lyle

Hong Kong, 22 September 1997 (RFE/RL) - The World Bank's Vice President for Central and Eastern Europe, Johannes Linn, says a quick rescue program for Albania has been delayed. Linn says, as part of the international donor effort, the Bank has put together a $6 million-program to audit, shut down and dispose of the last of the pyramid schemes in Albania. It was these schemes that led to the virtual collapse of the economy.

But Linn says the approach envisioned in the Bank plan has been challenged in Albania's courts. He says, however, that the government is "absolutely committed" to gettting rid of the schemes, and will meet any legal requirements. The International Monetary Fund (IMF) is working on a post-conflict assistance program, but one of its requirements is that the pyramid schemes first be shut down.