Baker Plan

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Baker Plan

A plan by former U.S. Treasury Secretary James Baker under which 15 principal middle-income debtor countries (the Baker 15) would undertake growth-oriented structural reforms, to be supported by increased financing from the World Bank and continued lending from commercial banks.

Baker Plan

A plan formed by U.S. Treasury Secretary James Baker in 1985 to relieve debt in the developing world. The Baker Plan identified 15 countries with relatively healthy economies but also with a large amount of debt, and suggested the World Bank and private banks provide funding while these countries undertook liberalizing structural reform. Ultimately the plan was not implemented because no consensus could be reached on which 15 countries to include.
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Also, in the case of the UN sponsored Baker Peace Plan for the Western Sahara, numerous powers are to be devolved to the Western Sahara Authority relating to taxation, economic development, internal security, law enforcement commerce, resource development, and social welfare.