A country lacking short-term liquidity would be loth to approach the IMF for a loan under the "stand-by arrangement", the mainstay of the IMF's crisis lending.

So the emphasis is really looking at the country's institutional and policy arrangements, the impact on country policies in these areas, rather than focus on the specific impact of the Bank lending.

The concern is that if we do not re-start lending in this country, our recovery will be choked off before it even begins.