Ukraine, along with Russia, has also been among the largest recipients of long-term lending from the fund.

He has suggested that the I.M.F. focus more on making short-term loans to countries that have financial crises and less on long-term lending and development assistance.

Authorized to issue debentures rather than take ordinary deposits, they specialized in long-term lending to major kaisha, or corporations.

It was for this very reason that banks, prior to the 1970s, avoided such risky long-term lending and concentrated on short-term trade financing.

These swings are facilitated by short-term loans, which lenders prefer to long-term lending.

The risk in short-term borrowing and long-term lending is well known.

In Flanders, the public company Aquafin is a major financier of sanitation and also benefits from long-term lending provided by the EIB.

For example, the lenders might be obliged to roll over their loans or turn short-term lending into long-term lending, rather than head for the exits.

The development bank is instrumental in providing long-term lending and in guiding privatizations.

These benefits include insurance against inflation and currency devaluation, as well as permitting long-term lending and borrowing through the use of a relatively stable currency.