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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Ken Salaets who wrote (3447)	1/27/1999 3:54:00 PM
From: NickSE	Read Replies (2) \| Respond to of 9818

Ken, I remember reading a few months ago (can't find the link) that the US decided not to replenish the reserves and save the extra $$$. These are the same reserves that were proposed to be sold during the balanced budget struggles of years past. I can't recall the outcome of that initiative. Anyone else have info on this? Regards, Nick

To: Ken Salaets who wrote (3447)	1/27/1999 4:34:00 PM
From: C.K. Houston	Read Replies (1) \| Respond to of 9818

WORLD BANK SOUNDS Y2K ALARM FOR DEVELOPING COUNTRIES Urges contingency planning for inevitable disruptions By Phillip Kurata - January 26, 1999 USIA Staff Writer Washington -- The World Bank says most of the world's developing countries are woefully unprepared for social and economic disruptions that are expected from computer malfunctions at the turn of the millennium. A World Bank survey of 139 developing countries shows that only 15 percent are taking concrete action to fix the problems caused by antiquated computer systems with internal calendars incapable of recognizing the year 2000 ... Countries with computers unprepared for the millennium change run the risk of economic paralysis, social chaos, loss of foreign investment and unintended international consequences, says the bank's Joyce Amenta. "In fact, the year 2000 problem has already started. We are seeing problems of incorrect projections in loan payments, lost patient records and prematurely canceled orders for supplies, such as food, oil, machine parts and microcomputer chips, just to name a few," Amenta said at a news conference in Washington January 26. With less than a year before the start of 2000, bank officials say it is crucial for countries that have taken no action to date to begin contingency planning for computer dysfunctions in major infrastructure systems, such as power generation, water and sewage services, air traffic control, telecommunication and transportation services across borders. Hugh Sloan, the bank's senior information technology officer for Africa, says many African countries are operating under the dangerous illusion that the Y2K problem is mostly a problem of industrial countries. He says the leaders of many developing countries think the low level of automation in their societies will immunize them against Y2K-related breakdowns. "But, actually, the impact could in fact be greater because these developing countries are more dependent on fewer and older computing systems, and they have many more competing national demands for scarce resources," Sloan said. Despite the pessimistic outlook for Africa regarding Y2K preparedness, Sloan says he is encouraged by scattered cases of regional cooperation. "Take the case of the Uganda Electric Board, which is a major provider of electricity to Uganda, Tanzania's lake region, Rwanda, Burundi, and Kenya. Any failure of electrical supply could cause extensive problems throughout several of these areas or the entire region. There is a similar partnership between Nigeria and Niger in the production and use of power. Other examples can be found between South Africa and its neighboring countries," he said. World Bank President James Wolfensohn has written to a number of heads of state in Africa, Eastern Europe and Central Asia and other developing regions, urging them to make contingency plans for Y2K problems. "Based on how far along you are in the process of solving the Year 2000 problem in your critical systems, it may be necessary to use alternative methods for providing critical services (e.g., revert to manual systems or use stand alone systems). In addition, I would encourage you to put in place contingency plans for the inevitable disruptions as soon as possible," Wolfensohn wrote. Wolfensohn says the World Bank stands ready to help its client countries in their assessment and repair efforts with special grants and assistance loans. usia.gov ________________________________________________________________ Thanks to John Mansfield for finding this. Cheryl