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Mr. Montfort Mlachila and Ms. Misa Takebe
Despite the rapid increase in FDI flows to LICs, there have been relatively few studies that have specifically examined these flows. This paper attempts to partially fill the void by throwing light on one particularly dynamic aspect of global FDI-flows from Brazil, Russia, India and China (BRICs). The paper finds that official data sources undoubtedly underestimate the volume and scope of FDI flows as many small and medium-sized enterprises (SMEs) do not always register their investment. As a result, while it is difficult to estimate accurately the growth impact of BRIC FDI, there is case study evidence that it is increasingly significant. Second, while initial investment, mostly by state-owned companies, has often been destined for natural resource industries, over time, investment has been spreading to agriculture, manufacturing, and service industries (e.g., telecommunications). Third, FDI from BRICs flows into many non resource-rich countries in LICs and plays a significant role in growth in those countries.
Mr. Saleh M. Nsouli and Ms. Françoise Le Gall
The new international financial architecture can help African countries benefit from globalization, while minimizing the risks, and foster an environment conducive to increased domestic investment and higher sustained growth. This paper highlights the progress that African countries have made in several areas of the new architecture, but it also underscores the considerable way that these countries must go to meet the requirements of the new architecture.
Barbara Ward

This paper reviews the speech delivered by Mr. Robert S. McNamara, President of the World Bank in Geneva in an address to the Economic and Social Council of the United Nations on July 23, 1979. In McNamara’s opinion, the “massive disparities” of living standards in the world are likely to continue. For his address, Mr. McNamara drew on projections and analyses from the World Development Report, 1979, of the World Bank. Mr. McNamara also emphasized the interdependence of the developed and developing countries.