International Monetary Fund. External Relations Dept.
This paper highlights that the annual meetings of the World Bank and its affiliates, the International Development Association (IDA) and the International Finance Corporation (IFC), and of the IMF, were held in September 1965 in Washington. At the Bank Group meetings, stress was laid on the urgent needs of the less developed countries and on the Group’s plans for increasing its help toward meeting these needs. In his annual address, the President of the three institutions, Mr. Woods, emphasized the widening spectrum of the World Bank’s lending.
Among the most difficult problems faced by developing countries is that of balancing a budget which is swollen by the cost of development. This problem is enhanced both by the slowness with which revenues grow, and by technical difficulties in controlling expenditures. The Fund is alive to the importance of the problem and is now able to offer help to its members in this field.