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International Monetary Fund. External Relations Dept.

This paper reviews the development of Iran under the IMF’s assistance. Iran has made considerable use of the IMF’s resources. It joined the IMF in 1945 with an original quota of US$25 million. The quota has been periodically raised and this year reached US$125 million. Total purchases from the IMF by Iran have amounted to US$121 million, and repurchases now total US$107 million, the last transaction being a repurchase of US$3.5 million in July 1965. The World Bank has lent more to Iran than anywhere else in the Middle East.

Mr. Thomas A. Wolf, Anand G. Chandavarkar, Mr. Karl F Habermeier, Guy Pfeffermann, Pierre Landell-Mills, and Mr. Alan A. Tait

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. External Relations Dept.

This paper reviews the World Bank lending for structural adjustment. The World Bank has always stressed the need to use limited investable resources efficiently. It has attempted to identify investment priorities in recipient countries and lent for projects that promised a high rate of return. The Bank’s Operational Manual defines structural adjustment lending as nonproject lending to support programs of policy and institutional change necessary to modify the structure of an economy so that it can maintain both its growth rate and the viability of its balance of payments in the medium term.

Shahid Javed Burki and Sebastian Edwards

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.