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International Monetary Fund. External Relations Dept.

This paper discusses the project financed by the World Bank for controlling the flow of the Chao Phya River in Thailand. Chao Phya is the lifestream of the Thai people. However, this river, and its principal tributaries are, in their natural state, capricious rivers. In the early 1950s, the World Bank began assisting the Thai government in a series of projects designed to break this ancient tyranny of the rivers’ violent changes. The paper describes how the river is being tamed for irrigation and navigation, and how they are providing electric power and other benefits.

Abol Hassan Ebtehaj

In a statement issued on March 8, IMF Managing Director Michel Camdessus announced his intention to recommend to the IMF Executive Board that it approve the revised economic program for 1999-2001 proposed by the Brazilian government. The text of News Brief 99/10 follows.

Marvin M. Wofsey and Paul M. Dickie

This paper describes modernization of ports in Peru. With the sea so predominant in the life of the country, modern ports are vital in Peru. A program has been undertaken to abandon the numerous obsolete ports served by barges and to establish a few strategically situated ports—modern, mechanized, and with terminals having direct mooring facilities. At the same time, Callao, the country’s chief port, has been improved, and specially equipped ports are being planned for fishing products.

Sanjaya Lall

The lending of money for long periods of time depends on financial stability; how can financial intermediaries, whose business it is to provide such loans, cope with the difficulties posed by inflation? Devices that link the value of loans to the cost of living or some other index are sometimes favored, but they involve problems and pitfalls, and need careful study.

International Monetary Fund. External Relations Dept.

India has emerged as one of the leading economic forces in the world. How can the country sustain high growth rates, while facing large fiscal deficits and debt, rural poverty, and underdeveloped infrastructure? Wanda Tseng, mission chief for India and Deputy Director, and Jerald Schiff, Division Chief for India, both of the IMF’s Asia and Pacific Department, spoke with Conny Lotze of the IMF Survey.

Phillip Z. Kirpich

In developing countries throughout the world, foreign experts play a vital role in identifying and carrying through development projects. But often they have been employed in wrong ways and their skills wasted. Moreover, there are many problems that are beyond the capacity of foreigners to solve or are too touchy for them to handle. The author, drawing on his experience with large-scale water-resource projects, makes some suggestions about how foreign experts can be most usefully used.

Mr. Jean-Pierre Chauffour, Ms. Sena Eken, Mohamed A. El-Erian, and Ms. Susan Fennell

This is a particularly opportune time for countries in the Middle East and North Africa to implement reforms to fulfill their considerable economic potential and reap the benefits of greater globalization and integration.

Hollis B. Chenery

An understanding of the relationship between overall growth and structural change is central to any choice of priorities in development policy. The author summarizes results from several econometric studies of structural change and the source of economic growth, and identifies the principal strategies that have led to successful development in the past 20 years.

International Monetary Fund. Research Dept.

The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and semin