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International Monetary Fund. External Relations Dept.

Following are edited excerpts of the September 26 opening address of the Annual Meetings Chair, Trevor Andrew Manuel, Governor of the IMF and the World Bank for South Africa.

International Monetary Fund. External Relations Dept.

Do better-designed macroeconomic policies—more attuned to the needs of the poor—hold a key to more effective poverty reduction? If so, much will depend on better data and more detailed analysis of what works and why. The IMF’s Research Department convened the Conference on Macroeconomic Policies and Poverty Reduction, on March 14—15, to spotlight new findings. The gathering, which follows through on an April 2001 forum, provided a platform for debate on the impact of economic reforms and financial crises on the poor, the effectiveness of social safety nets and aid, and the question ofwhat to do about the debts of illegitimate governments.

International Monetary Fund. External Relations Dept.

This paper highlights that despite unprecedented gains in living standards in some countries over the past few decades, poverty continues as a harsh reality in too much of the developing world. The causes lie in part with poor country governments that have not followed through on the policies and programs needed to accelerate growth and eradicate poverty. But they also reflect the uneven record of development assistance and protectionist trade policies and agricultural subsidies in industrial countries, which have dampened profitable investment and growth in the developing world.

International Monetary Fund. External Relations Dept.

Following is the text of the Joint Ministerial Committee of the Boards of Governors of the Bank and the IMF on the Transfer of Real Resources to Developing Countries (Development Committee) communiqué, issued on September 27 in Washington, D.C. The complete text is available on the World Bank’s website at www.world-bank.org/html/extdr/AM99/dc092799.htm.

International Monetary Fund. External Relations Dept.

As the international community debates the best ways to reduce poverty, the IMF is stepping up its efforts to better understand the complex links between macroeconomic policies and poverty reduction. In that spirit, the second annual conference on the topic was held March 14 and 15, bringing together academics, policymakers, nongovernmental organizations, and IMF and World Bank staff (see the next issue of the IMF Survey for a full report). The conference culminated in an Economic Forum with Nicholas Stern, Chief Economist, World Bank; Santiago Levy, Director General, Mexican Institute of Social Security; Nancy Birdsall, Center for Global Development; and Montek Ahluwalia, Director, IMF’s Independent Evaluation Office. Anne Krueger, IMF First Deputy Managing Director, moderated.

International Monetary Fund. External Relations Dept.

Following is an edited version of a speech delivered by IMF Deputy Managing Director Eduardo Aninat at the High-Level Meeting of the United Nations (UN) Economic and Social Council (ECOSOC) in New York on July 5.

International Monetary Fund. External Relations Dept.

Following is an edited version of an address given by IMF Managing Director Horst Köhler before the United Nations Economic and Social Council (ECOSOC) in Geneva on July 16. In his remarks, Köhler endorsed a new initiative of African leaders as the basis for a comprehensive approach to fighting poverty on the continent.

International Monetary Fund. External Relations Dept.

On August 30, Stanley Fischer addressed the IMF Executive Board in his final meeting as First Deputy Managing Director of the IMF. This farewell session was preceded by a farewell dinner for Fischer and his wife, Rhoda, on August 29, hosted by IMF Managing Director Horst Köhler and his wife, Eva, and attended by Fischer’s long-term colleagues and friends, from both inside and outside the IMF. The text of Fischer’s farewell to the Executive Board, excerpts of which follow, is available on the IMF’s website (www.imf.org). (The text of Fischer’s farewell dinner speech is also available on the IMF’s website.) Fischer covered three topics each under three separate headings: changes, “unchanged virtues,” and challenges.

Mr. Emanuele Baldacci, Mr. Luiz de Mello, and Ms. Gabriela Inchauste

This paper highlights that despite unprecedented gains in living standards in some countries over the past few decades, poverty continues as a harsh reality in too much of the developing world. The causes lie in part with poor country governments that have not followed through on the policies and programs needed to accelerate growth and eradicate poverty. But they also reflect the uneven record of development assistance and protectionist trade policies and agricultural subsidies in industrial countries, which have dampened profitable investment and growth in the developing world.

International Monetary Fund. External Relations Dept.

Conditions in the global economy are encouraging, and prospects for continued economic growth are generally favorable. Nonetheless, poverty remains the single greatest challenge of the century. Speaking at the plenary sessions of the 2000 Annual Meetings of the IMF and the World Bank, held on September 26–28 in Prague, Czech Republic, the governors representing the IMF’s 182 members acknowledged that, although globalization has brought opportunities for growth and development to both rich and poor countries, not everyone has been able to take advantage of the opportunities. The task facing the international community, the governors agreed, is to build a successful, truly global economy that works well for all people and addresses the widespread poverty that remains “the unacceptable face of the global economic situation,” according to Yannos Papantoniou, Minister of National Economy and Finance of Greece.