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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.

Ms. Rina Bhattacharya and Mr. Benedict J. Clements

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. Research Dept.

In a context of highly favorable external conditions, especially for commodity exporters, Latin America’s fiscal and external fundamentals improved markedly over the last decade. But, how dependent are these gains on a continuation of such conditions? To address this question, we develop a framework that integrates econometric estimates of the effect of global factors on key domestic variables that determine debt dynamics, and use this framework to assess debt sustainability under less favorable external scenarios.

Ismail Serageldin and MICHEL NOËL

Donors are working with African nations to bring the poor into the mainstream of development and to alleviate the immediate effects of adjustment programs on vulnerable groups