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International Monetary Fund. External Relations Dept.

This paper discusses the appointment of A. W. Clausen as the new World Bank president. Mr. Clausen, 57, joined the Bank of America in 1949 as a trainee just out of the University of Minnesota law school and rose to become president of the San Francisco-based institution 21 years later. His career at the Bank of America spanned 31 years, and he played an important role in the bank’s expansion in the United States and overseas. Mr. Clausen has been bestowed many honors, including the Order of Merit of the Italian Republic.

International Monetary Fund. External Relations Dept.

This paper highlights that despite severe limitations of resources, developing countries have made substantial progress during the past three decades in sending more children to school and in generally improving their education systems. Enrollment of children in schools at all levels has expanded at unprecedented rates. There has been a significant decline in the proportion of adults who are illiterate—from 44 percent in 1950 to 32 percent in 1975. Public expenditures for education have increased steadily in developing countries to reach roughly the same share of national product as in industrialized countries.

International Monetary Fund. External Relations Dept.

This paper focuses on the subject of development and income distribution, and suggests a method whereby economic development can be skewed in favor of the poor. The paper underscores that improvements in the distribution of income can be achieved by applying shadow cost significantly below money cost to determine the social cost of employing members of low-income groups and to use the social consolidation strategy in the choice of technology in the physical construction of projects. The application of this method would result in the more extensive use of labor instead of capital equipment.

International Monetary Fund. Western Hemisphere Dept.

2017 Article IV Consultation-Press Release; Staff Report; Informational Annex; Statement by the Executive Director for Belize

International Monetary Fund. European Dept.

The accelerated push towards carbon neutrality will involve structural transformations in the labor market with potentially large displacement costs for workers in affected sectors. While France has a low concentration of jobs in carbon-intensive sectors, there may be indirect employment effects in other sectors from supply and demand linkages. Jobs related to the greening of the economy, currently estimated at 15 percent of total employment, are growing, with demand outstripping supply. An analysis of skill matches shows that occupations in high carbon sectors are more locked-in with fewer transition possibilities, but training and work experience are associated with improved job mobility.

Ian S. McDonald

This paper describes the need to broaden the agenda for poverty reduction. The broadening of the agenda follows from a growing understanding that poverty is more than low income, a lack of education, and poor health. The poor are frequently powerless to influence the social and economic factors that determine their well being. The paper highlights that a broader definition of poverty requires a broader set of actions to fight it and increases the challenge of measuring poverty and comparing achievement across countries and over time.

David C. Fulton

Articles in Finance and Development generally deal with the world’s economic problems as they appear to the generals in the operations room, or to senior officials in the field. In this series of articles, an attempt is made to give some glimpses of development as it affects the lives of the private soldiers of development.

International Monetary Fund. External Relations Dept.

The world’s agricultural production must shift to more sustainable patterns—including greater respect for ecosystem services and less waste—in order to feed the world’s rapidly increasing population by 2050, says United Nations Environment Programme (UNEP) Executive Director Achim Steiner.