In September 1975, Mr. McNamara outlined in his address to the Governors of the Bank at their Annual Meeting a major new undertaking for the Bank—a program to help national governments alleviate poverty in the rapidly growing cities of the developing countries. This article, the second in the series, sets out the background to this major effort, outlines the basic strategy that has been developed, and reports on progress to date.
What about the flow of well-educated people from less developed countries to richer countries? The author puts forth the view that—sometimes at least—it alleviates social and economic stresses in some of the “losing” countries.
This paper highlights that 1977 was an eventful year for the IMF. Drawing on the IMF’s resources during 1977 totaled more than SDR 3.4 billion. These were accompanied by a record volume of repurchases, which reduced the total net drawings for the year to SDR 427 million. At the end of 1977, total net drawings on the IMF since its inception were equivalent to about SDR 15.5 billion. In 1977, the IMF also carried out its gold sales to members at SDR 35 per ounce under the IMF’s “restitution” program.
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The Economics of Demographics provides a detailed look at how the biggest demographic upheaval in history is affecting global development. The issue explores demographic change and the effects of population aging from a variety of angles, including pensions, health care, financial markets, and migration, and looks specifically at the impact in Europe and Asia. Picture This looks at global demographic trends, while Back to Basics explains the concept of the demographic dividend. Country Focus spotlights Kazakhstan, while People in Economics profiles Nobel prize winner Robert Mundell. IMF Economic Counsellor Raghuram Rajan argues for further change in India's style of government in his column, Straight Talk.
This Selected Issues Paper states that Israel’s growth performance is impressive, with real GDP growing at a faster pace than many other OECD countries. The secular Jewish population enjoys a high level of living standards, whereas most Arab and Haredi people are poor, with poverty incidence reaching 60 percent for both groups. Low employment in Arab and Haredi communities is mainly accounted for by the low employment rate of Arab women and Haredi men.
Mali’s territorial integrity is threatened, questioning its internal capacity to face challenges and especially to ensure the physical safety of goods and individuals. The government is committed to implement all measures to overcome this situation. More specifically, it will increase political and diplomatic actions for a quick and successful crisis outcome, maintain peace and security, revive economic activity, maintain social gains and target the poorest populations, fight against corruption and financial crime, and improve revenue mobilization to reduce dependence on aid.