Joseph Stiglitz, Mr. Paul Collier, Mr. Dani Rodrik, Willem Gunning, Jeffrey Sachs, and Eisuke Sakakibara
Over the past fifty years, the approach to development assistance has undergone a major shift, moving from a narrow focus on macroeconomic stabilization and liberalization to a comprehensive framework, encompassing all aspects of the economy—including social and environmental issues and poverty reduction—and tailored to the specific circumstances of each country. Along with this comprehensive approach has come the recognition that ownership of the development process has to lie with the people and their government, not solely with donors or the aid-dispensing agencies. Much of the discussion at the Annual [World] Bank Conference on Development Economics (ABCDE), held in Washington on April 18-20, centered on these new directions for development assistance, partnership, and cooperation at the national and international levels. Following are some highlights from the conference.
International Monetary Fund. External Relations Dept.
Following are edited excerpts from IMF Managing Director Horst Köhler’s remarks to the members of the Deutsche Bundestag on April 2 in Berlin. The full text is available on the IMF’s website (www.imf.org).
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This Selected Issues paper on Bangladesh underlies the export performance of readymade garment industry and inflation dynamics. Bangladesh has demonstrated that it is highly competitive in the world’s major garment markets. Inflation inertia, monetary factors, and exchange rate fluctuations are the main determinants of inflation in Bangladesh. Despite adoption of numerous tax policy measures during the past few years, policies implemented by the Bangladesh authorities have not been fully successful in lifting the revenue ratio to a level warranted by developmental objectives.