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International Monetary Fund. External Relations Dept.

This paper highlights that important changes have been made in the World Bank’s management systems since Mr. A. W. Clausen became President in July 1981. The changes reflect Mr. Clausen’s belief that there needs to be a more collegial approach to decision making and greater delegation of authority. The aim is that the World Bank should become more efficient and its activities should be more responsive to its clients’ needs. A Managing Committee was also established to take decisions on all key issues facing the World Bank.

This is the final article in our series commemorating the fortieth anniversary of Bretton Woods. Andrew Kamarck was with the World Bank for 28 years, holding a number of senior positions in the institution. Since retiring from the Bank, he has been Associate Fellow at the Harvard Institute of International Development. In this strictly personal perspective, he reflects about the Bank’s past efforts to promote development, including some of the obstacles it has faced, and the important role it has to play in the future.

Aklilu Habte

How does education serve to promote the economic and the sociocultural development of developing countries? The Director of the Education Department reflects on World Bank lending for education projects in the light of diverse national objectives.

International Monetary Fund. External Relations Dept.

The World Bank was recently invited by the Commonwealth Government of Australia to organize a mission which would prepare a report on the economic development of Papua and New Guinea as the basis for a development program. In this way, one of the most modern of twentieth century institutions was brought into contact with a people which, in terms of history, has not long emerged from the Stone Age. This article, drawn from the mission’s 240,000-word report to the Commonwealth Government, gives only some brief indication of the results.

International Monetary Fund. External Relations Dept.

This paper analyzes economic implications of high rates of population growth in the world. The paper highlights that today, the world population is growing at a rate that is 30 times as high as the average rate of growth between the first century A.D. and 1650. In less developed countries, this rate is 40 times as high. In discussing the advantages that economic development derives when human fertility is reduced, the paper shows that while some commonly held beliefs about these are correct, others are out of touch with modern expert thinking.

International Monetary Fund. External Relations Dept.

This paper presents highlights of the IMF Meetings in 1968. The main themes of the IMF Annual Meeting were referred to by President Lyndon B. Johnson of the United States in his address at the opening joint session. He described 1968 as “a year of crisis in financial markets,” and the special drawing rights facility as a “major step in international financial cooperation.” Many IMF Governors returned to the theme that the containment of the potentially disruptive consequences of the events of the past year was due chiefly to a remarkable degree of international cooperation and collaboration.

Shahid Javed Burki

The emphasis on decentralization and market forces has led to impressive progress. The Bank is helping address bottlenecks that remain

Systematic knowledge of factors influencing the economic development of Africa is as yet largely lacking. This article touches upon some of the basic problems already known, including adverse climates, poor soils, and rampant diseases. It also describes some of the ways in which African life has tackled, and is tackling, these problems.

John H. Adler

This year the World Bank’s Economic Development Institute celebrated the tenth anniversary of its foundation as a teaching institution. Its Director has taken the occasion to reflect on some of the fundamental lessons that he believes economists have learned about development.