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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 (


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

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.

International Monetary Fund. External Relations Dept.

Following is a summary of the September 28 opening address of the Annual Meetings Chairman, Mahesh Acharya, Governor of the Bank and the IMF for Nepal.

Peter S. Heller and Mr. Sanjeev Gupta

This paper highlights that despite unprecedented gains in living standards in some countries over the past few decades, poverty continues as a harsh reality in too much of the developing world. The causes lie in part with poor country governments that have not followed through on the policies and programs needed to accelerate growth and eradicate poverty. But they also reflect the uneven record of development assistance and protectionist trade policies and agricultural subsidies in industrial countries, which have dampened profitable investment and growth in the developing world.