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David C. Fulton

small provincial capital of Santa Rosa de Copan, and then nothing. Nothing, that is, but mountains and farms and towns and people. The area of northwestern Honduras is relatively densely populated, but it was poor and primitive, without effective communication to the outside world. Today there is a road. We like to point out that it was financed back in 1961 by the first credit ever made by the International Development Association, the World Bank’s soft-loan affiliate. From an engineering standpoint it is not a particularly spectacular feat, though it does cross

International Monetary Fund. External Relations Dept.
This paper discusses infrastructure development and building of roads in Honduras. The paper highlights that in countries with backward transportation systems, the concept of “road” takes on an almost philosophical significance. The paper discusses the Western Highway in Honduras that was financed in 1961 by the first credit ever made by the International Development Association, the World Bank’s soft-loan affiliate. Between its terminal points, the highway provides individuals of the area with reasonably easy access to markets, and is encouraging them to expand their agricultural production.
International Monetary Fund. External Relations Dept.
International Monetary Fund. External Relations Dept.

This paper discusses infrastructure development and building of roads in Honduras. The paper highlights that in countries with backward transportation systems, the concept of “road” takes on an almost philosophical significance. The paper discusses the Western Highway in Honduras that was financed in 1961 by the first credit ever made by the International Development Association, the World Bank’s soft-loan affiliate. Between its terminal points, the highway provides individuals of the area with reasonably easy access to markets, and is encouraging them to expand their agricultural production.

International Monetary Fund. External Relations Dept.

This paper discusses infrastructure development and building of roads in Honduras. The paper highlights that in countries with backward transportation systems, the concept of “road” takes on an almost philosophical significance. The paper discusses the Western Highway in Honduras that was financed in 1961 by the first credit ever made by the International Development Association, the World Bank’s soft-loan affiliate. Between its terminal points, the highway provides individuals of the area with reasonably easy access to markets, and is encouraging them to expand their agricultural production.

William H. White

In “How Useful are Econometric Models?” in the March 1969 issue of Finance and Development, William H. White described what econometric models are and what they are used for. In this article he discusses the most important econometric terms for the user of econometric evidence, explains some of the criteria of accuracy used in presenting such evidence, and describes the extent to which those criteria can be accepted by the policymaker.

International Monetary Fund. External Relations Dept.

This paper discusses infrastructure development and building of roads in Honduras. The paper highlights that in countries with backward transportation systems, the concept of “road” takes on an almost philosophical significance. The paper discusses the Western Highway in Honduras that was financed in 1961 by the first credit ever made by the International Development Association, the World Bank’s soft-loan affiliate. Between its terminal points, the highway provides individuals of the area with reasonably easy access to markets, and is encouraging them to expand their agricultural production.

Jørgen R. Lotz and Elliott R. Morss

Tax effort is a measure of a country’s own effort to raise taxes. The concept is often used in discussions of development, but it is far from simple. In offering an improved measure of tax effort, the authors provide some explanations of the complexities.

Bimal Jalan

It is well known that aid that is tied to the exports of a particular country is apt to be expensive to the recipient. The economic effects of tied aid on the donor country are less frequently discussed.

Margaret G. de Vries

When the Fund opened its doors in 1946, international economic relations were very much restricted. Today, most current international payments and transfers of the major countries are virtually free from exchange control. Many of the less developed countries have also considerably liberalized their international payments. The author discusses this progress and also touches on some new problems that have emerged.