This volume, edited by James M. Boughton and K. Sarwar Lateef, contains the proceedings of a conference held in Madrid, Spain, in 1994, by the IMF and the World Bank to commemorate the fiftieth anniversary of the Bretton Woods conference of July 1944 that created the two institutions. The conference provided a forum for reflection and for reassessing the roles of the institutions as they approach the twenty-first century.
The session on sustainable poverty reduction aimed at examining two aspects of the problem: developing strategies for reducing poverty through economic growth and human resource development; and making poverty reduction sustainable by taking account of environmental, financial, and political constraints. The three featured speakers brought quite different perspectives to bear on these issues. The first speaker was Professor Widjojo Nitisastro, Economic Advisor to the Government of Indonesia, who spoke on the reduction of poverty in that country. In addition to his distinguished service in major ministerial positions, he was formerly Dean of the School of Economics at the University of Indonesia, and he has published a number of papers on development issues. He was followed by Professor Albert Fishlow of the University of California at Berkeley, who has worked extensively in Latin America and is a Coeditor of the Journal of Development Economics. His presentation dealt with the relationships between equity in income distribution, the alleviation of poverty, and economic growth. The third speaker was Fazle Hasan Abed, the founder and Executive Director of the Bangladesh Rural Advancement Committee and the author of many publications on development issues. The session was chaired by Musalia Mudavadi, the Minister of Finance of Kenya. Owing to the shortage of time, the general discussion that had been planned for this session was folded into that of a later session (Chapter 12).
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