Front Matter

Front Matter Page

The word “consortium” has a solid, almost architectural sound, conveying an image of powerful entities linked by strong bonds, directing their combined energies to vast projects of great import. Consortia for both India and Pakistan provide a framework within which aid can be effectively administered. But, argues Michael L. Hoffman in “The Scaffolding of Aid,” page 14, political commitment to support the development programs must be unfaltering.

World Bank Photos – Ed Huffman

Design—Hördur Karlsson,

Fund Graphics Section

Cover: The Annual Meetings of the Fund and the World Bank Group were held in Washington, D.C., September 29 October 4, 1968. Full reports on these meetings begin on page 2.

Front Matter Page

Finance and Dovelopment

Volume 5

Number 4

December 1968


  • J. D. Scott

Deputy Editor

  • Donald Townson

Consulting Editors

  • L. Rubén Azócar

  • Jean van der Mensbrugghe

Advisors to the Editor

  • Roger V. Anderson

  • W. A. Beveridge

  • Barend A. de Vries

  • Raymond J. Goodman

  • H. Geoffrey Hilton

  • Michael L. Hoffman

  • F. A. G. Keesing

  • Lars Lind

  • Samuel Lipkowitz

  • Charles F. Schwartz

  • Marcin R. Wyczalkowski


  • Fund Graphics Section

Finance and Development is published quarterly in English, French, and Spanish by the International Monetary Fund and the International Bank for Reconstruction and Development, Washington, D.C., 20431, U.S.A.

A selection of its contents is published annually in Rio de Janeiro, Brazil, in cooperation with the United Nations Information Center.

Opinions expressed in articles and other material are those of the writer or writers; they are not statements of Fund or Bank policy.

The contents of Finance and Development may be quoted or reproduced without further permission. Due acknowledgment is requested.


  • The Fund Meeting

    • T.W.H. Eckersley and Peter C. Hole

  • The Bank Group Meeting

    • Cyril Davies

  • The Scaffolding of Aid

    • Michael L. Hoffman

  • Drawings, Repurchases, and Currencies

    • J. Keith Horsefield

  • Integrated Automobiles for Latin America?

    • Jack Baranson

  • Poverty Amidst Wealth: Trends in the World’s Economy

    • John H. Adler

  • Potentials for Tourism in Developing Countries

    • H. David Davis

  • Monetary Evolution in the Caribbean

    • Charles Mansfield

  • Book Notices

  • Recent Activity—International Bank for Reconstruction and Development, International Development Association, and International Finance Corporation

  • Recent Activity—International Monetary Fund

  • Table of Contents for Volume 5, 1968