By Development Committee, World Bank, International Monetary Fund

ISBN-10: 0821333380

ISBN-13: 9780821333389

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Extra info for Development issues: presentations to the 50th Meeting of the Development Committee, Washington, D.C., April 27, 1995

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10. Thus, the overall outlook is positive, but there are significant downside risks to this scenario. Industrial countries could fail to make headway on fiscal consolidation and policy slippages could occur in the developing counties. Under this pessimistic scenario, if monetary policy in industrial countries is tightened further to curb inflation and interest rates rise sharply, growth could slow down. Moreover, countries that squander the proceeds of the boom will suffer disproportionately as they are penalized by domestic and foreign investors.

Another meeting is scheduled to begin on April 24. The fiscal constraints that a number of donors are experiencing will make replenishment difficult, but we are reassured by the strong support for IDA on the part of donor and recipient countries alike. 29. IDA's commitment authority remains adequate for near-term requirements. Management is, however, closely monitoring developments related to delays in availability of major donors' contributions. Progress Under the Special Program of Assistance (SPA) for Low-Income Countries Undertaking Structural Reforms in Sub-Saharan Africa 30.

Within six years, IBRD debt will be virtually eliminated for nearly all of the 19 IDA-only countries that today have IBRD debt. 34. The joint paper by the staffs of the Bank and the Fund entitled ''Multilateral Debt of the Heavily Indebted Poor Countries" analyzed the debt issues of highly indebted poor countries. Its main conclusions are as follows: For a majority of highly indebted poor countries, multilateral debt is not a significant burden if they maintain appropriate domestic policies and receive adequate financing; however, external debt and debt service are serious problems for many of them.

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Development issues: presentations to the 50th Meeting of the Development Committee, Washington, D.C., April 27, 1995 by Development Committee, World Bank, International Monetary Fund


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