Mr. Robert S. McNamara, President of the World Bank, spoke of “absolute poverty” during his address to the Annual Meetings of the Bank and the Fund in Nairobi in 1973, as “a condition of life so degraded by disease, illiteracy, malnutrition, and squalor as to deny its victims basic human necessities.” Absolute poverty, he said, was the lot of 40 per cent of the peoples of the developing countries. There was a marked shift in emphasis in the Bank’s development policies following Mr. McNamara’s speech at Nairobi. With this issue, Finance & Development begins a series of articles that will explain how the Bank is meeting the challenge of poverty in its member countries. The first article offers an overview of the change in lending policy of the Bank. Subsequent articles will highlight and explain the Bank’s work in specific sectors and how it affects the poorest.
The World Bank and the world’s poorest: I: A new series commencing in this issue will explain how the Bank is responding to the challenge of finding ways to reduce poverty in member countries
- International Monetary Fund. External Relations Dept.
- Published Date:
- June 1978