Journal Issue
Finance & Development, June 1979

The World Bank and the world’s poorest-VI: The sixth article in a continuing series that explains 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 1979
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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. Following Mr. McNamara’s speech in Nairobi there was a marked shift in emphasis in the Bank’s approach to development. This series of articles explains how the Bank is meeting the challenge of poverty in its member countries.

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