This paper explains how the World Bank carries out its most characteristic activity: the identification, preparation, appraisal, and supervision of projects for economic development. The paper highlights that project lending is intended to ensure that the World Bank funds are invested in sound,...

This paper focuses on currency convertibility and the exchange rate system. The paper explains some of the factors involved in extending the freedom of currency convertibility, one of the IMF’s principal policy aims. It highlights that the IMF’s Articles of Agreement make the distinction...

This paper discusses the role of the IMF in financial stability and planning in world trade. The paper highlights that the IMF was set up to assist in the maintenance of an international monetary system that is conducive to the expansion of international trade. To this end, the IMF was provided...

This paper describes what is a “World Bank Project.” The paper highlights that by the 1960s, the concept of a “project” had already widened. Starting in the late 1950s, the World Bank began expanding its lending into new sectors; today, the Bank lends for a wide variety of projects in...

This paper describes what the limits to growth are. The paper highlights that many critical variables in global society—particularly population and industrial production—have been growing at a constant percentage rate so that, by now, the absolute increase each year is extremely large. Such...

This paper highlights that in July 1975, an interdepartmental task force, chaired by the Director of the Bank’s Transportation and Urban Projects Department, had been established to develop an “urban poverty action program.” This task force published, in March 1976, an interim report...

This paper highlights that the IMF, as Trustee for the Trust Fund, held the first of its series of gold auctions on June 2, 1976, with the sale of 780,000 ounces of gold—the total amount offered—at a common price of US$126.00 a fine ounce. The first gold auction was a success from the point...

This paper highlights that the World Bank and its affiliate, the International Development Association (IDA), will support three projects in Kenya—one for rural access roads, an additional for integrated rural development, and a third for wildlife and tourism. A US$4 million loan and a US$4...

This paper highlights that 1976 was an important year for the IMF. With the end of 1976, the IMF closed its books on a year of virtually unprecedented activity. It launched the New Year with a US$3.9 billion stand-by arrangement for the United Kingdom, the largest ever made for a member country....

This paper highlights that IMF activities in the first three months of 1977 were marked by a number of “firsts.” In addition to approving the largest stand-by arrangement in its history—the SDR 3.36 billion for the United Kingdom—the IMF welcomed its first new member of the year:...