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International Monetary Fund. External Relations Dept.

’s dependence on aid and commodity exports; and the need for a partnership among government, private sector industries, and labor. The IAC meeting, chaired by J.H. Mensah, Ghana’s Senior Minister and Chair of the government’s economic management team, was closed to the media to encourage candor in the exchanges between business and the government. According to the statement, members had followed IMF Managing Director Horst Köhler’s recommendation that both sides in the discussions be blunt, clear, and persistent and that they demand action. Ghana’s Minister of Private

International Monetary Fund. External Relations Dept.

the start of the IAC meeting, said that, while good governance was the top priority for establishing a favorable investment climate in a country, the provision of effective infrastructure for the private sector ranked a close second. A generation ago, he said, “it was fashionable to debate whether the state or the private sector should lead the way for economic development,” but it is now accepted that development requires both an honest, well-functioning state and a dynamic private sector. The promotion of favorable conditions for the private sector was where the

International Monetary Fund. External Relations Dept.
On September 1, 2001, Anne Krueger took up the reins as the IMF’s First Deputy Managing Director. She brought with her a wealth of experience from the public and private sectors, including long stints in academia—most recently as an economics professor at Stanford University—and, from 1982 to 1986, as the World Bank’s Vice President for Economics and Research. She is a Distinguished Fellow and past President ofthe American Economic Association.
International Monetary Fund. External Relations Dept.

On April 21, the central bank governors of Bahrain, Indonesia, the Islamic Republic of Iran, Kuwait, Lebanon, Malaysia, Pakistan, Saudi Arabia, Sudan, and the United Arab Emirates and senior officials from the Islamic Development Bank and the Accounting and Auditing Organization of Islamic Financial Institutions agreed to create an organization to promote good regulatory and supervisory practices and uniform prudential standards for Islamic financial institutions. That decision follows extensive consultation, coordinated by the IMF with the collaboration of the Islamic Development Bank and the Accounting and Auditing Organization of Islamic Financial Institutions.

International Monetary Fund. External Relations Dept.

In a keynote speech in Accra on May 3 at the end of his one-week African tour, IMF Managing Director Horst Köhler said the IMF planned to establish five regional centers in Africa to beef up locally based technical assistance and training. It was often not lack of political will but lack of capacity, he said, that blocked progress in economic reform. The IMF—responding to a request from African heads of state last year—had been working to enhance its assistance for capacity building in Africa.

International Monetary Fund. External Relations Dept.

The SDR interest rate and the rate of remuneration are equal to a weighted average of interest rates on specified short-term domestic obligations in the money markets of the five countries whose currencies constitute the SDR valuation basket. The rate of remuneration is the rate of return on members’ remunerated reserve tranche positions. The rate of charge, a proportion of the SDR interest rate, is the cost of using the IMF’s financial resources. All three rates are computed each Friday for the following week. The basic rates of remuneration and charge are further adjusted to reflect burden-sharing arrangements. For the latest rates, call (202) 623-7171 or check the IMF website (www.imf.org/cgi-shl/bur.pl?2002).

International Monetary Fund. External Relations Dept.

On September 1, 2001, Anne Krueger took up the reins as the IMF’s First Deputy Managing Director. She brought with her a wealth of experience from the public and private sectors, including long stints in academia—most recently as an economics professor at Stanford University—and, from 1982 to 1986, as the World Bank’s Vice President for Economics and Research. She is a Distinguished Fellow and past President ofthe American Economic Association.

International Monetary Fund. External Relations Dept.

While the UN Conference on Financing for Development, in March 2002, was one of the “big events of the year in development,” the most pressing issue now on the development agenda is to “stop the talk and get on with implementation,” declared World Bank President James Wolfensohn at the Fourteenth Annual Bank Conference on Development Economics (ABCDE), held in Washington on April 29-30. Among the wide-ranging themes discussed in the sessions were trade and poverty; Africa’s future: rural or industrial development?; education and empowerment; and investment climate and productivity. Conference highlights are covered below.

International Monetary Fund. External Relations Dept.

Is globalization a positive force or a destructive force? On April 11, panelists at an IMF Economic Forum entitled “Globalization: North-South Linkages” explored what has happened to growth, poverty, and inequality as a result oftrade and financial liberalization. The panelists were Graciela Kaminsky, Professor of Economics at the George Washington University; David Dollar, Research Manager, Development Research Group, World Bank; and Carol Graham, Deputy Director of Economic Studies, Brookings Institution. Carmen Rein-hart, Deputy Director of the IMF’s Research Department, moderated. The panelists seemed to agree that globalization may not bestow benefits uniformly across the globe but that it does more good than harm.