By Development Committee, World Bank, International Monetary Fund
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Additional info for Development issues: presentations to the 50th Meeting of the Development Committee, Washington, D.C., April 27, 1995
Our country strategies and lending programs are changing as a result. Implementation. Poverty reduction requires hard work and perseverance. In recent years, the Bank has taken a number of steps to improve the implementation, and thus the development impact, of the operations it fundsmore emphasis on the quality of initial project design, supervision, country management of the portfolio, and restructuring of projects. 42. Events such as last year's Cairo Conference on population and this year's World Summit on Social Development in Copenhagen have also given us the opportunity to demonstrate the Bank's focus on poverty and human resource development.
Accordingly, the Bank's lending for human resources development tripled in the past decade, from 5 percent of total lending in 198183 to 15 percent in 199194. This strategy is supplemented by the following elements: Targeting and safety nets. Careful targeting is essential to ensure that resources reach those most in need. In FY94, approximately three-quarters of adjustment operations were focused on poverty reduction, and about one-quarter of the Bank's investment lending supported specific, targeted programs aimed at poverty reduction.
Sound economic management would reduce both the intensity of financial markets' temporary loss of confidence and the number of countries affected, underscoring the importance of the policy framework. 11. If developing counties are to realize fully the potential gains inherent in today's improved economic environment, they need to keep policy reform at the top of the agenda. While the Uruguay Round offers the possibility of substantial gains to every country, its universal and smooth implementation is by no means assured.