Finance and Development Magazine at 60

[John Short]

Interesting article on economics and development relating to the IMF and World Bank over the past 60 years.

Well worth a read.


THE LIFE AND TIMES OF FINANCE & DEVELOPMENT
ANNA POSTELNYAK

https://www.imf.org/en/Publications/fandd/issues/2024/06/FandD-at-60-the-life-and-times-of-Finance-Development-Anna-Postelnyak?utm_medium=email&utm_source=govdelivery

"The Beatles are all the rage. The US Congress passes the Civil Rights Act. Nelson Mandela is condemned to life in prison in South Africa. Audrey Hepburn stars in My Fair Lady. And in Washington, on a quiet corner of 19th Street, NW, a magazine is born.

The debut of Finance & Development in June 1964 may not have been as momentous as other events of that year, but it marked the opening of a unique window for the public to peer into the workings—and thinking—of the IMF.

In a special section of F&D’s 60th anniversary issue, Anna Postelnyak traces the magazine’s history. She shows how it covered the global economy’s most important milestones and how it evolved into a platform for thought leaders from many countries to explain and debate issues central to the world economy."

It would be interesting to hear of the PFMBoard members' experiences  and any comments?

[Napodano]

In 1964 I was just three year old :-)

Trajectories I have experienced:
- from projects to programmes;
- from annual budget, split between recurrent and 'development' budget documents, to MTEF and more recently MTRS;
- from poverty reduction strategies to national development strategies
- from fiduciary risk assessments to PEFA and other codified assessments (TADAT. PIMA...)
- the surge of performance in budgeting towards its bureaucratisation ('passport of indicators'). 

What else have I missed?

 

[John Short]

Two changes which were significant

1. Change from Balance of Payment support to Budget Support where no one was concerned with what the money was used for apart from imports which were counted often from the supplying country to justify the amount.

2  In 1999 IMF introduced the Poverty Reduction and Growth Facility (PRGF) to replace its Enhanced Structural Adjustment Facility (ESAF).  This meant that budget support (by Bilateral and multi-lateral donors) was moved above the line as revenue rather than a below the line financing instrument.  This allowed an expansion of expenditures on, it was hoped, health and education.

[John Short]

Over the past 30 years the IMF has adapted to global shocks and evolving member needs.

The IMF has always adapted to the evolving needs of its member countries, and the pace of change has accelerated in the past 30 years, the IMF’s Atish Rex Ghosh and Andrew Stanley write in F&D magazine’s Picture This series.

https://www.imf.org/en/Publications/fandd/issues/2024/06/Picture-This-The-Evolving-IMF?utm_medium=email&utm_source=govdelivery