ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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A Chunk of Eternity

McNAMARA has kept his promise. Fresh commitments by the World Bank Group have risen 87 per cent above the level of last year, the geographical and purpose-wise distribution have widened, IDA has been revitalised, and new sources of funds have been tapped. Africa has received more attention, while agriculture and education have been confirmed as new areas of interest, to which population control is being added. Borrowing costs, it is true, have gone up and the percentage share of India and Pakistan in fresh commitments has declined. But it is better to mobilise capital on expensive terms than to stagnate as the Bank did for three years before McNamara: to date the moral is lost on New Delhi which still complains of lack of resources for larger outlays.

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