Global Monitoring Report 2004: Policies and Actions for by James D. Wolfensohn, Rodrigo de Rato

By James D. Wolfensohn, Rodrigo de Rato

The flip of the century used to be marked via a few major and promising occasions for global improvement. The Millennium announcement - signed via 189 international locations in September 2000 - resulted in the adoption of the Millennium improvement objectives, which set transparent ambitions for removing poverty and different assets of human deprivation. Following different significant overseas conferences got here wide contract at the ambitions and techniques to accomplish them. the duty now could be implementation - to translate imaginative and prescient into motion. Drawing consciousness to priorities for motion and similar accountabilities, the recent international tracking record presents an built-in review of the rules and activities had to in attaining the Millennium improvement targets. Produced in cooperation with the overseas financial Fund (IMF) and different foreign companions, the file assesses how a few of the events - constructing nations, constructed international locations, and foreign monetary associations - are enjoying their half below the agreed improvement partnership, and highlights development at the improvement coverage time table.

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Systemic coherence. Looking across the IFIs, the evidence also points to progress collectively—both institutionally and in day-today work at the country level. Bank-Fund collaboration and coordination among the MDBs are smoother and more productive than five years ago. In tandem with the increase in partnership and coordination, there also is a healthy movement toward greater specialization in line with institutional comparative advantage. This reverses the trend of the early 1990s when overlaps in IFIs’ and other agencies’ capacities increased, as the consensus on the comprehensiveness of the development paradigm was beginning to grow.

12 There are important linkages among the human development goals. 14 And the human development outcomes are affected greatly by conditions in other sectors. 16 The multidimensionality of the MDGs, interlinkages among them, and their multisectoral determinants imply that the policy agenda for the achievement of these goals is similarly broad. Indeed, it spans the gamut of development. The central element of the agenda is promotion of stronger economic growth. Growth directly reduces income poverty and expands resources available for progress toward the other MDGs.

Orderly resolution of imbalances. Disorderly adjustment in the largest economies could retard growth or leave global economic conditions vulnerable to shocks. Most notably, the United States is running a large external current account deficit. Such large external imbalances, financed increasingly with debt instruments, are difficult to sustain for a long period. As economic growth in the United States gathers steam, a gradual tightening of fiscal and monetary policies could help bring about an orderly adjustment.

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