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Global Development Finance 2003: Striving for Stability in Development Finance

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The 2003 Global Development Finance report concludes that, since the late 1990s, a fundamental shift has occurred in the pattern of private sector financial flows to developing countries. Debt flows have fallen sharply, while equity flows—mainly in the form of foreign direct investment—have remained comparatively robust. This shift from debt to equity should diminish the volatility of developing countries’ external finance and improve their access to technology, markets, and management expertise. But much more needs to be done to put development finance on a stable basis. The decline in debt flows, coupled with weak export revenues, has placed enormous pressure on the middle-income, highly indebted countries. Many low-income countries face the triple burden of low commodity prices, unsustainable debt, and declining levels of aid. Growth remains well short of what is necessary to achieve the Millennium Development Goals.
Authors
The World Bank’s International Finance Team (within the Development Prospects Group) prepared this report.  Philip Suttle was the lead author, with direction from Uri Dadush. The report was prepared under the direction of former Chief Economist and Senior Vice President Nicholas Stern.  Core team members and chapter authors include Eung Ju Kim, Hans Timmer, Robert Keyfitz, William Shaw, Himmat Kalsi, Elliot Riordan, Mansoor Dailami, Dilip Ratha, Dilek Aykut, and Sanket Mohapatra.
General Press Release: English, Japanese, Portuguese, Hindi, French, Arabic, and Spanish
Regional press releases: East Asia & Pacific (English), Europe & Central Asia (English), Latin America (English, Espanol), and South Asia (English)

Press Conference Transcript: English

Powerpoint Presentation: English

 

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