Word: mcnamaras
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...midst of trying to round up final stray votes on the campaign trail, Jimmy Carter last week took time out to nominate Bank of America President A.W. (Alden Winship) Clausen, 57, to succeed Robert S. McNamara, 64, as president of the World Bank. The White House made the announcement now in order to head off growing sentiment among the 138 nations making up the World Bank that it was time for a non-American to head the organization. Ever since the World Bank and the International Monetary Fund were jointly founded in 1944, the bank has been headed...
...Under McNamara, the World Bank embarked on an ambitious program to increase lending commitments to $30 billion by 1985. Last year the bank lent over $12 billion, up from $1 billion in 1968, when McNamara was appointed president. In an emotional farewell speech to the bank's annual meeting last month, McNamara defended often unpopular foreign aid to underdeveloped countries. Said he: "Investment in the human potential of the poor is not only morally right, it's very sound economics...
That was glum news for members of the International Monetary Fund and the World Bank, who gathered for four days in Washington last week for their annual meeting to survey the state of the world economy. Highlight of the meeting was an impassioned speech by World Bank President Robert McNamara, who retires next June after 13 years at the post. He pleaded with industrial nations to do more to ease the economic problems caused in the less-developed countries by seven years of soaring energy costs. Yet, ironically enough, as a result of the Middle East conflict the industrial nations...
...McNamara pointed out in his valedictory to the World Bank, the non-oil-exporting nations of the developing world face painful economic adjustments and much slower growth in the years ahead just to keep from sinking any deeper into the petroleum bog. Aid from the industrial nations, complained McNamara, "remains a minuscule and insignificant fraction of their gross national product and is wholly inadequate to the urgent needs at hand...
...panelists, all graduates of the Master of Public Administration program at the Kennedy School, last week participated at the World Bank Conference at which Paul McNamara, the bank's president, resigned...