The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion. The IMF is regarded as the global lender of last resort.
Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton.
Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.
Jeffrey David Sachs is an American economist, academic, public policy analyst, and former director of The Earth Institute at Columbia University, where he holds the title of University Professor. He is known for his work on sustainable development, economic development, and the fight against poverty.
Dependency theory is the notion that resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former. It is a central contention of dependency theory that poor states are impoverished and rich ones enriched by the way poor states are integrated into the "world system". This theory was officially developed in the late 1960s following World War II, as scholars searched for the root issue in the lack of development in Latin America.
Jagdish Natwarlal Bhagwati is an Indian-born naturalized American economist and one of the most influential trade theorists of his generation. He is a University Professor of economics and law at Columbia University and a Senior Fellow in International Economics at the Council on Foreign Relations. He has made significant contributions to international trade theory and economic development.
The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent. As of 2019, approximately 1.3 billion people were living in 54 countries in Africa. Africa is a resource-rich continent. Recent growth has been due to growth in sales in commodities, services, and manufacturing. West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of $29 trillion by 2050.
Aid effectiveness is the degree of success or failure of international aid. Concern with aid effectiveness might be at a high level of generality, or it might be more detailed.
In international relations, aid is – from the perspective of governments – a voluntary transfer of resources from one country to another.
Development geography is a branch of geography which refers to the standard of living and its quality of life of its human inhabitants. In this context, development is a process of change that affects peoples' lives. It may involve an improvement in the quality of life as perceived by the people undergoing change. However, development is not always a positive process. Gunder Frank commented on the global economic forces that lead to the development of underdevelopment. This is covered in his dependency theory.
The Inter Region Economic Network (IREN) is a private Limited company based in Nairobi, Kenya, which advocates for free market economics for the development of Africa. Its founder and director is James Shikwati. IREN's key focus areas include targeted events, training, research, consultancy, communication and its online flagship magazine: The African Executive - published in English every Wednesday.
Poverty reduction, poverty relief, or poverty alleviation, is a set of measures, both economic and humanitarian, that are intended to permanently lift people out of poverty.
Andrew Mwenda is a Ugandan print, radio and television journalist, and the founder and owner of The Independent, a current affairs newsmagazine. He was previously the political editor of The Daily Monitor, a Ugandan daily newspaper, and was the presenter of Andrew Mwenda Live on KFM Radio in Kampala, Uganda's capital city.
William Russell Easterly is an American economist, specializing in economic development. He is a professor of economics at New York University, joint with Africa House, and co-director of NYU’s Development Research Institute. He is a Research Associate of NBER, senior fellow at the Bureau for Research and Economic Analysis of Development (BREAD) of Duke University, and a nonresident senior fellow at the Brookings Institution in Washington DC. Easterly is an associate editor of the Journal of Economic Growth.
The End of Poverty: Economic Possibilities for Our Time (ISBN 1-59420-045-9) is a 2005 book by American economist Jeffrey Sachs. It was a New York Times bestseller.
Carlos M. Jarque Uribe is a Mexican economist, currently Executive Director of America Movil and Board Member of the Leading Global Group in Citizen Services FCC. He has had a distinguished career in the private sector, in public service and in the academic world.
Finn Tarp is a Danish Professor of Development Economics at the University of Copenhagen and former Director of UNU-WIDER (2009-2018), Helsinki, Finland.
The Harvard Institute for International Development (HIID) was a think-tank dedicated to helping nations join the global economy, operating between 1974 and 2000. It was a center within Harvard University, United States.
The Elusive Quest For Growth: Economists’ Adventures and Misadventures in the Tropics is a 2001 book by World Bank development economist William Easterly. Upon its release, the book received acclaim from such figures as Bruce Bartlett, Robert Solow, and Paul Romer, and has since become widely cited in the Economic Development literature.
Bilateral relations exist between Australia and Kenya. Both Australia and Kenya were formerly part of the British Empire, although not simultaneously, and are current member states of the Commonwealth of Nations. As of 2020, both Commonwealth nations have maintained bilateral relations for 55 years.
