INTERNATIONAL FINANCIAL STATISTICS
Now available in French and Spanish
This statistical bulletin, published 12 times a year by the Fund, comprises world data important to the analysis of problems of inflation and deflation and balance of payments surplus or deficit. For each country covered, data are reported for exchange rates, reserves, and accounts of the money and banking system; the value, quantity, and average price of exports and imports; similar details by commodity for the major exports of raw material countries; balance of payments; and government finance accounts and national accounts assembled in a form useful for financial analysis. Over-all tables review Fund transactions and give world and area totals for reserves, trade, prices, etc. An annual Supplement carries the data back to 1948 and provides detail not given in the monthly issues. Supplements on some of the more important topics provide monthly or quarterly data, with seasonal adjustments, for long time periods.
INTERNATIONAL FINANCIAL STATISTICS is available by subscription for $10 a year, but students, faculty members, and university libraries may subscribe for $3 a year. Subscribers from most countries may make payment through their central banks at the dollar equivalent in national currencies.
Everyone interested in international monetary and financial problems needs INTERNATIONAL FINANCIAL STATISTICS. Subscribers from all countries should send their names and addresses to
International Monetary Fund
19th and H Streets, N.W.
Washington, D. C. 20431, U.S.A.
New 70 per cent reduction for students
REPORT OF WORLD BANK MISSION TO MOROCCO
The Economic Development of Morocco, 1966, 380 pp., $8.50
Early in 1964, when a World Bank mission was invited to Morocco to survey the economy, the country was in a financial crisis brought about by continued budget deficits and dwindling foreign exchange resources; also, population was growing at a rate twice that of national output. Emergency measures succeeded in 1965 in reversing the dangerous trend; longer-range need was for an investment program that would bring about a suitable rate of growth of output, while containing public expenditure within the bounds of fiscal possibilities and the amount of external assistance likely.
The mission’s report set out a six-year program of investment designed to produce greater and more rapid returns. There is much emphasis on investment in agriculture, which must continue to employ most of the country’s 13 million population, feed its multiplying numbers, and replace food imports to save foreign exchange. As an increasingly important earner of foreign exchange, tourism is considered ripe for extensive exploitation by both local and foreign capital. Although a cut is recommended in the share of investment going to social services, absolute amounts will be higher by the end of the decade than at its beginning. Top priority goes to increasing the supply of skilled manpower through expanding secondary education and technical training. While recognizing the inherent difficulties, the mission sharply underlines the threat posed by rapid population growth to real development progress as a whole.
The Moroccan Government adopted its own Three-Year Plan (1965-67) while the mission’s report was in preparation. The mission believes that its program would aid the Government in its preparation of a plan for 1968-70, and would be helpful in the annual review in 1966 and 1967 of the current Three-Year Plan.
Available from book stores or The Johns Hopkins Press, Baltimore, Maryland 21218, U.S.A.
INTERNATIONAL MONETARY FUND
19TH AND H STREETS. NORTHWEST WASHINGTON. D.C. 20431
PULP LOGS IN FINLAND
(SEE “STABILIZING AN ECONOMY”, PAGE 107)