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Davos Dispatch: Clinton brings development to Davos

In contrast to Davos-in-NY in 2002, when the post-Sept. 11 talk was of the risk of terror and Davos 2003 when the corridor discussion was mostly about Iraq and the impending war, there is no grand obsession this year. There is sensible and mildly worried talk about whether the global economic recovery will be sustained. Most attention is given to the imbalances in the world economy – particularly U.S. budget and current account deficits; the Europeans’ tepid growth and stolid Central Bank reluctance to stimulate; and the Chinese resistance to letting their currency appreciate.

Response to the 2004 State of the Union Address

In the 2004 State of the Union address, President Bush set out for the American people, indeed for the world, his vision of "A Nation with a Mission." Last year, President Bush announced in his State of Union address a new $15 billion initiative to fight the HIV/AIDS pandemic in Africa and the Caribbean. This year, there was no mention of the U.S. role in fostering prosperity in the world's poor countries. Despite dedicating a large portion of his address to foreign policy, President Bush’s focus on the international arena was too narrow.

Providing New Financing to Low-Income Countries with High Levels of Debt: Some Considerations

Low-income countries with high levels of debt face a dilemma when considering new financing. Additional funding is needed to meet key development objectives, but too much new financing in the form of debt can exacerbate debt problems. Countries that borrow too much – even on concessional IDA terms – can quickly find themselves facing rapidly rising debt ratios that could threaten debt sustainability in the future.

Initial Reactions to the Announcement on the MCA

On November 25 the Bush administration announced new details for implementing the Millennium Challenge Account. Overall, the announced steps are very positive. They underscore the administration’s commitment to making this new initiative work effectively, both in terms of full funding and in reorganizing the way that aid is delivered.

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How to Travel Africa On the Cheap

U2 Front Man Bono and US Treasury Front Man Paul O’Neill may have had a few differences during their Africa tour, but they clearly agree that Africa needs increased market opportunities.

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