In Manila, World Bank President Robert McNamara has portioned some of the blame for poverty in developing countries on their own governments.
GV Philippines International Conference Centre (2 shots)
SVs INTERIOR People checked in by security guards at entrance (2 shots)
SV President Marcos and wife sitting at table while delegates applaud
SV McNamara speaking (2 shots)
MCNAMARA: "Over the next decade income pier capita is projected to grow at no more than two per cent a year and for hundreds of millions of human beings that means at most an advance in income of one or two dollars a year. Unless a specific effort is made to bring these people into the developing process no feasible degree of traditional welfare and no suitable redistribution of already inadequate means of wealth can fundamentally alter the circumstances that impoverished them. The responsibility for such an effort lies at first of course with the government of the poor countries themselves. Despite the fact that in the past decade they have financed 90 per cent of the development investments out of their own small incomes, a fact not often recognised in the developed countries. Despite this fact they must make an even greater effort in future."
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Background: In Manila, World Bank President Robert McNamara has portioned some of the blame for poverty in developing countries on their own governments. He tailed the opening session of the joint annual meeting of the World Bank and the International Monetary Fund on Monday (4 October) that much of what these governments had spent benefited only a privileged few.
SYNOPSIS: Some 3,000 delegates are attending the joint meeting in the Philippines. The finance ministers and economic experts face a week of intensive discussions about the management of money to the greater benefit of making. Filipino President Ferdinand Marcos declared at the opening that a global rebellion of the poor had begun to conquer poverty. Then Mr. McNamara addressed the meeting.