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In the context of the Bank's Articles of Agreement, the book objectively describes its functioning . Controversial issues such as inevitable policy dialogue before loan approval , insistence on 'sound' policies being followed by the borrower, the Bank's zeal to downsize the public sector, to curtail military expenditure, to ensure good governance, and to safeguard the environment, are analysed and commented upon. Prospective borrowers may find these comments vaulable when negotiating with the Bank.
     The continued relevance of the World Bank has been questioned in the context of globalisation, liberalisation and consensus on and enhanced role for the 'market'. While dealing with this issue, the book argues that not only are private capital flows unreliable, and may not even materialise for the social sector, but also these are concerntrated on the middle income countries, and on China. The needs of other deserving low income countries have been ignored, thought they need massive in vestment both in physical and social infrastructure. The study argues that continued assistance at an enhanced level from the World Bank would be crucial, and rapid development would be of mutual benefit to both the developing and the industrialised countries. But the World Bank lending has stagnated in recent years, despite an increase in its clientele, especially the erstwhile Socialist countries. The needs fo the transitional economies of Eastern Europe and the former Soviet Union are commented upon. The study visualises the dabger of even the present limited resources being diverted from traditional Third World borrowers to the new claimants, becouse of their affinity and propinquity to the European Union, and at one remove, to the U.S.A. Hence the plea for enhanced lending with a reasonable proprortion on concessional terms, and a more vigorous role for the World Bank.

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H.N. Ray was a member of the Indian Civil Service, and served under the Government of undivided Bengal, and West bengal. He was deputed to the Government of India; after serving in various capacities there, he supernnuated while holding the post of Finance Secretray.Thereafter, he served as Executive Director of the World Bank from 1980 to 1985. Amongst his diverse assignments were General Manager & Secretary of the Damodar Valley Corporatin, Member Secretary of the third Pay Commission and Member of the Seventh Finance Commission. He was also privileged to complete a year as fellow of Harvard University, attached to the Center for International Affairs.
     While Serving in the Ministry of Finance, he was associated with many public sector enterprises at the Board level. he also acquired an intimate knowledge of various Central Ministries and their associated agencies.
     The World Bank is involved in many structural adjustment loans, downsizing the publice sector, trade and financial reforms, infrastructure projects, and recently with issues of good governance and control of public expenditure. These activities necessarily involve intense policy dialogue. The author's field experience fo Bank-assisted projects enabled him to acquire a feel of how Bank supervision works, and his experience of the Central Government allows him to appreciate the difficulties involved in accepting some of the Bank's policy advice. His knowledge of the pulls and pressures operating at the headquarters of the Bank, enables him to take a comprehensive view. His wide and versatile experience, and his deep insights of the working of the respective organisations haveenabled him to comment incisively and knowledgeably on the World Bank's strengths and weaknesses, and on the challenges it faces in the foreseeable future.