The theoretical core of the Revised Minimum Standard Model (RMSM), which is

the most widely-used economy-wide numerical programming model within the

World Bank,1 is very different in approach from that of the ‘financial programming’

undertaken by the IMF. In the World Bank model, which is a variant of the two-

gap growth model (or the Harrod-Domar model for the open economy), the financing

needs for developmental purposes are in focus together with ‘real’ variables and