The theory and practice of counterpart funds sounds like a dry and technical subject. It is. But new readers should not despair. As the authoritative articles in this issue of the Bulletin amply demonstrate, the topic of counterpart funds repays further study. Counterpart funds themselves play an important, growing and often controversial role in developing countries. More to the point, the topic is replete with linkages to broader issues in development: poverty targeting, aid conditionality, the management of the budgetary process - and many others.