Collier, Paul; Gunning, Jan Willem
November 1999
Economic Journal;Nov99, Vol. 109 Issue 459, pF634
Academic Journal
In the 1980s conditional lending for structural adjustment in developing countries moved the IMF beyond its role of macroeconomic crisis management. Fund-supported adjustment programmes have often been flawed by a lack of distributional analysis and by poor sequencing of reforms, notably premature financial liberalisation. As a result they have caused avoidable hardship. In addition, the attempt to taper out aid as part of the reform programme leads to avoidable reductions in post-stabilisation growth. An important role for the Fund in poststabilisation environments is to provide credible signals to private investors.


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