Adjustment Policies and Development Strategies in the Arab World : Papers Presented at a Seminar held in Abu Dhabi, United Arab Emirates, February 16-18, 1987

Book
Front Matter

Front Matter

Editor(s):
Saíd El-Naggar
Published Date:
September 1987
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© International Monetary Fund, 1987

Reprinted March 1990

Library of Congress Cataloging-in-Publication Data

Adjustment policies and development strategies in the Arab world.

Papers presented at a seminar held in Abu Dhabi, United Arab Emirates, February 16–18, 1987, and organized by the International Monetary Fund and the Arab Monetary Fund.

1. Arab countries—Economic policy—Congresses. 2. Arab countries—Economic Conditions—Congresses. 3. Economic development—Congresses. 4. International Monetary Fund—Arab countries—Congresses. 5. World Bank—Arab countries—Congresses. I. El-Naggar, Said, 1920–   .   II. International Monetary Fund. III. Arab Monetary Fund.

HC498.A6395   1987   338.9'00917'4927   87-21377

ISBN 9780939934966

Price: $12.00

Foreword

The theme of this book, “Adjustment Policies and Development Strategies in the Arab World,” which is based on the papers and proceedings of a seminar held earlier this year in Abu Dhabi, underscores a central tenet of Fund-supported economic programs, namely, that there is no basic trade-off between adjustment and growth. On the contrary, by removing distortions and impediments to economic efficiency, adjustment is necessary for the attainment of sound growth. The idea that adjustment is inimical to growth conceals the fact that, without adjustment, growth today is at the expense of often significantly lower growth in the future.

In recent years, the faltering pace of economic development has stimulated increased attention on structural impediments to growth in developing countries. While necessarily continuing to address excesses in demand, Fund-supported programs have sharpened their focus on supply-enhancing measures that promote savings, increase export capacity, and improve efficiency in resource use. In the choice of policy instruments, there is also an increasing awareness that, in order to be successful, adjustment efforts must pay careful attention to social realities, especially the implications for the poorest members of society. It was encouraging to see that participants in this seminar, in discussing these issues, concurred in acknowledging their relevance for the Arab development experience.

It is to be hoped that the publication of these papers and commentaries will contribute to a broader understanding of these important economic issues.

Michel Camdessus

Managing Director

International Monetary Fund

Acknowledgment

On behalf of the participants I would like to express my thanks to the International Monetary Fund and the Arab Monetary Fund for organizing this seminar. The issues of adjustment and development in the Arab world have acquired urgency following the recent decline in oil prices and the unfavorable developments in the world economy. This seminar was thus timely and important. It provided an excellent opportunity for a number of participants concerned with adjustment and development to exchange views on a variety of important topics. The discussions that took place over three days of meetings were frank, professional, and productive. I believe the seminar has served its purpose of promoting a greater measure of understanding on different aspects of adjustment and development both at the general level and in the context of the Arab world. It has also provided the occasion to explain and evaluate the role of the International Monetary Fund and the World Bank in the adjustment process.

I would like to express my thanks to Azizali Mohammed and Ahmed Abushadi of the International Monetary Fund, and Rasheed O. Khalid of the Arab Monetary Fund for their tireless efforts in planning and organizing the seminar and for their contribution in bringing it to a successful conclusion. A special word of thanks is due to Saeed Ahmed Ghobash, former President of the Arab Monetary Fund, for his gracious hospitality and for making available the excellent conference facilities of the Arab Monetary Fund. His unfailing support throughout the seminar made our stay in Abu Dhabi as pleasant as it was productive. I would also like to thank Maxine Stough and Elin Knotter of the External Relations Department of the International Monetary Fund for directing this volume from draft through publication.

Said El-Naggar

Moderator