- F. Rozwadowski, Siddharth Tiwari, David Robinson, and Susan Schadler
- Published Date:
- June 1993
Economic Adjustment in Low-Income Countries Experience Under the Enhanced Structural Adjustment Facility
Susan Schadler, Franek Rozwadowski, Siddharth Tiwari, and David O. Robinson
INTERNATIONAL MONETARY FUND
© 1993 International Monetary Fund
Economic adjustment in low-income countries : experience under the Enhanced Structural Adjustment Facility / Susan Schadler … [et al.].
— Washington, D.C. : International Monetary Fund, 
p. ; cm. — (Occasional paper ; ISSN 0251-6365; 106)
1. Structural adjustment (Economic policy) — Developing countries. 2. Loans, Foreign — Developing countries. 3. International Monetary Fund — Developing countries. 4. Sustainable development — Developing countries. I. Schadler, Susan. II. International Monetary Fund. III. Series : Occasional paper (International Monetary Fund) ; no. 106.
(US$12.00 to full-time faculty members and students at universities and colleges)
Please send orders to:
International Monetary Fund, Publication Services
700 19th Street, N.W., Washington, D.C. 20431, U.S.A.
Tel.: (202) 623-7430 Telefax: (202) 623-7201
- I. Introduction
- II. The Setting
- III. Financial and Structural Policies: The Broad Front for Reform
- IV. External and Domestic Performance: Progress Toward External Viability and Sustained Growth
- Progress Toward External Viability
- Domestic Economic Performance
- V. Summary of Findings and Conclusions
- 1. Developments in Effective Exchange Rates
- 2. Money, Interest, and Credit
- 3. Social Indicators
- 4. Debt-Service Ratios
- 5. Scheduled Debt Service Relative to External Debt
- 6. Analysis of Change in External Debt to Export Ratios
- 7. Exceptional Financing
- 8. Official Grants
- 9. Indicators of Economic Performance
- 10. Resiliency of Export Revenues
- 11. Indicators of Macroeconomic Performance by Country
- 12. Domestic Policy and External Developments
- 1. Annual Arrangements Under the SAF and ESAF
- 2. Growth, Inflation, and Current Account Prior to SAF/ESAF Period
- 3. Fiscal Conditions Prior to SAF/ESAF Period
- 4. External Developments During SAF/ESAF Period
- 5. Central Government Financial Profiles
- 6. Central Government Revenue and Grants
- 7. Central Government Expenditures
- 8. Gross External Debt
- Statistical Appendix Tables
- A1. Basic Indicators Prior to SAF/ESAF Period
- A2. Fiscal and Monetary Indicators Prior to SAF/ESAF Period
- A3. Price Controls, Marketing Boards, and Trade Monopolies Prior to SAF/ESAF Period
- A4. Exchange and Trade System Prior to First SAF or ESAF Arrangement
- A5. Terms of Trade Developments During SAF/ESAF Period
- A6. Export Prices of Key Commodities in SAF/ESAF Countries
- A7. Net Resource Transfer During SAF/ESAF Period
- A8. Official Multilateral Debt Reschedulings for SAF/ESAF Countries
- A9. Central Government Fiscal Profiles Over SAF/ESAF Period
- A10. Exchange Rate Developments Against Major Currencies (SDR Exchange Rates)
- A11. Exchange Rate Developments: Effective Exchange Rate Indices
- A12. Export Values Relative to Domestic Consumer Price Indices
- A13. Sustainability: Evolution of the External Debt to Export Ratio During SAF/ESAF Period
- A14. External Current Account Positions
The following symbols have been used throughout this paper:
- … to indicate that data are not available;
- — to indicate that the figure is zero or less than half the digit shown, or that the item does not exist;
- – between years or months (e.g., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
- / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.
This paper is based on a study that was conducted in late 1992 as part of the IMF’s ongoing process of reviewing its lending facilities. It reflects information available at the end of 1992. The authors are indebted to numerous members of Fund area departments for detailed comments on the paper, to Kirsten Fitchett for research assistance, and to Olivia Carolin and Anna Vahdati for secretarial assistance. They wish to thank J. R. Morrison of the External Relations Department, who edited the manuscript and coordinated its publication.
The opinions expressed in the paper are those of the authors and do not necessarily reflect the views of the IMF or of its Executive Directors.