Abstract

Trade policy has received increased attention in recent years in Fund–supported adjustment programs. This attention reflects the growing concern with structural policies and the importance attached to developing programs aimed at stimulating aggregate supply, as well as re–establishing financial equilibria. Over 90 percent of Fund–supported adjustment programs in operation on June 30, 1990, called for the adoption of measures that would fall in the general category of trade policies. Furthermore, all of the Extended Fund Facility, Structural Adjustment Facility and Enhanced Structural Adjustment Facility arrangements included some form of trade policies, as did 10 of 14 stand–by arrangements.