Abstract

Before turning to the record of adjustment and reform undertaken in ESAF countries, it is useful to recall why countries embarked on this process, and what they hoped to achieve. This section looks first, in broad terms, at the nature of the economic difficulties that countries faced prior to their first SAF/ESAF-supported program, since these naturally determined much of what followed. The objectives and key components of the strategies designed to address those problems are then summarized. The final element considered is the background—both domestic and global—against which policies were implemented.

Economic Adjustment and Reform in Low-Income Countries