This paper describes the World Bank’s mission in a changing world. Conditionality of the Bank is different in several ways as it operates over a longer timeframe and relates to the more comfortable issues of economic growth rather than financial stabilization. The longer timeframes of the Bank’s programs require reaching agreement with borrowing countries on the desirability of maintaining the course that’s being advocated for an extended period. Many developing countries are unduly sensitive about the possibility that they may have to exercise their sovereignty more forcefully in the future.
R. Portes, A. Swoboda, W.M. Scammel, Robert Hormats, Bahram Nowzad, Philip Cagan, Frederick Ribe, Martin Feldstei, Lan Bovenberg, Sebastian Edward, Mr. Liaquat Ahamed, Anthony Lanyi, Susan Joeke, Masooma Habib, H.W. Arndt, and Robert Picciotto
This paper discusses the structural adjustment in low-income countries. In the first 20 months of its operations, the IMF’s structural adjustment facility (SAF) has provided concessional financial assistance to support the balance-of-payments adjustment efforts of 21 low-income member countries. Most SAF arrangements have supported policy reform programs that have also received support under other IMF facilities. The fundamental concept underlying the SAF is the notion that growth and adjustment are mutually reinforcing.
Horst Sieber, J.C.B. Mohr Tübingen, Robert R. Miller, Francis A. Lees, K. Thomas Liaw, Mr. Marc G Quintyn, Ravi Ramamurti, Antonio Estache, T. Paul Schüfe, William E. Becker, William J. Baumol, George Psacharopoulos, Hyung-Ki Kim, Michio Muramatsu, T. J. Pempel, Kozo Yamamura, Roger C. Riddell, Mark Robinson, Peter Lanjouw, and Gilbert Etienne
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