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Anthony Lanyi, Mr. Claudio M. Loser, Bahram Nowzad, Stephen Heyneman, Sanjaya Lall, and Graeme Donovan

The enhancement of the IMF’s structural adjustment facility is discussed. In its April 1987 meeting, the IMF’s Interim Committee highlighted the plight of low-income countries, and outlined a strategy for their recovery. It emphasized that it is crucial for these countries to implement reforms that to be fully effective, will need to be accompanied by the timely provision of additional financing on appropriate concessional terms to support these reforms. The Committee also called upon creditor governments to grant exceptional relief with respect to official credits in highly indebted low-income countries.

ROBERT MILLER, JACK GLEN, FRED JASPERSEN, and YANNIS KARMOKOLIAS

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Dale R. Weigel

Unhappy with the present role of multinational corporations, developing countries are pressing hard for a foreign direct investment package that benefits the local economy. Tax incentives are disappearing, fade-out regulations are increasing, and joint ventures are becoming more attractive to developing countries.

International Monetary Fund. Strategy, Policy, & Review Department
The scenario planning exercises help to draw out the surveillance priorities and stress- test the robustness of those priorities to uncertainties in the decade ahead. To inform the two priorities on confronting risks and uncertainties and mitigating spillovers, the scenarios illustrate how different shocks and alternative policy approaches carry their own risks and can have both positive and negative spillovers. The scenarios also illustrate some of the complex economic and non-economic factors that feed into the priority on economic sustainability and demonstrate how resource constraints and changing economic structures underpin the need for a unified policy approach.
Mr. Paul Streeten

The multinational is no longer so multifashionable. It is true that much is still being written about it, and this reviewer of some recent books and articles on the subject (see box) succumbs to the Swiftian thought that he who can make one word grow where there were two before is a true benefactor of mankind. Yet, in spite of the continuing controversy, some of the steam has gone out of the debate. There is no longer the sharp separation between those who think that what is good for General Motors is good for humanity and those who see in the multinational corporations the devil incorporated.

Jack Baranson

This paper describes the technical improvement in developing countries. It highlights that developing countries have relied heavily for their industrial development upon foreign enterprises as sources of technology and management systems. The paper underscores that through direct investment or under licensing arrangements, foreign corporations have supplied a vast array of industrial products and equipment and have exercised a major role in the design and construction of processing and manufacturing facilities in newly industrializing countries.