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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.

International Monetary Fund. Communications Department
Finance & Development
International Monetary Fund. Communications Department
Finance & Development
International Monetary Fund. Communications Department
Finance & Development
International Monetary Fund. Communications Department
Finance & Development
International Monetary Fund. Communications Department
Finance & Development
International Monetary Fund. Communications Department
This issue of Finance & Development discusses link between demographics and economic well-being. In the coming decades, demographics is expected to be more favorable to economic well-being in the less developed regions than in the more developed regions. The age structure of a population reflects mainly its fertility and mortality history. In high-mortality populations, improved survival tends to occur disproportionately among children. The “demographic dividend” refers to the process through which a changing age structure can spur economic growth. It depends, of course, on several complex factors, including the nature and pace of demographic change, the operation of labor and capital markets, macroeconomic management and trade policies, governance, and human capital accumulation. Population aging is the dominant demographic trend of the twenty-first century—a reflection of increasing longevity, declining fertility, and the progression of large cohorts to older ages. Barring a change in current trends, the industrial world’s working-age population will decline over the next generation, and China’s working-age population will decline as well. At the same time, trends toward increased labor force participation of women have played out with, for example, more women than men now working in the United States.