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Mr. John C. Odling-Smee

This article discusses the adjustment that takes place as economies recover from balance of payments difficulties. The experiences of seven countries that obtained financial assistance from the Fund illustrate various aspects of adjustment.

Mr. Michael Blackwell

This paper examines the IMF’s role in the changing world. Faced with mounting domestic and external financial imbalances, numerous African countries adopted adjustment programs supported by the use of IMF resources during 1980–81. Considerable emphasis has been given to economic growth in programs under consideration and most aimed for an increase in economic growth during the program year. Although programs generally emphasized an improvement in the external sector position, medium-term considerations did not always allow for an improvement in the current account position.

Klaus Enders

Growth in Egypt has picked up steadily since 2004 (see chart), making it one of the Middle East's fastest growing economies. Egypt launched bold reforms in 2004 that, along with a favorable external environment, have triggered an impressive acceleration of growth, to 7 percent in 2006/07.