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Mr. Saleh M. Nsouli and Justin B. Zulu

Abstract

This paper reviews recent experience of African countries in the design and implementation of adjustment programs supported by use of Fund resources.

Mr. Saleh M. Nsouli, Mr. John B. McLenaghan, and Mr. Klaus-Walter Riechel

Abstract

One of the principal aims of the effort to integrate the economies of the 16 member countries of the Economic Community of West African States (ECOWAS) is to expand intra-Community trade. This objective is to be achieved partly through the elimination of quantitive and other restrictions on trade.

International Monetary Fund

Abstract

For over 10 years, the IMF has supported adjustment and reform programs in many of its low-income members through two facilities established specifically for that purpose - the Enhanced Structural Adjustment Facility (ESAF) and its precursor the Structural Adjustment Facility (SAF). By the end of 1994, 36 countries had availed themselves of these facilities, in support of 68 multi-year programs. This study summarizes the findings of a review of the experience under these programs and of economic developments in the countries that undertook them.

Mr. Ulrich Baumgartner, Mr. G. G. Johnson, K. Burke Dillon, R. C. Williams, Mr. Peter M Keller, Maria Tyler, Bahram Nowzad, Mr. G. Russell Kincaid, and Mr. Tomás Reichmann

Abstract

The external indebtedness of non-oil developing countries has been of growing concern in recent years. Several factors have brought the debt issue to the forefront of the problems facing a number of countries, including the rapid rise in extenal debt in the recent past, changes in the composition of debt (toward a greater proportion owed to commercial banks) and the attendant deterioration in the terms of debt, and the rise in debt service resulting from these developments.

Kyong Mo Huh, Ms. Benedicte Vibe Christensen, Peter J. Quirk, and Toshihiko Sasaki

Abstract

In recent years, an increasing number of developing countries have adopted market-determined floating exchange rates. This development has represented a significant step forward in the evolution toward exchange rate flexibility that has taken place in the developing country group since the adoption of generalized floating by industrial countries in 1973.

Mr. G. Russell Kincaid, K. Burke Dillon, Mr. Maxwell Watson, and Ms. Chanpen Puckahtikom

Abstract

The number of debt restructurings has increased sharply since the emergence of widespread payments difficulties in 1982. In that year, only 7 bank and 6 official restructuring agreements or temporary deferments were negotiated; in 1984, there were 21 and 13 respectively. Moreover, a substantial portion of the recent new private lending being made to developing countries has been coordinated under restructuring arrangements.

Kyong Mo Huh, Ms. Benedicte Vibe Christensen, Peter J. Quirk, and Toshihiko Sasaki

Abstract

In recent years, an increasing number of developing countries have adopted market-determined floating exchange rates. This development has represented a significant step forward in the evolution toward exchange rate flexibility that has taken place in the developing country group since the adoption of generalized floating by industrial countries in 1973. Before 1983 there had been only isolated instances of floating by developing countries in the context of the post-par value regime. Lebanon has had such a floating exchange rate for several years. Other experiences with market-determined unitary floating rates were quite short lived, lasting for less than one year (Mexico, 1976/77; Argentina, 1978; Costa Rica, 1981; and Chile, 1982).

Ms. Catherine A Pattillo and Mr. Paul R Masson

Abstract

On April 20, 2000, in Accra, Ghana, the leaders of six West African countries1 declared their intention to proceed to monetary union among the non-CFA2 franc countries of the region by January 2003, as a first step toward a wider monetary union including all the ECOWAS3 countries in 2004. The six countries committed themselves to reducing central bank financing of budget deficits to 10 percent of the previous year’s government revenue; reducing budget deficits to 4 percent of GDP by 2003; creating a Convergence Council to help coordinate macroeconomic policies; and setting up a common central bank. Their declaration states that, “Member States recognize the need for strong political commitment and undertake to pursue all such national policies as would facilitate the regional monetary integration process.”

Mr. Saleh M. Nsouli and Justin B. Zulu

Abstract

This paper reviews recent experience of African countries in the design and implementation of adjustment programs supported by use of Fund resources.1 The aggregate analysis covers primarily 1980 and 1981, while the case studies include results through the end of 1983. The paper is divided into seven parts. The first part outlines the economic background leading to the emergence or aggravation of financial imbalances in Africa before 1980. The second part reviews the role of the Fund in financing and adjustment. The third part examines the objectives of programs supported by use of Fund resources. Against this background, the fourth part analyzes the design of programs. The fifth part assesses the experience in implementing adjustment programs, with a view to determining the reasons for the difficulties that these countries encountered. The sixth part provides case studies of the recent adjustment programs of Somalia and Mali, which were supported by use of Fund resources. The conclusion summarizes the study’s main findings.

Mr. Peter S. Heller and Mr. Alan A. Tait

Abstract

Many studies on international tax comparisons have been undertaken since the early 1970s.2 While controversial, such studies have facilitated more subtle comparisons of a country’s tax performance than would be afforded by focusing on its simple tax ratio. This paper provides a comparable framework for comparisons of both functional and economic expenditure patterns of countries having similar economic and demographic positions. It also provides an implicit technological norm for predicting the economic characteristics of a country’s expenditure pattern, based on its choice of priorities for functional expenditures.