Bibliography
de Larosière, J., “Economic Adjustment in the Developing Countries and the Industrial Countries: The Need for Complementarity,” IMF Survey, International Monetary Fund Washington Vol. 11 (April 5, 1982), pp. 97 –102.
de Larosière, J., “The International Monetary System and the Developing Countries,” IMF Survey, International Monetary Fund (Washington), Vol. 11 (November 29, 1982), pp. 377 –380.
de Larosière, J., “The International Monetary Fund and the Developing Countries,” IMF Survey, International Monetary Fund (Washington), Vol. 12 (March 7, 1983), pp. 73 –75.
Gold, Joseph, Conditionality, IMF Pamphlet Series, No. 31 (Washington: International Monetary Fund, 1979).
Guitián, Manuel, Fund Conditionality, Evolution of Principles and Practices, IMF Pamphlet Series, No. 38 (Washington: International Monetary Fund, 1981).
Helleiner, Gerald K., The IMF and Africa in the 1980s, Essays in International Finance, No. 152 (Princeton, New Jersey: Princeton University, 1983).
Hooke, A.W., The International Monetary Fund, Its Evolution, Organization, and Activities, IMF Pamphlet Series, No. 37 (Washington: International Monetary Fund, 2nd ed., 1982).
International Monetary Fund, World Economic Outlook, Occasional Paper Series, No. 9 (Washington: International Monetary Fund, 1982).
Kanesa-Thasan, S., “The Fund and Adjustment Policies in Africa,” Finance and Development, International Monetary Fund and World Bank (Washington), Vol. 18, No. 3 (September 1981), pp. 20 –24.
Makalou, Oumar B., “The Sahel Countries: Some Macro-economic Issues,” lecture, Club du Sahel Seminar on Recurrent Expenditures, Ouagadougou, Burkina Faso, January 1982; summarized in IMF Survey, International Monetary Fund (Washington), Vol. 11 (February 22, 1982), pp. 50 –55.
Makalou, Oumar B., “Fund Conditionality and Economic Growth,” lecture, the University of Montreal, Canada, February 8, 1983.
Nsouli, S.M., “The Role of the Fund in Financing and Adjustment with Particular Reference to the Sahel Countries,” lecture, Club du Sahel Seminar on Recurrent Expenditures, Ouagadougou, Burkina Faso, January 1982; summarized in IMF Survey, International Monetary Fund (Washington), Vol. 11 (February 22, 1982), pp. 50 –55.
Nsouli, S.M., and Y. Ishiyama, “The Relative Income Costs of Balance of Payments Adjustment through Monetary and Fiscal Policies” (unpublished, International Monetary Fund, 1979).
Appendix I: Targets Compared with Previous Year1
Overall Balance of Payments as a Ratio of GDP
Overall Balance of Payments as a Ratio of GDP
Overall Balance of Payments as a Ratio of GDP
Government Revenue (Excluding Grants) as a Ratio of GDP
Government Revenue (Excluding Grants) as a Ratio of GDP
Government Revenue (Excluding Grants) as a Ratio of GDP
Government Deficit (Excluding Grants) as a Ratio of GDP
Government Deficit (Excluding Grants) as a Ratio of GDP
Government Deficit (Excluding Grants) as a Ratio of GDP
Appendix II: Actuals Compared with Targets1
Overall Balance of Payments as a Ratio of GDP
Overall Balance of Payments as a Ratio of GDP
Overall Balance of Payments as a Ratio of GDP
Government Revenue (Excluding Grants) as a Ratio of GDP
Government Revenue (Excluding Grants) as a Ratio of GDP
Government Revenue (Excluding Grants) as a Ratio of GDP
Government Deficit (Excluding Grants) as a Ratio of GDP
Government Deficit (Excluding Grants) as a Ratio of GDP
Government Deficit (Excluding Grants) as a Ratio of GDP
Appendix III: Actuals Compared with Previous Year1
Overall Balance of Payments as a Ratio of GDP
Overall Balance of Payments as a Ratio of GDP
Overall Balance of Payments as a Ratio of GDP
Government Revenue (Excluding Grants) as a Ratio of GDP
Government Revenue (Excluding Grants) as a Ratio of GDP
Government Revenue (Excluding Grants) as a Ratio of GDP
Government Deficit (Excluding Grants) as a Ratio of GDP
Government Deficit (Excluding Grants) as a Ratio of GDP
Government Deficit (Excluding Grants) as a Ratio of GDP
Unless otherwise noted, the countries discussed in this paper are those covered by the African Department of the International Monetary Fund. They exclude Egypt, the Socialist People’s Libyan Arab Jamahiriya, Sudan, and South Africa. The paper does not attempt to draw a distinction between stand-by and extended arrangements. Rather, it focuses on the calendar year during which adjustment programs were implemented.
See Guitián (1981), Kanesa-Thasan (September 1981), Makalou (1982, 1983), and Nsouli (1982).
For a discussion of the relative income costs of adjustment of different trajectories defined by various policy approaches, see Nsouli and Ishiyama (1979).
See Guitián (1981), Makalou (1982, 1983), and Nsouli (1982).
Charts 1–14 are in Appendix I.
See Makalou (1982, 1983) and Nsouli (1982).
Charts 1a–14a are in Appendix II.
The dots on the zero point of the target axis in the charts indicate that no targets were set.
Charts 1b–14b are in Appendix III.
The case studies were prepared by Nur Calika and Lelde Schmitz, respectively.
Somalia has no official national income accounts data. Data used in this article are based on rough estimates by the Fund staff.
In the face of mounting pressures on official foreign exchange reserves and inadequate supplies of imported consumer goods, the Government had authorized importers to obtain imports with their own foreign exchange. The parallel market that had evolved during the 1970s as a consequence was supplied with foreign exchange by emigrant Somali workers and by exporters who underinvoiced livestock exports.
The tax was levied on a lower price than the actual export price.
The only salary adjustment during the period was due to the abolition of the development levy on government salaries, which resulted in an effective average increase of 10 percent in wages of government employees. During 1980–83 civil service salaries declined by about 46 percent in real terms.
This figure excludes obligations to Italian suppliers whose terms of rescheduling were under ongoing discussions during 1982 and 1983.
At the end of 1982, the exchange rate was CFAF 287 per US$1; at the end of 1983, it was CFAF 336 per US$1.
Charts show actual outcome for the previous year on the horizontal axis. The targeted values for the subsequent annual program are on the vertical axis. Points above the 45 degree line represent a higher targeted value than the actual outcome in the previous year.
Charts show the targeted values for the program year on the horizontal axis. The actual outcome for the same program year is on the vertical axis. Points above the 45 degree line represent higher actual values than the targeted values.
Charts show the actual outcome for the previous year on the horizontal axis. The actual outcome for the program year is on the vertical axis. Points above the 45 degree line represent higher actual values in the program year than those in the previous year.
Occasional Papers of the International Monetary Fund
*1. International Capital Markets: Recent Developments and Short-Term Prospects, by a Staff Team Headed by R.C. Williams, Exchange and Trade Relations Department. 1980.
2. Economic Stabilization and Growth in Portugal, by Hans O. Schmitt. 1981.
*3. External Indebtedness of Developing Countries, by a Staff Team Headed by Bahram Nowzad and Richard C. Williams. 1981.
*4. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1981.
5. Trade Policy Developments in Industrial Countries, by S.J. Anjaria, Z. Iqbal, L.L. Perez, and W.S. Tseng. 1981.
6. The Multilateral System of Payments: Keynes, Convertibility, and the International Monetary Fund’s Articles of Agreement, by Joseph Gold. 1981.
7. International Capital Markets: Recent Developments and Short-Term Prospects, 1981, by a Staff Team Headed by Richard C. Williams, with G.G. Johnson. 1981.
8. Taxation in Sub-Saharan Africa. Part I: Tax Policy and Administration in Sub-Saharan Africa, by Carlos A. Aguirre, Peter S. Griffith, and M. Zühtü Yücelik. Part II: A Statistical Evaluation of Taxation in Sub-Saharan Africa, by Vito Tanzi. 1981.
9. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1982.
10. International Comparisons of Government Expenditure, by Alan A. Tait and Peter S. Heller. 1982.
11. Payments Arrangements and the Expansion of Trade in Eastern and Southern Africa, by Shailendra J. Anjaria, Sena Eken, and John F. Laker. 1982.
12. Effects of Slowdown in Industrial Countries on Growth in Non-Oil Developing Countries, by Morris Goldstein and Mohsin S. Khan. 1982.
13. Currency Convertibility in the Economic Community of West African States, by John B. McLenaghan, Saleh M. Nsouli, and Klaus-Walter Riechel. 1982.
14. International Capital Markets: Developments and Prospects, 1982, by a Staff Team Headed by Richard C. Williams, with G.G. Johnson. 1982.
15. Hungary: An Economic Survey, by a Staff Team Headed by Patrick de Fontenay. 1982.
16. Developments in International Trade Policy, by S.J. Anjaria, Z. Iqbal, N. Kirmani, and L.L. Perez. 1982.
17. Aspects of the International Banking Safety Net, by G.G. Johnson, with Richard K. Abrams. 1983.
18. Oil Exporters’ Economic Development in an Interdependent World, by Jahangir Amuzegar. 1983.
19. The European Monetary System: The Experience, 1979-82, by Horst Ungerer, with Owen Evans and Peter Nyberg. 1983.
20. Alternatives to the Central Bank in the Developing World, by Charles Collyns. 1983.
21. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1983.
22. Interest Rate Policies in Developing Countries: A Study by the Research Department of the International Monetary Fund. 1983.
23. International Capital Markets: Developments and Prospects, 1983, by Richard Williams, Peter Keller, John Lipsky, and Donald Mathieson. 1983.
24. Government Employment and Pay: Some International Comparisons, by Peter S. Heller and Alan A. Tait. 1983. Revised 1984.
25. Recent Multilateral Debt Restructurings with Official and Bank Creditors, by a Staff Team Headed by E. Brau and R.C. Williams, with P.M. Keller and M. Nowak. 1983.
26. The Fund, Commercial Banks, and Member Countries, by Paul Mentré. 1984.
27. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1984.
28. Exchange Rate Volatility and World Trade: A Study by the Research Department of the International Monetary Fund. 1984.
29. Issues in the Assessment of the Exchange Rates of Industrial Countries: A Study by the Research Department of the International Monetary Fund. 1984
30. The Exchange Rate System—Lessons of the Past and Options for the Future: A Study by the Research Department of the International Monetary Fund. 1984
31. International Capital Markets: Developments and Prospects, 1984, by Maxwell Watson, Peter Keller, and Donald Mathieson. 1984.
32. World Economic Outlook, September 1984: Revised Projections by the Staff of the International Monetary Fund. 1984.
33. Foreign Private Investment in Developing Countries: A Study by the Research Department of the International Monetary Fund. 1985.
34. Adjustment Programs in Africa: The Recent Experience, by Justin B. Zulu and Saleh M. Nsouli. 1985.
International Monetary Fund, Washington, D.C. 20431, U.S.A.
Telephone number 202 473 7430
Cable address: Interfund
Out of print
