The IMF's role in structural adjustment

Paul Collier and Jan Willem Gunning

No 1999-18, CSAE Working Paper Series from Centre for the Study of African Economies, University of Oxford

Abstract: In the 1980s conditional lending for structural adjustment in developing countries moved the IMF beyond its role of macroeconomic crisis management. Fund-supported adjustment programmes have often been flawed by a lack of distributional analysis and by poor sequencing of reforms, notably premature financial liberalisation. As a result they have caused avoidable hardship. In addition, the attempt to taper out aid as part of the reform programme leads to avoidable reductions in post-stabilisation growth. An important role for the Fund in post-stabilisation environments is to provide credible signals to private investors.

Date: 1999
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Journal Article: The IMF's Role in Structural Adjustment (1999)
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