Adjustment lending revisited : policies to restore growth
Corbo, Vittorio | Fischer, Stanley | Webb, Steven B. [editors]
The World Bank has been supporting structural adjustment in developing countries since the late 1940s. Initially, the support took the form of preparing and financing projects, especially in the area of infrastructure. By the late 1970s, however, it had become increasingly clear in many countries that correction of inappropriate policies could make a larger contribution to growth than additional investment could. Thus, when the second oil shock came, the Bank introduced adjustment lending, which provided quick-disbursing balance-of-payments support to assist member countries in implementing a less costly adjustment to external shocks. When commercial lending all but disappeared in the second half of 1982 and the urgency of and pay-off from reform increased, the Bank expanded its use of adjustment lending. The volume has three main parts. Part I, Adjustment Lending Policy and Effects, contains four chapters that deal with the Bank's experience with adjustment lending and the evaluation of its effectiveness in the medium term. Part II, Macroeconomic Foundations for Sustainable Growth, presents four chapters that address the long-term objective of adjustment lending - the restoration of sustainable and equitable growth. Part III, Agenda for Adjustment Lending in the 1990s, consists of the roundtable discussion, which brings together issues from Parts I and II.
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