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Colección:
La Educación
Número: (116) III
Año: 1993

TABLE 1
IMF-MW STRUCTURAL ADJUSTMENT POLICIES

1. IMF ADJUSTMENT POLICIES
a. Monetary Restraint
to reduce the growth of domestic absorption (demand) and the rate of inflation (e.g., credit ccilings to government and private sector).
b. Interest Rate Policies
set at positive real icycls to encoura e domestic savings and promote investment.
c. Reduction in the Fiscal Deficit
cuts in government expenditure and/or increases in taxation to reduce aggregate demand,
d. Exchange Rate Action
to ensure a reat exchange rate that would improve international competitiveness and create the incentive to expand the production of exports (c.g., devaluation).
e. Reduction in External Debt
to achicyc a sustainable level of foreign borrowing and avoiding a debt crisis.
f. Structural Retorms
financial sector reforms, producer pricing policies, trade liberalzation tax reforms, etc., to make the economy more tlexibic and efficient.
2. WB ADJUSTMENT POLICIES
a. Trade Policy
removal of import quotas; cut in tariffs; improve export Incentives.
b. Resource Mobilization
tax and budget retorm; interest rate poley reform: strengthening external debt management: improve tinancial performance of public enterprises,
c. Efticient Use Resources
of revise public sector investment prioritics; raise agricultural prices; reduce state intervention: reduce or climinate agricultural input subsidies; raise energy price; revise industry incentive system,
d. Institutional Reform
remove price controls; strengthen capacity to formulate and implement public investment programs; increase the efficiency of public enterprises.

Sources: Frenkel and Khan (1990); Mosley (1991).