By Ishrat Husain, Rashid Faruquee

The booklet provides case reports of Burundi, Cote d'Ivoire, Ghana, Kenya, Nigeria, Senegal and Tanzania - all selected for the big variety of stipulations current prior to their person adjustment programmes all started. The reviews verify that each time adjustment programmes are vigorously pursued, effects are strongly optimistic from the viewpoints of progress and relief of poverty. A key point in making sure a profitable adjustment programme is robust motivation and dedication through the management of every kingdom. Too many abrupt, unpredictable and widespread alterations and reversals of guidelines erode the credibility of the programmes, accentuate the uncertainties, and decelerate investor self assurance. briefly, the good fortune of reforms hinges on coverage balance, continuity and predictability.

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The system is considerably more transparent, thus promoting the competitive advantages of private firms in Burundi. And, in the social sector, access to health, education, and potable water shows signs of improvement despite continued high population growth. While support for the adjustment process may have been in doubt in 198788, Burundi has since reexamined its commitment to reform and come Page 12 away with a renewed sense of the program's importance for economic development. One of the more important lessons that has been learned is that the adjustment program, while generously supported by the international community, is an undertaking whose success requires increased ownership by the government.

The failure of the government's interventionist policies and the deteriorating economic situation prompted die government to approach the World Bank and the International Monetary Fund (IMF) for assistance. It was not the first time that Burundi received balance of payments support from one of the Bretton Woods institutions. The country has been a member of the IMF since September 1967, and over the years has concluded several stand-by arrangements and benefited from technical assistance in the areas of foreign exchange, fiscal reform, and bank supervision.

Second, it can prevent adjustment in the level and composition of the import sector. Third, financial aid can discourage governments from implementing reform policies aggressively, particularly if aid appears generous and forthcoming. So after six years of adjustment support, what conclusions can be drawn about the benefits and drawbacks of adjustment lending in Burundi? The findings suggest that overall resource transfers provided much-needed support for improving the country's financial equilibrium given the limits of Burundi's economic potential, the extent of its structural distortions, and the inopportune decline in world coffee prices.

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