Abstract
Structural adjustment as such is not now at issue. Whatever its limitations and successes — and recent World Bank studies (cf. World Bank, 1994; Elbadawi, 1992; Elbadawi et al., 1992; Green, 1994) suggest that both are prominent and vary in balance among programmes — structural adjustment as a macro/sectoral framework for organizing and imposing conditions on international resource transfers to low-income, low-performance countries has become dominant since 1980 and will remain so at least for the balance of the decade, particularly in Sub-Saharan Africa (SSA).
Crisis response attitudes and mechanisms require complete overhaul so as to increase the speed and scale of response.
(Green, 1976)
The Fund’s financing role in low-income countries should revert to … that of providing quick, ready access first-line liquidity and longer-term contingency finance to offset sudden, unprojected external shocks.
(Mistry, 1994)
The analysis underlying this chapter was partly done in the context of a consultancy paper on ESAF Extension for the Group of 24 and published by them in International Monetary and Financial Issues for the 1990s, Vol. II, UN, New York. The author acknowledges his debt to them for reuse of a part of that material.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Similar content being viewed by others
References
Dell, Sidney (1956–59), in World Economic Survey (New York: United Nations).
Elbadawi, I. A. (1992), ‘Have World Bank-Supported Adjustment Programmes Improved Economic Performance in Sub-Saharan Africa?’, WPS 1001, Country Economics Department, World Bank.
Elbadawi, I. A. Ghura, D. and Uwujaren, G. (1992), ‘Why Structural Adjustment Has Not Succeeded in Sub-Saharan Africa’, WPS 1000, Country Economics Department, World Bank.
Faini, R., de Melo, J., Senhadji-Semlai, A. and Stanton, J. (1989), ‘Growth Oriented Adjustment Programs’ (Turin and Oxford: Centro Studi Luca d’Agliano/Queen Elizabeth House).
Green, R. H. (1976), ‘Aspects of the World Monetary and Resource Transfer System in 1974: A view from the extreme periphery’ in G. K. Helleiner (ed.), A World Divided: The less developed countries in the international economy (Cambridge: Cambridge University Press).
Green, R. H. (1986), ‘The IMF and Stabilisation in Sub-Saharan Africa: A critical review’, IDS (Sussex) Discussion Paper No. 216.
Green, R. H. (1993a), ‘ESAF Renewal: Project decision or structural entry point?’, in International Monetary and Financial Issues for the 1990s, 29–45, Research papers for the Group of Twenty-Four, Vol. III (New York: United Nations).
Green, R. H. (1993b), ‘The IMF and the World Bank in Africa: How much learning?’, in Hemmed In: Responses to Africa’s Economic Decline 54–89 (New York: Columbia University Press).
Green, R. H. (1993c), ‘The Political Economy of Drought in Southern Africa 1991–1993’, Health Policy and Planning; 8(3): 255–66, Oxford University Press.
Green, R. H. with Mike Faber (eds) (1994), ‘The Structural Adjustment of Structural Adjustment: Sub-Saharan Africa 1980–1993’, IDS Bulletin, Vol. 25, no. 3, July.
Harvey, C. and Jenkins, C. (1993), ‘Taxation Risk and Real Interest Rates’, IDS (Sussex) Discussion Paper, No. 336 (London: Falmer).
Helleiner, G. K. (1976), ‘Introduction’, in idem, A World Divided (Cambridge: Cambridge University Press).
Helleiner, G. K. (1986), ‘The question of conditionality’, in Lancaster, C. and Williamson, J. (1989).
Helleiner, G. K. (1992), ‘The IMF, The World Bank and Africa’s Adjustment and External Debt Problems’, World Development Vol. 20, no. 6.
Helleiner, G. K. (1994), ‘External Resource Flows, Debt Relief and Economic Development in Sub-Saharan Africa’, in G. A. Cornia and G. K. Helleiner (eds), From Adjustment to Development in Sub-Saharan Africa: Conflict, Controversy, Convergence, Consensus? (London: Macmillan).
International Monetary Fund, Annual Reports 1973 through 1976, 1981 through 1992.
Lancaster, C. and Williamson, J. (eds) (1989), African Debt and Financing Special Report 5, Institute for International Economics, Washington, DC, esp. chapters by Helleiner and by Jaycox et al.
Mistry, P. S., (1991), African Debt Revisited: Procrastination or Progress?, Foundation for Debt and Development (FONDAD), The Hague.
Mistry, P. S.,(1994), ‘Multilateral Debt: An Emerging Crisis?’, FONDAD, The Hague.
Ndulu, B. (1991), ‘Growth and Adjustment in Sub-Saharan Africa’, in Chhibber, A. and Fischer, S. (eds), Economic Reform in Sub-Saharan Africa, World Bank.
Polak, J. J. (1989), ‘Strengthening the Role of the IMF in the International Monetary System’, in Gwin, C., Pulling Together: The International Monetary Fund in a Multiplier World (New Brunswick, New Jersey: Transaction Books).
Serven, L. and Solimano, A. (1990), ‘Private investment and macroeconomic adjustment in LDCs: Theory, country implications’, Macroeconomic Adjustment and Growth Division, Country Economics Department, World Bank.
World Bank (1981), Accelerated Development in Sub-Saharan Africa: An Agenda for Action.
World Bank (1989), Sub-Saharan Africa from Crisis to Sustainable Growth, A Long Term Perspective Study.
World Bank (1990), Adjustment Lending Policies for Sustainable Growth, Policy and Research Series, Country Economics Department.
World Bank World Economic Surveys 1990 through 1993.
World Bank (1991/2), Poverty Reduction Directive and Operational Handbook
World Bank (1994), Adjustment in Africa, Reforms, Results, and the Road Ahead Washington, DC.
Editor information
Editors and Affiliations
Copyright information
© 1995 Gerry Helleiner, Shahen Abrahamian, Edmar Bacha, Roger Lawrence and Pedro Malan
About this chapter
Cite this chapter
Green, R.H. (1995). The IMF in Sub-Saharan African Structural Adjustment: No Lenders of First Resort. In: Helleiner, G., Abrahamian, S., Bacha, E., Lawrence, R., Malan, P. (eds) Poverty, Prosperity and the World Economy. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-13658-2_5
Download citation
DOI: https://doi.org/10.1007/978-1-349-13658-2_5
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-13660-5
Online ISBN: 978-1-349-13658-2
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)