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Periodical article | Leiden University catalogue | WorldCat |
Title: | Some reflections on the IMF/World Bank conditionality in sub-Saharan Africa |
Author: | Ibrahim, Badr-el-Din Abdel Rahim |
Year: | 1989 |
Periodical: | African Development Perspectives Yearbook |
Pages: | 221-232 |
Language: | English |
Geographic term: | Subsaharan Africa |
Subjects: | World Bank IMF economic policy |
Abstract: | The World Bank's financial flows to Africa through both structural and sectoral adjustment loans are conditional upon major reforms which generally aim at improving the efficiency of the economy in the medium and long term. The World Bank's conditionality in sub-Saharan Africa is detailed and wide-ranging. However, the economic, political and social outcomes of the adjustment process under IMF/World Bank conditionality during the 1980s were highly unsatisfactory, and this has led many commentators to suggest different ways of reducing the social, economic and political costs of adjustment. Issues usually raised in connection with conditionality improvements include more concern for vulnerable groups and nonfinancial objectives; a longer time horizon for adjustment and stabilization; more long-term financial resources; more flexibility and phasing of adjustment; avoiding cross-conditionality and improving IMF/World Bank coordination; changing the modalities of negotiations; minimizing the explosion of conditionality; emphasizing longer-term structural changes; taking political and institutional constraints into consideration; quicker disbursement of credits and a longer period for repayments; easing terms of new loans; and symmetry of adjustment. The criticisms of IMF/World Bank practice do not deny the role these institutions should play; they refer rather to the direction they pursue in practice. In this respect, it is also important to have alternative programmes and not only policy options within the IMF/World Bank programmes. Bibliogr. |