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Title:The IMF-World Bank's economic stabilisation and structural adjustment policies and the Uganda economy, 1981-1989
Author:Nabudere, Dani WadadaISNI
Series:Research reports
City of publisher:Leiden
Publisher:African Studies Centre
Geographic term:Uganda
Subjects:World Bank
economic policy
External link:https://hdl.handle.net/1887/452
Abstract:This research report traces all the main developments in IMF-World Bank policies in Uganda. Most of the material concerns the three IMF standby arrangements with Uganda for 1981-1984 and the World Bank Group's Structural Adjustment Programmes. These programmes introduced two contradictory policies at the same time. The IMF stabilization policies were aimed at reducing 'effective demand' in the economy by using the exchange rate as an instrument of retrenchment; the World Bank programmes were supposed to encourage 'growth' in the economy. The result was a chaotic economic performance which, by the end of 1984, had become inoperable. In 1986 the National Resistance Movement (NRM), after having taken power, originally condemned the IMF-World Bank policies. Soon, however, the NRM was forced to adopt the same, if not more hideous IMF and World Bank policies, which have continued to worsen the economic situation in the country. The conclusion is that, to reverse this situation, the people of Uganda must organize to regain their political initiative by intensifying the struggle for democracy at both national and grassroots levels.