By Ishrat Husain, Rashid Faruquee
The publication provides case reports of Burundi, Cote d'Ivoire, Ghana, Kenya, Nigeria, Senegal and Tanzania - all selected for the big variety of stipulations current earlier than their person adjustment programmes started. The reports be certain that every time adjustment programmes are vigorously pursued, effects are strongly optimistic from the viewpoints of progress and relief of poverty. A key aspect in making sure a profitable adjustment programme is robust motivation and dedication by means of the management of every kingdom. Too many abrupt, unpredictable and common adjustments and reversals of rules 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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Additional info for Adjustment in Africa: lessons from country case studies
In Côte d'Ivoire the interplay between external and internal factors led to macroeconomic destabilization, but the government's own diagnosis was that the crisis was a result of temporary terms of trade deterioration and that external financing could tide them over the crisis. Donors financed 80 percent of Burundi's investment program, and the influence of Bretton Woods institutions on the design of adjustment was most visible. Aid seemed to be a key factor in the decision to embark on an adjustment program.
The country has witnessed several coups and major outbreaks of ethnic violence between the majority Hutu and the minority Tutsi, the latter of which controlled most levels of the government and the productive sectors of the economy. After ethnic fighting in 1988, then-president Pierre Buyoya appointed a new government with equal Hutu and Tutsi representation and, for the first time, a Hutu prime minister. A new constitution was adopted in a referendum in March 1992, paving the way for national elections in June 1993, in which Mr.
Côte d'Ivoire, which once had an impressive growth rate, cannot return to its precrisis rate unless it resolves its exchange rate problems. Page 5 The supply response The most significant contributor to domestic supply and output in the region is agriculture, and closely related to it is the export sector, which relies heavily on agricultural commodities, mining, and petroleum. Although the data on agricultural production and value added do not always seem to tell the same story, all seven countries showed improvement in this sectora trend corroborated by evidence on prices, food imports, and food aid.