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What is a Structural Adjustment Lending Program?

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What is a Structural Adjustment Lending Program?

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A major problem with Easterly’s paper is that it adopts a broad and misleading definition of structural adjustment lending by the IFIs. It is wrong to lump essentially all types of IMF lending together with various types of World Bank structural adjustment lending for purposes of examining the impact of IFI structural adjustment lending programs. IMF and World Bank lending to support structural adjustment in member economies differs from lending to support macroeconomic stabilization. The former involves an attempt to attack some of the deeper problems that have affected the performance of these economies. Easterly is careful to distinguish in his conclusions between structural adjustment lending and structural adjustment policies, but he is not careful in his statistical analysis to distinguish between adjustment lending and structural adjustment lending, and he uses the two terms interchangeably in the main body of his paper. This is unfortunate when much of the current debate is abo

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