By Ishrat Husain, Rashid Faruquee
The booklet offers case reports of Burundi, Cote d'Ivoire, Ghana, Kenya, Nigeria, Senegal and Tanzania - all selected for the wide range of stipulations current ahead of their person adjustment programmes all started. The reports make certain that each time adjustment programmes are vigorously pursued, effects are strongly confident from the viewpoints of progress and relief of poverty. A key point in making sure a profitable adjustment programme is robust motivation and dedication via the management of every state. 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. in brief, the good fortune of reforms hinges on coverage balance, continuity and predictability.
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Extra info for Adjustment in Africa: lessons from country case studies
Another reason for poor ownership was the government's eagerness to move ahead with the program in order to receive balance of payments financing. Without considering the full policy implications of such a program, the government's desire for quick-disbursing support overshadowed other contentious policy issues, in particular, the reform of the public enterprise sector. When the time came to implement certain measures, the authorities were unprepared to internalize and move ahead with reforms that it felt were imposed from the outside and which elicited internal resistance.
Another important reason for the government's limited internalization was the circumscribed participation that it imposed on key economic sectorsthose that could have played an important role in promoting the overall goals of the program in the country. For example, the government did not involve the private sector fully, whose response to the adjustment measures could have been increased investment. 1). Moreover, economic agents were not always informed of relevant measures. For example, importers were not alerted to the automatic granting of import licenses, and changes in the transactions tax and price liberalization were Page 16 not announced, although most of the proposed prices had been officially accepted.
Burundi has witnessed a bloody coup d'état and the assassination of its elected president. Ghana and Kenya held multiparty elections, but the incumbents were returned to power. And Tanzania is preparing for multiparty elections in 1995. Page viii These drastic changes in the political and economic environment have created uncertainty about the future direction of economic policies. As the report notes, economic recovery was still fragile in most of these countries, and the ensuing uncertainty has made the situation even more difficult.
Adjustment in Africa: lessons from country case studies by Ishrat Husain, Rashid Faruquee