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Additional resources for Social dimensions of adjustment: World Bank experience, 1980-93
These countries also had the institutional capability to design, monitor, and implement adjustment operations and to manage the dynamics of adjustment. The findings of this study emphasize that: · Stabilization and structural adjustment are separate but complementary aspects of the adjustment process. Macroeconomic stabilization presupposes budgetary discipline and inflation control. Structural adjustment is the longer-term attempt to put the economy on a steady growth path. Adjustment must be sensitive to initial conditions and institutional capabilities.
The design of adjustment programs should take account of a proper balance between short-term objectives of poverty alleviation and long-term goals of social development. While it is important to compensate those temporarily affected by adjustment, a fundamental reform of public expenditure policy for long-run poverty reduction should form part of the policy dialogue and reform package. There is a strong case for strengthening the current expenditure side, to influence expenditure decisions and to alleviate the severe shortages Page 8 of critical material inputs, which have had a constraining effect on public social services in many countries.
The Bank and other donors or creditors must also be credible in their willingness to provide the resources necessary for the government to persist in its reforms. · Policy conditionalities should be realistic politically and economically, and seen to be so by the government. They should be as transparent as possible, to develop credibility and foster a quick recovery of investment. · Greater attention should be paid to improve country capabilities to design and monitor macroeconomic stabilization programs and in particular achieve their fiscal stabilization objective.