Structural adjustment

Structural adjustment program (SAP, English: Structural Adjustment Program, the Enhanced Structural Adjustment Facility - hence ESAF Program) called economic measures in third world countries by the International Monetary Fund (IMF ) and the World Bank as a condition for the granting of loans or debt relief required under the HIPC Initiative.

The measures, whose origins go back to fighting the debt crisis of the 80s in the developing world, based on market principles. These measures are tailored individually for each country, however, most of the following characteristics: fiscal discipline, reducing subsidies, deregulation, competitive exchange rates, removal of foreign exchange controls, privatization of state enterprises.

Criticism

In order to receive debt relief, countries must now known as the Poverty Reduction and Growth programs perform ( Poverty Reduction and Growth Facility, PRGF). This forerunner to the World Bank, WHO and IMF demanded good governance compelled bittstellenden States not infrequently some of their sovereign rights from. The globalization critic Michel Chossudovsky recognized "The World Bank is present in many ministries of the borrowing countries. The reforms carried out there in health, education, industry, agriculture, transport, environment, etc. within its competence. "

Be criticized structural adjustment programs by the U.S. economist and Nobel laureate Joseph E. Stiglitz. In his book Globalization and Its Discontents, he emphasizes that the actions of the IMF not conducive to the development of the countries of the South, but even harmful ( was ) is.

A study of the development economist William Easterly could not find a positive effect of structural adjustment programs on economic growth.