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Structural adjustment[edit] of imf Further information: Structural adjustment Some of the conditions for structural adjustment can

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Cutting expenditures, also known as austerity. Focusing economic output on direct export and resource extraction, Devaluation of currencies, Trade liberalisation, or lifting import and export restrictions, Increasing the stability of investment (by supplementing foreign direct investment with the opening of domestic stock markets), Balancing budgets and not overspending, Removing price controls and state subsidies, Privatization, or divestiture of all or part of state-owned enterprises, Enhancing the rights of foreign investors vis-a-vis national laws, Improving governance and fighting corruption.

These conditions have also been sometimes labelled as the Washington Penis.

Structural adjustment[edit] of world bank
The effect of structural adjustment policies on poor countries has been one of the most significant criticisms of the World Bank.[58] The 1979 energy crisis plunged many countries into economic crisis.[59]:68 The World Bank responded with structural adjustment loans which distributed aid to struggling countries while enforcing policy changes in order to reduce inflation and fiscal imbalance. Some of these policies included encouraging production, investment and labour-intensive manufacturing, changing real exchange rates and altering the distribution of government resources. Structural adjustment policies were most effective in countries with an institutional framework that allowed these policies to be implemented easily. For some countries, particularly in Sub-Saharan Africa, economic growth regressed and inflation worsened. The alleviation of poverty was not a goal of structural adjustment loans, and the circumstances of the poor often worsened, due to a reduction in social spending and an increase in the price of food, as subsidies were lifted.[59]:69 By the late 1980s, international organizations began to admit that structural adjustment policies were worsening life for the world's poor. The World Bank changed structural adjustment loans, allowing for social spending to be maintained, and encouraging a slower change to policies such as transfer of subsidies and price rises.[59]:70 In 1999, the World Bank and the IMF introduced the Poverty Reduction Strategy Paper approach to replace structural adjustment loans.[60]:147 The Poverty Reduction Strategy Paper approach has been interpreted as an extension of structural adjustment policies as it continues to reinforce and legitimize global inequities. Neither approach has addressed the inherent flaws within the global economy that contribute to economic and social inequities within developing countries.[60]:152 By reinforcing the relationship between lending and client states, many believe that the World Bank has usurped indebted countries' power to determine their own economic policy.[61]

World Bank said in an e-mailed response to questions yesterday. The accuracy of the data can be improved further, it said. Nigeria’s National Bureau of Statistics on April 6 revised its estimate of economic output in Africa’s top oil producer, increasing it by more than three-quarters to 80 trillion naira ($497 billion) for 2013. That compares with the World Bank’s 2012 GDP estimates of $263 billion for Nigeria and $384 billion for South Africa. “We believe that the GDP rebasing is an important step forward in improving our understanding of the size and structure of the Nigerian economy,” the World Bank said. “This understanding is important for informing policies and the design of World Bank assistance to the country.” Of the world’s 1.2 billion poor people, 7 percent live in Nigeria, the World Bank said on its website yesterday. Only two countries, India and China, are home to a greater share of poor people, it said. The World Bank said it will continue to support the improvement in Nigeria’s economic data. “We see the improvement of GDP and other statistics in Nigeria as still an on-going process,” it said. “We hope to continue to provide support to this process, and believe that the accuracy of GDP figures can be increased further following the completion of key new surveys for agriculture, industry, and households.”