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Mr. Mark A Horton, Mr. George C. Tsibouris, Wojciech Maliszewski, and Mr. Mark J Flanagan


When policymakers have little option but to consider a sizable fiscal adjustment, they are confronted by the following questions: Can a large fiscal adjustment be implemented succesfully? How is a large adjustment best designed and implemented? What will be its impact on the economy? This Occasional Paper addresses these questions by describing the experience of countries that have undertaken large fiscal adjustments in the last three decades. It provides operational guidance to policymakers by identifying preconditions, common policy approaches, and institutional arrangements underlying successful and unsuccessful adjustment episodes.

Mr. Benedict J. Clements, Mr. Liam P. Ebrill, Mr. Sanjeev Gupta, Mr. Anthony J. Pellechio, Mr. Jerald A Schiff, Mr. George T. Abed, Mr. Ronald T. McMorran, and Marijn Verhoeven


The reform of fiscal policies and institutions lies at the heart of structural adjustment in developing countries. Although the immediate aim of such reform is to reduce fiscal imbalances to achieve macroeconomic stability, the long-term goal is to secure more durable improvements in fiscal performance. This study reviews the fiscal reform experience of 36 low-income developing countries that undertook macroeconomic and structural adjustment in the context of the IMF's Structural Adjustment Facility and Enhanced Structural Adjustment Facility during the period of 1985-95.

Mr. George Kopits and Mr. J. D. Craig


Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.

Mr. Martin Mühleisen, Mr. Dhaneshwar Ghura, Mr. Roger Nord, Mr. Michael T. Hadjimichael, and E. Murat Ucer


This paper assesses the economic performance during 1986-93 of sub-Saharan African countries as a group and of selected analytical subgroups of countries.

Mr. Owen Evens, Mr. Thomas H. Mayer, Mr. Philip M Young, and Horst Ungerer


This study reviews developments in the European Monetary System from the beginning of 1983 to August 1986; it updates and complements an earlier study prepared by staff members of the International Monetary Fund and published Occasional Paper No. 19, which covered the time period from the inception of the European Monetary System to the end of 1982.