African alternative framework to structural adjustment programmes for socio-economic recovery and transformation (AAF-SAP)
Assessment of orthodox adjustment programs (with the classical instruments of control of money supply, credit squeeze, exchange rate and interest rate adjustments, trade liberalization, etc.) led to the conclusion that although they aimed at restoring growth through fiscal and external balances and the free play of market forces, the objective could not be achieved without addressing the fundamental structural bottlenecks of African economies. Consequently, in 1988 the ECA with the financial support of UNDP embarked on a search for an African alternative that would address simultaneously both adjustment and structural transformation problems of the African economies.
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achieving Addis Ababa adjustment and transformation adjustment with transformation Africa,s development African Alternative Framework African countries African economies African Ministers agricultural allocation areas balance of payments basic Blantyre capital flight Chapter consumption patterns conventional programmes crisis Description of Policy development objectives development process directions and instruments domestic Effects for adjustment enabling environment ensure essential exchange rates expenditures fallacy of composition foreign exchange foreign exchange markets Framework for Adjustment Framework to Structural grammes growth implementation important improved income distribution increased infrastructure institutions instruments and measures interactions interest rates International Monetary Fund investment justment markets mobilisation module monitoring national programmes nominal interest rates policy directions policy instruments process of adjustment Programmes for Socio-Economic programmes of adjustment proposed framework Recovery and Transformation regional resource flows role rural Socio-Economic Recovery stabilisation and structural strategies structural adjustment programmes subregional sustained trade policies Transformation AAF-SAP transformation programmes World Bank