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achieve activity additional adjustment efforts African countries annual approach arrangements availability benefit better capital commodities competition concessional contributions controls costs creditors currency debt debt-service depend devaluation difficult direct disbursements distortions domestic economic growth effect eligible employment encourages enhanced enterprises environmental ESAF example exchange rate expenditure export extended external external debt external financing financial assistance flows foreign framework greater groups Guinea higher IMF-supported adjustment programs IMF's impact implementing imports improve incentives increased industrial inflation institutional International Monetary Fund involve largely liberalization loans low-income measures member countries ment million official output overall pace payments percent policy reforms political poor positive possible private sector problems production progress promote protection public sector reduce reforms regions relations restructuring social sources structural Table technical trade transfers usually whole World World Bank