Structural Adjustment Program | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-06

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Structural_adjustment


00:03:13 1 Conditions
00:04:43 2 History
00:09:27 3 Effect of SAPs
00:09:47 3.1 End of the Structuralist model of development
00:11:29 3.2 Competitive insertion into the world market
00:13:31 3.3 Removal of trade and financial barriers
00:15:18 4 Criticisms
00:16:06 4.1 Undermining national sovereignty
00:17:30 4.2 Neo-colonialism, neo-imperialism
00:20:45 4.3 Privatization
00:21:44 4.4 Austerity
00:25:17 5 IMF SAPs versus World Bank SAPs
00:26:00 5.1 IMF SAPs
00:26:37 6 Donor countries
00:27:40 7 See also



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SUMMARY
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Structural adjustment programmes (SAPs) consist of loans provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experienced economic crises. 
The two Bretton Woods Institutions require borrowing countries to implement certain policies in order to obtain new loans (or to lower interest rates on existing ones). The conditionality clauses attached to the loans have been criticized because of their effects on the social sector.SAPs are created with the goal of reducing the borrowing country's fiscal imbalances in the short and medium term or in order to adjust the economy to long-term growth.
The bank from which a borrowing country receives its loan depends upon the type of necessity. The IMF usually implements stabilization policies and the WB is in charge of adjustment measures.SAPs are supposed to allow the economies of the developing countries to become more market oriented. This then forces them to concentrate more on trade and production so it can boost their economy.
Through conditions, SAPs generally implement "free market" programmes and policy. These programs include internal changes (notably privatization and deregulation) as well as external ones, especially the reduction of trade barriers. Countries that fail to enact these programmes may be subject to severe fiscal discipline. Critics argue that the financial threats to poor countries amount to blackmail, and that poor nations have no choice but to comply.Since the late 1990s, some proponents of structural adjustments (also called structural reform), such as the World Bank, have spoken of "poverty reduction" as a goal. SAPs were often criticized for implementing generic free-market policy and for their lack of involvement from the borrowing country. To increase the borrowing country's involvement, developing countries are now encouraged to draw up Poverty Reduction Strategy Papers (PRSPs), which essentially take the place of SAPs. Some believe that the increase of the local government's participation in creating the policy will lead to greater ownership of the loan programs and thus better fiscal policy. The content of PRSPs has turned out to be similar to the original content of bank-authored SAPs. Critics argue that the similarities show that the banks and the countries that fund them are still overly involved in the policy-making process.  Within the IMF, the Enhanced Structural Adjustment Facility was succeeded by the Poverty Reduction and Growth Facility, which is in turn succeeded by the Extended Credit Facility.As of 2018, India has been the largest recipient of structural adjustment program loans since 1990. Such loans cannot be spent on health, development or education programs. The largest of these have been to the banking sector ($2 trillion for IBRD 77880) and for Swachh Bharat mission ($1.5 trillion for IBRD 85590).