Export earnings were cut by almost one-third, and inefficiencies in fiscal management were exposed. Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. The government, however, failed to press forward vigorously with these programs. Progress toward privatization of remaining state industry remains slow. President BIYA's new government of December 1997 has replaced old hands in the government economic control structure with promising technocrats.
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