Creditor Initiatives in the 1980s and 1990s
Creditor Initiatives in the 1980s and 1990s
This chapter presents an overview of the sovereign-debt initiatives from the last twenty-five years. It examines the programs devised by creditors, namely the World Bank and IMF, during the 1980s and 1990s, that aimed at addressing the mounting problem of developing-country debt. The “austerity” lending of the 1980s and the structural adjustment programs of the 1990s are discussed, and the inherent failings that characterized those efforts, including reduced public investment which has led to economic stagnation, are criticized.
Keywords: sovereign-debt initiative, creditors, IMF, World Bank, austerity lending, structural adjustment program, public investment
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