Abstract
This article attempts to evaluate the World Bank's programme aid in the form of Structural Adjustment Loans with emphasis on the distinction between the influence of programme finance and the influence of the policy conditions attached to this finance. The rate of return on World Bank programme aid, measured in terms of the impact of GDP growth rates, is found to have been disappointing. The study also identifies a negative correlation between Structural Adjustment Loans and investment. It was also found that the Bank programme aid's strongest beneficial effect has been on the balance of payments current account, both via the stimulation of exports and via the curbing of imports.
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