Abstract
Since the 1980s, the world has experienced a number of economic recessions. As would be expected, developing countries have borne the brunt of the resultant economic crisis. It is estimated, for example, that the total debt of the developing world rose from $562 billion in 1982 to $1,020 billion in 1988.’ Many of the developing countries are still on the verge of economic collapse, unable to service accumulated foreign debts. Various measures were taken by the developed world in an attempt to revive the fallen global economy. These measures included the introduction of Structural Adjustment Programmes (SAPs) which aimed at (among other targets) reducing national public expenditures and effecting a shift “from a trade deficit to a trade surplus or at least, a reduction of the size of the trade deficit, at least in part to service the debt.”
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