ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Cross-Conditionality Fears Real or Imaginary

Cross-Conditionality Fears: Real or Imaginary?
ISG CROSS-CONDITIONALITY has come to the fore in recent months with the emergence of increasing concensus that the payments difficulties of the developing countries in general and in particular of those who are burdened with heavy external debts, are not amenable to the short-term adjustment measures that the Fund tends to prescribe for the borrowing countries. This has led to an increasing demand on the one hand for the Fund to show greater flexibility in the application of its conditionality and, on the other hand, for the World Bank and regional development institutions to extend on a larger scale than before of longer-term payments support to the developing countries in difficulty. Indeed, that is precisely what the US Treasury Secretary, James Baker, called for in what he termed "a programme for sustained growth" before the Seoul meeting of the Fund/Bank, to strengthen international debt strategy.

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