This book studies the impact of Egypt's Economic Reform and Structural Adjustment Programme (ERSAP), the effects of which have been of great interest to the international community. Organizations such as the World Bank and the IMF uphold the programme as a success story and example for other countries to follow. ERSAP also has its critics, however, who resent its tendency to downsize government and fear possible negative effects on growth and development. The author discusses these concerns along with those regarding the possible negative social effects of ERSAP.

Raising interest rates is clearly essential to the success of any stabilization and adjustment programs that Egypt undertakes. But to reduce the risks of higher interest rates to its distorted economy, and to increase the benefits, increases in interest rates need to be accompanied by other adjustment measures.

An exploration of the domestic and international pressures that affect economic policy and performance in the Arab states. Paul Rivlin finds that during the last decade of the 20th century these pressures combined to simultaneously foster change and limit available policy options.

Our Continent, Our Future presents the emerging African perspective on this complex issue. The authors use as background their own extensive experience and a collection of 30 individual studies, 25 of which were from African economists, to summarize this African perspective and articulate a path for the future. They underscore the need to be sensitive to each country's unique history and current condition. They argue for a broader policy agenda and for a much more active role for the state within what is largely a market economy. Finally, they stress that Africa must, and can, compete in an increasingly globalized world and, perhaps most importantly, that Africans must assume the leading role in defining the continent's development agenda.

Foreign aid has increasingly become subject to political conditionality. In the 1980s some institutions made aid dependent upon the recipient countries' economic policy reforms. Market liberalisation was the primary instrument and objective. In the 1990s such conditionality was brought one step further; aid was now linked to political reforms, affecting recipient countries' governing systems, requiring democracy, human rights and 'good governance'. This volume looks at these developments and considers the conditionality policies of several European aid donors. Such policies are also considered from recipient perspectives, both from the Third World and Russia, and the issue is also considered from a historical perspective.