Paper Summary:

This paper provides an analysis of the ten policy components of the International Monetary Fund's (IMF) structural adjustment program (SAP) and evaluates their impact on Zambia's agricultural sector, specifically, on agricultural credit and inputs. The project concludes with a brief discussion of the lessons learned from Zambia's case and their applicability to other developing countries.

Outline:
Introduction
Ten Policy Components of the IMF's High Conditionality SAP
Impacts of the SAP on Zambia's Agricultural Sector: Credit and Inputs Conclusion: What Does This Case Tell About Prospects for Structural Adjustment in Other Developing Countries?

From the Paper:

"The International Monetary Fund's (IMF) Structural Adjustment Program (SAP) was introduced in Zambia in 1984 in order to foster sustainable economic development. The IMF help became necessary after the dramatic copper price decline on the international market in mid-1970s, which drastically reduced Zambia's primary source of income, creating a severe economic crisis (Sandberg 2). By 1985, after having spent several low conditionality loans from the IMF, Zambia had no choice but to negotiate a high conditionality IMF loan to obtain the desperately needed funds. The price Zambia had to pay was a thorough restructuring of its economy as the IMF experts believed that liberal monetary and fiscal policies and the introduction of internationally determined market prices would allow Zambia to solve its current account problems, to repay external debts, and would also assist in developing globally competitive private sector."

Sample of Sources Used:

• Rapley, John. "The Neoclassical Answer to Failure." Understanding Development: Theory and Practice in the Third World, 2nd Edition. Boulder, CO: Lynne Rienner Publishers, 2002.
• Sandberg, Eve N. "The IMF Structural Adjustment Program for Zambia's Agricultural Sector." Pew Case Studies in International Affairs #1-56927-213 (Washington, DC: Georgetown University, 1995).

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