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

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Can the Market Do It-Economic Reform in an Uncertain World

Economic Reform in an Uncertain World B Gopalakrishna Kumar Both supporters and critics of the liberalisation policies of the eigh ties agree thai these occurred against a background of large macro-economic imbalances: a huge foreign debt liability, a barely sustainable balance of payments situation and growing fiscal deficits Although the threat of a default on loan obligations has now receded, short-term breathing space is still being provided by disbursements from the IMF on fulfilling various performance criteria laid down by the Fund.

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