Issues in Assessing the Impact of Project and Sector Adjustment Lending

Publication | December 1990

The paper deals with some conceptual and analytical issues in the area of international development financing. The major lending modalities of the multilateral financial institutions (MFIs) include project and adjustment lending. While project lending could be viewed as the modality for augmenting investing, the role of adjustment lending would be to facilitate adjustment of policies and institutions in developing countries. The purpose of this paper is to highlight the major conceptual issues in assessing the impact of project and adjustment lending focusing on the areas of commonality and points of departure in the two modalities. No attempt is made to infer implications for the procedures and policies of the MFIs.


  • Foreword
  • Introduction
  • Issues in Adjustment
  • A Framework of Analysis
  • Rationale for Lending by the Multilateral Financial Institutions
  • Economic Analysis of Projects
  • Economic Analysis of Sector Adjustment Loans
  • Economic Analysis of Sector Adjustment: A System's Approach
  • Summary and Conclusion

Additional Details

  • ADB administration and governance

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