Conclusions and Recommendations
It can be adduced from the foregoing discussion that the IMF funding of the Polish government produced the requisite results (Heritage Foundation 2005). This is because since the implementation of the SAPs by the polish government, the economy of Poland has remained on track through the years. The economy was even able to withstand the economic downturn that hit the world in the years of 2008/09 (United Nations Development Program). The institutions that were restructured at the same time have remained incidental in the economic prospects of the Polish economy to date.
One can therefore comfortably argue that the success of the Structural Adjustment Programmes largely depends on the suitability of their formulation and the efficiency and the effectiveness of their subsequent implementation. 7. 2 Recommendations Subject to the foregoing discussion the recommendations can be made for not only the government of Poland and the International Monetary Fund, but also any state or government that wishes to access IMF funding (Microfinance Network). This recommendation would see the general public see the essence of IMF intervention and change the presence perception on the institution.
First, the IMF should supervise and lobby for the accumulation requisite foreign exchange reserves by the member states. This will reduce the vulnerability of states to economic slowdown. Besides, the development of the policies for pecking on the conditions should be done with due consideration of the country’s political and economic environment. The International monetary fund should also advice states like it was in the case for Poland on the best level of interest rates that would be appropriate for the domestic market. This will reduce the chances of excess money supply or money demand (Bird, G. , Rowland, D. , p 860).
The interest rates should be held lower than is appropriate in the domestic market to sustain and stabilise the demand for the local currency. The IMF should devise ways through which it can encourage countries to increase its export levels and reduce the amount of goods and services being imported. This will go a long way in ensuring that the amount of foreign reserves remains with the requisite limits (Ministry of Finance, Republic of Poland Basic Information). Beside, the intensity of controls on the amount of capital imports should be increased. This can also be done through artificial promotion of capital exports.
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