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Macroeconomic outcomes in low-income countries (LICs) have improved markedly in recent years, but important questions remain regarding possible adjustments in the design of IMF-supported programs in such countries. This paper draws on a review of the literature as well as the experience of 15 LICs that have attained some degree of macroeconomic stability to discuss, for example, the appropriate target range for inflation in shock-prone LICs; whether countries should use fiscal space to cut excessive tax burdens, reduce high debt levels, or raise public spending; and how the effectiveness of public expenditures can be improved.

Social stratification --- Money. Monetary policy --- Developing countries --- Monetary policy --- Fiscal policy --- Inflation (Finance) --- Poverty Reduction and Growth Facility (International Monetary Fund) --- -Fiscal policy --- -Poverty Reduction and Growth Facility (International Monetary Fund) --- -politique monetaire --- fiscaal beleid --- ontwikkelingslanden --- LDC / Developping Countries - Pays En Développement --- 333.81 --- 336.61 --- 330.05 --- 339.5091724 --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Monetary management --- Currency boards --- Money supply --- monetair beleid --- politique fiscale --- pays en voie de developpement --- Algemene evolutie van de kapitaalmarkt. --- Financieel beleid. --- Government policy --- Working papers --- Poverty Reduction and Growth Facility (International Monetary Fund). --- politique monetaire --- Algemene evolutie van de kapitaalmarkt --- Financieel beleid --- International Monetary Fund. --- PRGF --- Facilité de réduction de la pauvreté et de croissance (International Monetary Fund) --- FRPC --- Monetary policy - Developing countries --- Fiscal policy - Developing countries --- Inflation (Finance) - Developing countries --- Exports and Imports --- Inflation --- Money and Monetary Policy --- Public Finance --- Social Services and Welfare --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- Macroeconomics --- Monetary economics --- International economics --- Social welfare & social services --- Monetary base --- Public debt --- Expenditure --- Revenue administration --- Prices --- Money --- Debts, Public --- Expenditures, Public --- Revenue --- Ethiopia, The Federal Democratic Republic of