ABSTRACT
The debtor must be willing to reform and restructure the economy, so as to make the servicing of the debt possible. The creditors' requirements for servicing the debt must take into consideration the political, social and economic constraints connected with the level of consumption and the needs for preserving growth. Increasing efficiency may create political and social conflicts between various vested interest groups. The importance of institutionalizing the forms of dialog between the center and society, aimed at finding social consensus, can hardly be overestimated. The ability of the authorities to solve the political and social problems becomes the decisive factor determining how successful the government will be in its economic policy-making. The investment policy should be aimed at restructuring the economy. This adjustment policy should be oriented mainly towards efficiency improvement and export expansion. Special attention should be given to export-oriented complementary investments.
