ABSTRACT
The Economic Recovery Programme Monitoring Unit which was set up to monitor the progress of the reform programmes was disbanded, so also was the PCS which had responsibility for the privatisation programme. In addition to street-vending which served to alleviate the economic distress, and in an effort to divert attention from the severity of the economic woes of the time, squatting on private and public property was condoned by the Peoples National Congress government. Within the political framework of a socialist economic system, managers in state-owned enterprises were encouraged to pursue small business enterprises as a means to supplementing subsistence-level wages and to foster the notion of self-help. The Enhanced Structural Adjustment Facility programme was one of the most stringent of policy-based lending devised to effect restoration of macro-economic balance in countries with protracted balance of payments problems. The International Monetary Fund's unrelenting approach to economic reform now firmly embedded in its policy prescriptions was no less evident in Guyana.
