All rights reserved This Evaluation Brief is a product of the staff of the Independent Evaluation Group (IEG) of the World Bank. The findings, interpretations, and conclusions expressed here do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of the World Bank or IEG concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IEG encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to eline@worldbank.org. This Evaluation Brief was written by Ajay Chhibber and Rachid Laajaj.

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The key to sustained recovery in developing countries is the revival of private investment. This revival requires a coordinated set of credible policiesfiscal, exchange rate, tax, and public expenditure restructuring. In several countries the debt overhang is also an obstacle to achieving that credibility.ThePolicy,Research, nd ExtenalAffkis Compex distributes PRE WoddngPapers todiaseminatetheflndinp of woik in progess and to enourage the exchange of ideas among Bank staff and all othets interested in development issues. Tnese papers cary the names of the authors, ruflct only their views, and should be used and cited accordingly. The findings, interqeutions, and conclusions are the authors' own. They should not be attibuted to the World Bank, its Board of Diectors, its managenatt, or any of its member coutri

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