P eace , B read and R iots : J ordan and the I nternational M onetary F und

For most indebted countries in the Middle East and throughout the "Third World", a recurring theme is that of economic adjustment and liberalization, often at the behest of the dominant economic and financial institutions of the global political economy. From a political perspective what is most interesting, and most troubling, about economic adjustment programs is their frequent correlation with political instability and unrest. For that reason, the International Monetary Fund (IMF) has long remained one of the most controversial institutions on the world stage. To some governments, it represents a key source of financial survival, to others a hated and powerful economic overseer akin to a thuggish loan shark. It is the latter more pejorative image of the IMF that seems to resonate more clearly with the general public throughout Africa, Latin America, Asia and the Middle East. This negative image is certainly due in large part to the social and political costs associated with economic adjustment. And the Jordanian experience with IMF austerity and adjustment programs has done nothing to soften that image.