36. To minimize the current account deficit, the cou~tries im­ plemented two policies. One was to cut oown imports ttrough the use of instruments such as higher tariffs, import quota.s and ex­ chanfe controls. This policy of curbint: imports seerrs to have been very popular, since practically all countries aC:Ioptec it. The limitations on imports often meant a decline in imports of produced fOOds to the benefit of consumer roods. A second policy followed by very few countries, was currency ceval~ation (of which more later). This was e>:pected to close the pa;yments gap by makin{' imports more expensive and exports cheaper, and also to have lasting benefits due to the increased price of eYportables 105 E/ECA /Cf!l. 9/5 in dom~stic currency, which would create incentives to increase production. 37. A nether policy usee more f cr its long-term impact than its immediate benefits, 1>1as tc change the domestic rate of interest. This policy was not universally applied. Since these policies are very sensitive ana their benefits elusive they will be con­ sidered in more detail in the following section. 38. A rather important issue for Africa is its relationship with IMF. The relationship has not been very smooth, to say the least. The external ana internal disequilibrium quandary in which the continent finds itself has not easy solutions, as far as IMF is concerend. Succinctly put, IMF view is that the ills of Africa (and of others with the same problem) are cue to excess domestic demand, which reouires stop-gap measures anc structural readjustment for a lasting equilibrium. In the short-term there would be a need for additional external financing, which IMF could extend on the condition that the countries took the neces­ sary measures such as tightening monetary policy, decreasing the fiscal gap, raising interest rates, devaluing, l:Pting price and 
**Analysis**
The text appears to be discussing economic policies and their effects on international trade, particularly in the context of developing countries in Africa. The focus is on the management of current account deficits, the use of instruments to control imports, and the relationship between these countries and the International Monetary Fund (IMF). The text does not mention natural resources, environment, agriculture, forestry, fishing, health, education, employment, humanitarian aid, or culture.

**Category**
International trade, Economic development