This development enticed investment fund managers in these countries to look for alternative places for investment. At the same time, there is a huge recognised need for, and big shortages of, investment funds in the developing countries of the world.
This action, which continued over the next year or so, was designed to offset both the direct impact on the economy of fiscal restraint and the effects on consumer confidence of the difficulties and uncertainties arising from the major restructurings that were necessary in both the private and public sectors.