Typically, by the time countries seek adjustment loans, they have suffered from high deficits, rapid inflation, and capital flight. Many countries came to realize that the problems were fundamental, requiring economic reforms. However, with having many serious economic problems, many countries could not carry on reforms by themselves as before at this time because no one was willing to finance them to do so (Stewart, 1995). To ensure a continued flow of funds, countries already devastated by debt obligations have very little choice but to adhere to conditions guided by the World Bank and IMF. Loans under SAPs were virtually the only source of quick-disbursing foreign exchange available after the economic crisis since the flow of commercial loans was drastically reduced. The price paid by developing countries to gain access to foreign exchange in this situation was to agree to significant policy reform under SAPs (Weaver, 1995). They had to stabilize their economy first as quickly as possible, so as to attract foreign capital, hoping that structural changes would overcome short-term imbalances and eventually promote economic growth, especially sustainable growth.