A set of ten policy instruments forming the basis of recommendations for economic reforms promoted by the International Monetary Fund, the World Bank, and the United States government for less developed countries. The list originated from a paper prepared by John Williamson for the 1989 conference of the Institute of International Economics, and includes the following reforms: fiscal discipline; reordering public expenditure priorities; tax reform; liberalizing interest rates; a competitive exchange rate; trade liberalization; liberalization of inward foreign direct investment; privatization; deregulation; and enforcement of property rights.