This series consists of the records related to the Task Force on Local Financing under Adjustment Operations. The records were created and collected by Salah El Serafy, Economic Adviser in Economic Advisory Staff (EAS), who served as chairman of the Task Force on Local Cost Financing Under Adjustment Operations. The series contains a copy of the final Task Force report which was forwarded to President Conable on December 18, 1990; copies of comments on the final report from members of the President's Council; various drafts of the report; Serafy's correspondence with the Task Force members; hand written notes from Task Force meetings; and background documents including minutes of the May 24, 1990 Executive Directors' meeting at which questions were raised regarding the appropriateness of using credit proceeds to finance local costs for credits to Ghana (Credit No. 214GH) and Nigeria (Credit No. 2139-UNI). It was that Board discussion which led to the establishment of this task force. Also included among the background documents are copies of many of the records, dated from November 1989 to May 1990, of the Task Force on Cost Sharing and Local Cost Financing (also called the Project Cost Sharing Task Force) chaired by Randolph L. P. Harris. The final report of that Task Force which was issued on May 31, 1990, is not in this series, but copies of comments on various drafts of the report are included.