This volume provides a practical treatment of how to formulate a macroeconomic adjustment program. The selection of macroeconomic policies oriented to reestablish or maintain internal and external equilibrium, and their incorporation in a quantitative framework that encompasses the diverse sectors of the economy, constitutes a financial program. Preparation of a country's financial program is a central element of courses offered by the IMF Institute. The focus here is on the case of Colombia during the period 1991-96, toward constructing an illustrative program for 1997. The book is accompanied by a CD-ROM (supplied in a back-cover pocket) containing data tables needed to complete exercises given in the text. Contributors: Adolfo Barajas, Luis Carranza, Graciana del Castillo, Thomas Lehwing, and Alejandro Lopez-Mejia.