3. Discuss the validity or limitations of the following conclusion regarding

"lesson learned" in external aid projects, summarized by Krueger (1986, p.74), "Because individual projects earn their returns in a milieu influenced by overall economic policy, project fmancing is not likely to maximize the donors' impact on the recipients growth unless macroeconomic policies are either already appropriate to growth or beyond influence. In the latter case, some types of projects may nonetheless yield positive returns and thus speed up overall growth (even within the unsatisfactory frameworks), or else lay the foundation for higher growth should policy reform later become feasible."