What type of policies did the Washington Consensus promote?

The Washington Consensus was a set of 10 economic policy reforms that were promoted by the International Monetary Fund (IMF) and the World Bank in 1989 as a way of promoting economic growth in Latin America and other developing countries. The 10 reforms focused on the role of the government, encouraging countries to adopt more market-oriented policies. Specifically, the Washington Consensus promoted policies that aimed to reduce government spending, liberalize trade and investment, liberalize markets and allow competition, encourage foreign direct investment (FDI), promote privatization, and create a stabilized macroeconomic environment by developing laws to protect contract and property rights, and improving financial systems. This set of policies was based on the idea that government interference was largely responsible for the economic crisis that affected many Latin American countries in the 1980s, and that enabling market forces would promote economic growth and stability.