Responding to this, in 1989 the Carlos Andrés Pérez administration enacted sweeping and ambitious IMF-inspired neoliberal structural adjustment programs. Nevertheless, these reforms were widely unpopular among poor and working class Venezuelans. Such measures involved the removal of state-managed development and industrialization, the implementation of market liberalization measures, enactment of export subsidies and incentives, extensive privatization of state-owned holdings, curtailed social spending, the release of longstanding price controls on many goods, as well as liberalization of capital and liquidity flows into and out of Venezuela. The programs' international backers—including renowned Harvard economist Jeffrey Sachs—as well as domestic business groups such as "Grupo Roraima" thereby sought to restore fiscal stability and responsibility to Venezuela's ailing economy. These policies yielded mixed social and economic results. In 1991 and 1992, Venezuela experienced GDP growth rates of 10.3% and 7%, respectively. Such remarkable results resulted mainly from Pérez's drive to increase investments in the oil industry.