Since 1990, the Peruvian economy has undergone free-market reforms, legalizing parts of the informal sector, and privatizing the mining, electricity, and telecommunications industries. Because of strong foreign investment, and cooperation between the Fujimori government and the IMR and World Bank, growth was strong in 1994–97, and inflation was brought under control. In 1998, El Niño's impact on agriculture, the financial crisis in Asia, and instability in Brazilian markets undercut growth. 1999 was another lean year for Peru due to the aftermath of El Niño and the Asian financial crisis. Lima completed negotiations for an Extended Fund Facility with the IMF in June 1999, although it subsequently had to renegotiate the targets.