The purpose of this note is to present briefly the core elements in the framework for the economic policy reforms in any economy. It outlines the fundamental relationships among the critical macroeconomic aggregates in a country. Most of these interrelationships are definitional and hardly involve any substantial theory inputs with specific ideological bias. This simple framework is almost universal in the sense that it can analyze experiences of most of the countries suffering major economic shocks or crises that force them to adopt serious economic policy reforms. The main objective of the note is pedagogical.