2018 Review of Program Design and Conditionality

2018 Review of Program Design and Conditionality

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2019-05-20

Total Pages: 172

ISBN-13: 1498315712

DOWNLOAD EBOOK

The 2018 Review of Program Design and Conditionality is the first comprehensive stocktaking of Fund lending operations since the global financial crisis. The review assesses program performance between September 2011 and end-2017. Programs during this period were defined by the protracted structural challenges faced by members and hampered by the persistently weak global environment.


2011 Review of Conditionality and the Design of Fund-Supported Programs - Concept Note

2011 Review of Conditionality and the Design of Fund-Supported Programs - Concept Note

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2011-01-21

Total Pages: 8

ISBN-13: 149833945X

DOWNLOAD EBOOK

The Fund regularly assesses conditionality in IMF-supported programs, with the next formal review planned for 2011. This paper summarizes previous assessments of conditionality, outlines staff’s proposed approach to the forthcoming review, and seeks Directors’ early views on the approach.


2011 Review of Conditionality - Design of Fund-Supported Programs

2011 Review of Conditionality - Design of Fund-Supported Programs

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2012-06-18

Total Pages: 72

ISBN-13: 1498340407

DOWNLOAD EBOOK

Design of Fund-supported programs aims to address country specific needs while remaining even-handed and consistent with Fund policy. This paper examines the extent to which program design and conditionality have been appropriate in pursuing these goals, by seeking to answer several questions: has program design been consistent and evenhanded; has it addressed country specific needs and objectives appropriately; has it been based on reasonably good macroeconomic projections; and has it been flexible in the face of evolving country circumstances. The description and analysis focuses on the period between 2006 and September 2011, with some attention to the 2002-05 period.


Conditionality in Evolving Monetary Policy Regimes

Conditionality in Evolving Monetary Policy Regimes

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2014-05-03

Total Pages: 61

ISBN-13: 1498343694

DOWNLOAD EBOOK

With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.


Conditionality in Fund-Supported Programs-Purposes, Modalities, and Options for Reform

Conditionality in Fund-Supported Programs-Purposes, Modalities, and Options for Reform

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2009-01-30

Total Pages: 25

ISBN-13: 1498336388

DOWNLOAD EBOOK

This paper takes a fresh look at the purpose and modalities of conditionality for the use of the Fund’s resources. It is part of a broader review of Fund lending facilities that includes access levels, charges and maturities, the analytical basis for Fund lending, and facilities for low income countries. It aims to explore options for more flexible approaches that would be responsive to the changing needs and circumstances of the Fund’s members while providing adequate safeguards for Fund resources. While these options have been developed with General Resources Account (GRA) facilities in mind as a complement to the companion paper on the analytical framework, they could apply, as appropriate, to facilities and instruments used by low income members.


Macroeconomic and Structural Policies in Fund-Supported Programs - Review of Experience

Macroeconomic and Structural Policies in Fund-Supported Programs - Review of Experience

Author: International Monetary Fund. Policy Development and Review Dept.

Publisher: International Monetary Fund

Published: 2004-11-24

Total Pages: 66

ISBN-13: 1498330002

DOWNLOAD EBOOK

A Fund-supported program is a package of envisaged policies which, combined with approved financing, is expected to achieve certain economic objectives such as fostering macroeconomic stability and orderly external adjustment, promoting growth and poverty reduction, and reducing vulnerability to future balance of payments problems or financial crises. This paper reviews experience with specific macroeconomic and structural policies intended to achieve these objectives.


Growth and Adjustment in IMF-Supported Programs

Growth and Adjustment in IMF-Supported Programs

Author: International Monetary Fund. Independent Evaluation Office

Publisher: International Monetary Fund

Published: 2021-09-09

Total Pages: 116

ISBN-13: 1513594478

DOWNLOAD EBOOK

This evaluation assesses how well IMF-supported programs helped to sustain economic growth while delivering adjustment needed for external viability over the period 2008–19. The evaluation finds that the Fund’s increasing attention to growth in the programs has delivered some positive results. Specifically, it does not find evidence of a consistent bias towards excessive austerity in IMF-supported programs. Indeed, programs have yielded growth benefits relative to a counterfactual of no Fund engagement and boosted post-program growth performance. Notwithstanding these positive findings, program growth outcomes consistently fell short of program projections. Such shortfalls imply less protection of incomes than intended, fuel adjustment fatigue and public opposition to reforms, and jeopardize progress towards external viability. The evaluation examines how different policy instruments were applied to support better growth outcomes while achieving needed adjustment. Fiscal policies typically incorporated growth-friendly measures but with mixed success. Despite some success in promoting reforms and growth, structural conditionalities were of relatively low depth and their potential growth benefits were not fully realized. Use of the exchange rate as a policy tool to support growth and external adjustment during programs was quite limited. Lastly, market debt operations were useful in some cases to restore debt sustainability and renew market access, yet sometimes were too little and too late to deliver the intended benefits. The evaluation concludes that the IMF should seek to further enhance program countries’ capacity to sustain activity while undertaking needed adjustment during the program and to enhance growth prospects beyond the program. Following this conclusion, the report sets out three recommendations aimed at strengthening attention to growth implications of IMF-supported programs, including the social and distributional consequences.