Expenditure Conditionality In Imf Supported Programs

Author : Mr.Sanjeev Gupta,Michela Schena,Mr.Reza Yousefi
Publisher : International Monetary Fund
Page : 31 pages
File Size : 42,6 Mb
Release : 2018-12-07
Category : Business & Economics
ISBN : 9781484389072

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Expenditure Conditionality in IMF-supported Programs by Mr.Sanjeev Gupta,Michela Schena,Mr.Reza Yousefi Pdf

This paper studies the impact of expenditure conditionality in IMF programs on the composition of public spending. A granular dataset on different government expenditure conditions covering 115 countries for the 1992-2016 period is compiled. The results support the view that while conditionality on specific elements of spending could help achieve a program’s short-term objectives, it is structural conditionality which delivers lasting benefits. Structural public financial management conditionality (such as on budget execution and control) has proven to be effective in boosting the long-term level of education, health, and public investment expenditures. The results further indicate that conditionality on raising such spending may come at the expense of other expenditures. Finally, the successful implementation (and not mere existence) of the conditionality is crucial for improved outcomes. These findings are relevant for policy makers targeting achievement of the Sustainable Development Goals (SDGs).

Author : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
Page : 52 pages
File Size : 51,5 Mb
Release : 2008-04-30
Category : Business & Economics
ISBN : 9781589067028

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Structural Conditionality in IMF-Supported Programs by International Monetary Fund. Independent Evaluation Office Pdf

This evaluation examines factors influencing the effectiveness of the IMF structural conditionality in bringing about structural reform. It assesses the impact of the streamlining initiative launched in 2000 and of the 2002 Conditionality Guidelines. These guidelines aimed at reducing the volume and scope of structural conditionality by requiring “parsimony” in the use of conditions and stipulated that conditions must be “critical” to the achievement of the program goals. The evaluation finds that during the period 1995–2004, there was extensive use of structural conditionality in IMF-supported programs, with an average of 17 conditions per program/year.

Author : Soojin Moon,Mr.Ales Bulir
Publisher : International Monetary Fund
Page : 46 pages
File Size : 51,9 Mb
Release : 2003-02-01
Category : Business & Economics
ISBN : 9781451845716

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Do IMF-Supported Programs Help Make Fiscal Adjustment More Durable? by Soojin Moon,Mr.Ales Bulir Pdf

This paper investigates fiscal developments in 112 countries during the 1990s. It finds that, while the overall fiscal balance improved in most of them, the composition of this improvement differed. In nonprogram countries, revenues increased modestly and expenditure declined sharply, while in program countries both revenue and expenditure declined. However, in countries with programs that included structural conditions the adjustment was effected primarily through sharp expenditure compression. We did not find evidence of a statistically significant impact of IMF conditionality. Morever, fiscal improvements are strongly influenced by cyclical factors

Author : Mr. Jochen R. Andritzky,Zsuzsa Munkacsi,Ke Wang
Publisher : International Monetary Fund
Page : 56 pages
File Size : 50,9 Mb
Release : 2021-05-13
Category : Business & Economics
ISBN : 9781513572697

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How to Gain the Most from Structural Conditionality of IMF-Supported Programs by Mr. Jochen R. Andritzky,Zsuzsa Munkacsi,Ke Wang Pdf

Structural conditionality of IMF-supported programs is designed to support structural reforms by countries borrowing from the IMF. Taking stock of program conditions and their implementation, this paper finds that conditionality focuses on fiscal, monetary and financial issues—areas where IMF expertise is strong—and shies away from structural areas such as labor or product market reforms. Hence, tackling deep-rooted structural issues during IMF-supported programs often remained elusive. To ensure countries gain most from IMF conditionality, the paper outlines an evaluation matrix for prioritizing and designing structural reforms, and applies it to case studies.

Author : Mr.Masahiro Nozaki,Mr.Benedict J. Clements,Mr.Sanjeev Gupta
Publisher : International Monetary Fund
Page : 20 pages
File Size : 54,9 Mb
Release : 2011-08-31
Category : Business & Economics
ISBN : 9781463935146

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What Happens to Social Spending in IMF-Supported Programs? by Mr.Masahiro Nozaki,Mr.Benedict J. Clements,Mr.Sanjeev Gupta Pdf

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Author : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
Page : 128 pages
File Size : 55,6 Mb
Release : 2003-11-17
Category : Business & Economics
ISBN : 9781589062740

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Fiscal Adjustment in IMF-Supported Programs by International Monetary Fund. Independent Evaluation Office Pdf

Using a cross-country sample of 169 IMF-supported programs and detailed studies of 15 programs, this evaluation report examines various aspects of fiscal adjustment in IMF-supported programs. It presents evidence that does not support some critics’ view that IMF-supported programs typically adopt a one-size-fits-all approach to fiscal adjustment, nor the perception that programs always involve austerity by targeting reductions in public spending. The report also proposes a number of recommendations for IMF surveillance and program design in the future.

Author : Anna Ivanova
Publisher : Unknown
Page : 216 pages
File Size : 54,8 Mb
Release : 2003
Category : Electronic
ISBN : WISC:89080037823

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IMF Conditionality and Implementation of IMF Supported Programs by Anna Ivanova Pdf

Author : James M. Boughton
Publisher : Unknown
Page : 30 pages
File Size : 47,5 Mb
Release : 2003
Category : Conditionality (International relations).
ISBN : UCSD:31822033354838

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Who's in Charge? by James M. Boughton Pdf

Author : Ashoka Mody,Alessandro Rebucci
Publisher : International Monetary Fund
Page : 294 pages
File Size : 55,8 Mb
Release : 2006-04-03
Category : Business & Economics
ISBN : 9781451942767

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IMF-Supported Programs by Ashoka Mody,Alessandro Rebucci Pdf

Research work by the IMF's staff on the effectiveness of the country programs the organization supports, which has long been carried out, has intensified in recent years. IMF analysts have sought to "open up the black box" by more closely examining program design and implementation, as well as how these influence programs' effectiveness. Their efforts have also focused on identifying the lending, signaling, and monitoring features of the IMF that may affect member countries' economic performance. This book reports on a large portion of both the new and the continuing research. It concludes that IMF programs work best where domestic politics and institutions permit the timely implementation of the necessary measures and when a country is vulnerable to, but not yet in, a crisis. It points to the need for a wider recognition of the substantial diversity among IMF member countries and for programs to be tailored accordingly while broadly maintaining the IMF's general principle of uniformity of treatment.

Author : Mauricio Soto,Mr. Geremia Palomba,Carolina Bloch,Nick Carroll,Tohid Atashbar,Deeksha Kale,Baoping Shang,Kiichi Tokuoka
Publisher : International Monetary Fund
Page : 57 pages
File Size : 42,8 Mb
Release : 2023-12-22
Category : Business & Economics
ISBN : 9798400258732

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IMF Engagement on Health Spending Issues in Surveillance and Program Work by Mauricio Soto,Mr. Geremia Palomba,Carolina Bloch,Nick Carroll,Tohid Atashbar,Deeksha Kale,Baoping Shang,Kiichi Tokuoka Pdf

IMF country teams have become increasingly engaged on health spending issues in surveillance and program work, and more so since the COVID-19 pandemic. The primary objectives of health spending are to improve health outcomes and provide protection to households against high financial costs of health care. The Fund’s engagement on health spending issues is guided by an assessment of its macro-criticality, with the scope and purpose of engagement varying across countries and depending on whether it occurs in surveillance or program contexts. This technical note discusses how to assess the macro-criticality of health spending and reviews appropriate policy responses. The design and implementation of macro-critical health reforms often require specific sectoral knowledge and experience. Thus, this note emphasizes the importance of collaborating with development partners on health policy issues.

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 52 pages
File Size : 43,7 Mb
Release : 2024-04-30
Category : Business & Economics
ISBN : 9798400272271

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Operational Guidance Note for IMF Engagement on Social Spending Issues by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept. Pdf

This note provides general guidance on the operationalization of the strategy for IMF engagement on social spending. Social spending plays a critical role as a key lever for promoting inclusive growth, addressing inequality, protecting vulnerable groups during structural change and adjustment, smoothing consumption over the lifecycle, and stabilizing demand during economic shocks. Social spending policies have also been playing an important role in tackling the structural challenges associated with demographic shifts, gender inequality, technological advances, and climate change. This note builds on a series of notes on IMF engagement on specific social spending issues since the publication of the 2019 strategy paper and provides operational guidance on when and how to engage on social spending issues, in the context of surveillance, IMF-supported programs, and capacity development.

Author : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
Page : 116 pages
File Size : 45,7 Mb
Release : 2021-09-09
Category : Business & Economics
ISBN : 9781513594477

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Growth and Adjustment in IMF-Supported Programs by International Monetary Fund. Independent Evaluation Office Pdf

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.

Author : John Williamson,Institute for International Economics (U.S.)
Publisher : MIT Press (MA)
Page : 708 pages
File Size : 52,9 Mb
Release : 1983
Category : Business & Economics
ISBN : STANFORD:36105037510661

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IMF Conditionality by John Williamson,Institute for International Economics (U.S.) Pdf

The twenty-one contributions in this book assess the controversy surrounding the Fund and provide judgments about the criteria for Fund lending which should help readers understand and analyze both its ongoing role in smoothing adjustment to international payments imbalances and its currently critical position in responding to the debt crisis.

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 56 pages
File Size : 42,6 Mb
Release : 2019-06-14
Category : Business & Economics
ISBN : 9781498318884

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A Strategy for IMF Engagement on Social Spending by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

Interest in social spending issues has intensified over the last decade. This reflects concerns about rising inequality and the need to support vulnerable groups, especially in the aftermath of the global financial crisis. In line with this, the Fund has also increased its engagement on social spending issues. This paper outlines a strategy to guide IMF engagement on social spending issues going forward.

Author : Ernesto Crivelli,Mr.Sanjeev Gupta
Publisher : International Monetary Fund
Page : 32 pages
File Size : 41,7 Mb
Release : 2014-11-19
Category : Business & Economics
ISBN : 9781484380048

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Does conditionality in IMF-supported programs promote revenue reform? by Ernesto Crivelli,Mr.Sanjeev Gupta Pdf

This paper studies whether revenue conditionality in Fund-supported programs had any impact on the revenue performance of 126 low- and middle-income countries during 1993-2013. The results indicate that such conditionality had a positive impact on tax revenue, with strongest improvement felt on taxes on goods and services, including the VAT. Revenue conditionality matters more for low-income countries, particularly those where revenue ratios are below the group average. Moreover, revenue conditionality appears to be more effective when targeted to a specific tax. These results hold after controlling for potential endogeneity, sample selection bias, and when revenues are adjusted for economic cycle.