How To Gain The Most From Structural Conditionality Of Imf Supported Programs

Author : Mr. Jochen R. Andritzky,Zsuzsa Munkacsi,Ke Wang
Publisher : International Monetary Fund
Page : 56 pages
File Size : 47,7 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 : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
Page : 52 pages
File Size : 49,5 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 : Mr.Sanjeev Gupta,Michela Schena,Mr.Reza Yousefi
Publisher : International Monetary Fund
Page : 31 pages
File Size : 46,9 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.
Publisher : Unknown
Page : 128 pages
File Size : 46,5 Mb
Release : 2018
Category : Electronic
ISBN : 148435303X

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STRUCTURAL CONDITIONALITY IN IMF-SUPPORTED PROGRAMS by INTERNATIONAL MONETARY FUND. Pdf

Author : James M. Boughton
Publisher : Unknown
Page : 30 pages
File Size : 45,6 Mb
Release : 2003
Category : Conditionality (International relations).
ISBN : UCSD:31822033354838

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

Author : Mohsin S. Khan,Sunil Sharma
Publisher : Unknown
Page : 38 pages
File Size : 44,8 Mb
Release : 2001
Category : Borrowing and lending
ISBN : UCSD:31822031306350

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IMF Conditionality and Country Ownership of Programs by Mohsin S. Khan,Sunil Sharma Pdf

Author : Mr.Ashoka Mody,Mr.Alessandro Rebucci
Publisher : International Monetary Fund
Page : 184 pages
File Size : 55,6 Mb
Release : 2006-04-03
Category : Business & Economics
ISBN : 1589063619

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IMF-Supported Programs by Mr.Ashoka Mody,Mr.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 : John Williamson,Institute for International Economics (U.S.)
Publisher : MIT Press (MA)
Page : 708 pages
File Size : 46,8 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. Independent Evaluation Office
Publisher : International Monetary Fund
Page : 128 pages
File Size : 53,8 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 : International Monetary Fund
Publisher : International Monetary Fund
Page : 61 pages
File Size : 50,8 Mb
Release : 2014-05-03
Category : Business & Economics
ISBN : 9781498343695

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Conditionality in Evolving Monetary Policy Regimes by International Monetary Fund Pdf

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.

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 179 pages
File Size : 49,6 Mb
Release : 2024-01-30
Category : Business & Economics
ISBN : 9798400264849

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Operational Guidance Note On Program Design and Conditionality by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This note aims to provide guidance on the key principles and considerations underlying the design of Fund-supported programs. The note expands on the previous operational guidance notes on conditionality published over 2003-2014, incorporating lessons from the 2018-19 Review of Conditionality, and other recent key policy developments including the recommendation of the Management’s Implementation Plan in response to Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The note in particular highlights operational advice to (i) improve the realism of macroeconomic forecast in programs and fostering a more systematic analysis of contingency plans and risks; (ii) improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects; and (iii) help strengthen the ownership of country authorities. Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner, the note refers in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs. As with all guidance notes, the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 122 pages
File Size : 47,8 Mb
Release : 2019-10-04
Category : Business & Economics
ISBN : 9781513511726

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International Monetary Fund Annual Report 2019 Financial Statements by International Monetary Fund Pdf

The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018

Author : Soojin Moon,Mr.Ales Bulir
Publisher : International Monetary Fund
Page : 46 pages
File Size : 48,9 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.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo
Publisher : International Monetary Fund
Page : 62 pages
File Size : 54,8 Mb
Release : 2009-10-15
Category : Business & Economics
ISBN : 9781589068186

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Structural Reforms and Economic Performance in Advanced and Developing Countries by Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo Pdf

This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.

Author : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
Page : 116 pages
File Size : 50,7 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.