Structural Conditionality In Imf Supported Programs

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

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Author : Jochen Andritzky
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-13

How To Gain The Most From Structural Conditionality Of Imf Supported Programs written by Jochen Andritzky and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-13 with Business & Economics categories.

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.

Structural Conditionality In Imf Supported Programs

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Author : International Monetary Fund. Independent Evaluation Office
language : en
Publisher: International Monetary Fund
Release Date : 2008-04-30

Structural Conditionality In Imf Supported Programs written by International Monetary Fund. Independent Evaluation Office and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-30 with Business & Economics categories.

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.

Designing Expenditure Policy Conditionality In Imf Supported Programs

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Author : Emine Hanedar
language : en
Publisher: International Monetary Fund
Release Date : 2025-01-24

Designing Expenditure Policy Conditionality In Imf Supported Programs written by Emine Hanedar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-01-24 with Business & Economics categories.

This gap-filling paper provides granular advice on how to design quantitative and structural conditionality of IMF-supported programs in six expenditure policy areas: social assistance, energy subsidies, pension spending, health spending, education spending, and wage bill management. Such granular advice is based on a stocktaking exercise: an analysis of 105 programs approved between 2002 and July 2021 containing a ca. 1400 conditions. Conditions are key to identify outcomes or actions seen as critical for program success or monitoring, and so are essential for financial support countries can receive from the Fund.

Growth And Adjustment In Imf Supported Programs

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Author : International Monetary Fund. Independent Evaluation Office
language : en
Publisher: International Monetary Fund
Release Date : 2021-09-09

Growth And Adjustment In Imf Supported Programs written by International Monetary Fund. Independent Evaluation Office and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-09 with Business & Economics categories.

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.

Structural Conditionality In Imf Supported Programs

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Author : INTERNATIONAL MONETARY FUND.
language : en
Publisher:
Release Date : 2018

Structural Conditionality In Imf Supported Programs written by INTERNATIONAL MONETARY FUND. and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.

Reform Of The Policy On Public Debt Limits In Imf Supported Programs

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2020-11-11

Reform Of The Policy On Public Debt Limits In Imf Supported Programs written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-11 with Business & Economics categories.

This paper evaluates the IMF’s policy on the use of quantitative limits on public debt in IMF-supported programs (the “debt limits policy”) and proposes a number of modifications. The review is taking place at a time when many countries are experiencing heightened debt vulnerabilities or actual debt distress, aggravated by the COVID-19 shock, and occurring against the backdrop of a changing credit landscape in which concessional finance is scarcer relative to countries’ investment needs.

Expenditure Conditionality In Imf Supported Programs

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Author : Mr.Sanjeev Gupta
language : en
Publisher: International Monetary Fund
Release Date : 2018-12-07

Expenditure Conditionality In Imf Supported Programs written by Mr.Sanjeev Gupta and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-07 with Business & Economics categories.

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).

2011 Review Of Conditionality And The Design Of Fund Supported Programs Concept Note

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2011-01-21

2011 Review Of Conditionality And The Design Of Fund Supported Programs Concept Note written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-21 with Business & Economics categories.

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.

Macro Financial Policies And Vulnerabilities In Imf Supported Programs

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Author : Yazan Al-Karablieh
language : en
Publisher: International Monetary Fund
Release Date : 2025-05-23

Macro Financial Policies And Vulnerabilities In Imf Supported Programs written by Yazan Al-Karablieh and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-05-23 with categories.

We construct a unique dataset by collecting macro-financial commitments data using textual analysis of the Memorandum of Economic and Financial Policies (MEFPs), a document outlining, inter-alia, policy commitments by member countries, in the context of an IMF-supported program. We combine this data with information on structural conditionality. Using a staggered difference-in-differences methodology, we show that IMF-supported programs with macro-financial policy commitments are followed by periods of lower non-performing loans and in some cases lower credit-to-GDP ratios, relative to IMF-supported programs without macro-financial commitments, mostly for the post global financial crisis (GFC) period before the COVID-19 pandemic. The NPL-to-loans ratio does not seem to decrease as a result of credit expansion. The results point to stronger and more abrupt declines in credit-to-GDP following ex-post macro-financial policies, those implemented after a crisis occurs (e.g., restructuring), and milder and more gradual declines following ex-ante policies, those implemented before risks materialize (e.g., regulatory requirements). The responses are also larger when countries have positive credit gaps at the start of the program than when credit gaps are negative. These results point to the importance of considering the country’s position in the credit cycle in program design and in addressing vulnerabilities preemptively to reduce the need for abrupt corrections when risks materialize. Finally, macro-financial policies targeting financial inclusion tend to increase credit-to-GDP ratios in low credit-to-GDP program countries.

Imf Conditionality And Implementation Of Imf Supported Programs

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Author : Anna Ivanova
language : en
Publisher:
Release Date : 2003

Imf Conditionality And Implementation Of Imf Supported Programs written by Anna Ivanova and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.