The Design Of Imf Supported Programs

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2018 Review Of Program Design And Conditionality

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-20

2018 Review Of Program Design And Conditionality 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 2019-05-20 with Business & Economics categories.

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.

The Design Of Imf Supported Programs

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Author : Atish R. Ghosh
language : en
Publisher: International Monetary Fund
Release Date : 2005-09-20

The Design Of Imf Supported Programs written by Atish R. Ghosh 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 2005-09-20 with Business & Economics categories.

This publication contains a collection of papers which examine the design of IMF-supported programmes during the years 1995-2000 in both middle-income and low-income countries. The analysis covers objectives and outcomes, policy formulation and programme design, and experiences in relation to macroeconomic and structural policies.

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.

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.

Program Design In Currency Unions

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2018-03-16

Program Design In Currency Unions 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 2018-03-16 with Business & Economics categories.

"Despite a long history of program engagement, the Fund has not developed guidance on program design in members of currency unions. The Fund has engaged with members of the four currency unions—the Central African Economic and Monetary Community, the Eastern Caribbean Currency Union, the European Monetary Union, and the West African Economic and Monetary Union—under Fund-supported programs. In some cases, union-wide institutions supported their members in undertaking adjustment under Fund-supported programs. As such, several programs incorporated—on an ad hoc basis—critical policy actions that union members had delegated. Providing general guidance on program design for members in a currency union context would fill a gap in Fund policy and help ensure consistent, transparent, and evenhanded treatment across Fund-supported programs. This paper considers two options on when and how the Fund should seek policy assurances from union-level institutions in programs of currency union members. Option 1 would involve amending the Conditionality Guidelines, which would allow the use of standard conditionality tools with respect to actions by union-level institutions. Option 2—which staff prefers—proposes formalizing current practices and providing general guidance regarding principles and modalities on policy assurances from union-level institutions in support of members’ adjustment programs. Neither option would infringe upon the independence (or legally-provided autonomy) of union-level institutions, since the institutions would decide what measures or policy actions to take—just as any independent central bank or monetary authority does, for example, in non-CU members."

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.

Fiscal Adjustment In Imf Supported Programs

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Author : International Monetary Fund. Independent Evaluation Office
language : en
Publisher: International Monetary Fund
Release Date : 2003-11-17

Fiscal 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 2003-11-17 with Business & Economics categories.

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.

Imf Supported Programs In Low Income Countries Fragile Versus Non Fragile States

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Author : Kailhao Cai
language : en
Publisher: International Monetary Fund
Release Date : 2024-10-11

Imf Supported Programs In Low Income Countries Fragile Versus Non Fragile States written by Kailhao Cai 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 2024-10-11 with categories.

This paper examines the macroeconomic frameworks of IMF-supported programs with low-income countries from 2009 to 2022, focusing on how macroeconomic targets and their achievement differ between fragile and conflicted-affected states (FCS) and non-FCS. Key findings include similar program targets for FCS and non-FCS, optimism in all dimensions considered other than inflation, and no significant correlation between targets and outcomes. For variables other than inflation, country-independent targets equal to the mean or median outcomes of other programs outperform program projections as predictors of actual outcomes. This underscores the challenges in setting realistic, country and program-specific targets in IMF-supported programs with low-income countries. Finally, we discuss potential caveats, including GDP rebenchmarking, non-linear relationship between initial conditions and targets, and repeat programs. We do not study, and make no claims about, causality.

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.

Do Imf Supported Programs Work A Survey Of The Cross Country Empirical Evidence

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1998-12-01

Do Imf Supported Programs Work A Survey Of The Cross Country Empirical Evidence 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 1998-12-01 with Business & Economics categories.

Over the last two decades a number of cross-country empirical studies have been undertaken to assess whether IMF-supported adjustment programs have led to an improved balance of payments and current account balance, lower inflation, and higher growth. These studies use a variety of methodologies and cover different country samples and time periods. This paper critically surveys the evidence yielded by the cross-country studies, paying special attention to the pros and cons of the respective empirical methodologies employed. These studies, particularly the more recent ones, conclude that IMF-supported programs have generally been successful in stabilizing the economy.