Download or read book 2011 Review of Conditionality Outcomes of Fund Supported Programs written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-06-18 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of Fund-supported programs initiated during 2002-11, with special emphasis on programs started after the onset of the recent global economic crisis. The paper investigates the effects of Fund-supported programs on key macroeconomic variables and, data restrictions permitting, on social variables (social government spending, unemployment and social outcome indicators). Further, it analyzes the contribution of fiscal and external accommodation in helping program countries get through the recent global crisis. The assessment of the impact of Fund-supported programs is necessarily incomplete to the extent that the global financial crisis is ongoing and the most recent crisis programs such as the March 2012 program for Greece are not included. The Crisis Program Review provides detailed analysis of recent GRA-supported programs.

Download or read book 2011 Review of Conditionality and the Design of Fund Supported Programs Concept Note written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-01-21 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book 2011 Review of Conditionality Content and Application of Conditionality written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-06-18 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the design of conditionality in Fund-supported programs from 2002 to end-September 2011, with an emphasis on recent years. It focuses on the content and application of program conditionality—especially structural conditionality—in relation to the 2002 Conditionality Guidelines (the "Guidelines"), the Staff Statement on Principles Underlying the Guidelines on Conditionality, and subsequent revisions to operational guidance on conditionality. The analysis is based on the five key interrelated principles guiding the design of conditionality: national ownership of programs, parsimony in program-related conditions, tailoring to country circumstances, effective coordination with other multilateral institutions, and clarity in the specification of conditions. In particular, the principle of parsimony requires that program-related conditions be critical (or the minimum necessary) to achieve program objectives and goals, critical for monitoring program implementation, or necessary for implementing specific provisions under the Articles of Agreement (the "criticality criterion"). Beyond assessing compliance with these guidelines and principles, the paper also examines the implementation of conditionality

Download or read book 2011 Review of Conditionality Design of Fund Supported Programs written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-06-18 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book 2018 Review of Program Design and Conditionality written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2019-05-20 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book 2011 Review of Conditionality Overview Paper written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-06-19 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The review generally yields positive findings on conditionality and design in Fund-supported programs. Programs in the review period internalized lessons from the past, for example with program design incorporating the lessons of the Asian crisis, and the approach to conditionality being modified to take into account the recommendations made in the 2007 report on structural conditionality by the Fund’s Independent Evaluation Office (IEO). (Box 1 also summarizes recommendations from the previous Review of Conditionality and follow-up.) These findings hold for the substantial majority of programs supported under both the Fund’s General Resources Account and the Poverty Reduction and Growth Trust (hereafter GRA programs and PRGT programs, respectively)

Download or read book IMF Conditionality written by John Williamson and published by MIT Press (MA). This book was released on 1983 with total page 708 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book 2011 Review of Conditionality Technical Appendices written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-06-18 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This section provides the background studies relating to dimensions of Fund policy on conditionality. Appendix 1 provides a review of Fund experience with coordination, both in a low-income country (LIC) setting (in African programs) and in an emerging market and advanced economy setting in the European Union (EU) and Euro Area (EA). Appendix 2 summarizes the recent changes to debt limits in LICs and provides an assessment of the implementation of this policy in the early stages (up to mid-February 2011). Appendix 3 reviews the experience of countries with the Flexible Credit Line (FCL) and Precautionary Credit Line (PCL)-supported programs. Appendix 4 examines the impact of the 2009 Special Drawing Rights (SDR) allocation on program design

Download or read book IMF Supported Programs in Low Income Countries written by Mr.Christian Mumssen and published by International Monetary Fund. This book was released on 2014-01-15 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the short and longer-term impact of IMF engagement in Low-Income Countries (LICs) over nearly three decades. In contrast to earlier studies, we focus on a sample composed exclusively of LICs and disentangle the different effects of IMF longer-term engagement and short-term financing using a propensity score matching approach to control for selection bias. Our results indicate that longer-term IMF support (at least five years of program engagement per decade) helped LICs sustain economic growth and boost resilience by building fiscal buffers. Interestingly, the size of IMF financing has no significant impact on economic growth, possibly pointing to the prominent role of IMF policy advice and institutional capacity building in the context of longer-term engagement. We also present evidence that the short-term IMF engagement through augmentations of existing programs or short-term and emergency facilities is positively associated with a wide range of macroeconomic outcomes. Notably, the IMF financial support has the greatest impact on short-term growth when LICs are faced with substantial macroeconomic imbalances or exogenous shocks.

Download or read book Do IMF Supported Programs Catalyze Donor Assistance to Low Income Countries written by Yasemin Bal-Gunduz and published by International Monetary Fund. This book was released on 2014-11-12 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study explores whether IMF-supported programs in low-income countries (LICs) catalyze Official Development Assistance (ODA). Based on a comprehensive set of ODA measures and using Propensity Score Matching approach to address selection bias, we show that programs addressing policy or exogenous shocks have a significant catalytic impact on both the size and the modality of ODA. Moreover, the impact is greatest when LICs are faced with substantial macroeconomic imbalances or large shocks. Nevertheless, when countries attracting similar donor assistance before shocks are matched results for bilateral ODA turn insignificant, suggesting that the catalytic impact is attributed primarily to multilateral ODA.

Download or read book The International Monetary Fund written by Graham Bird and published by Edward Elgar Publishing. This book was released on 2016-03-25 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no shortage of opinion about the International Monetary Fund (IMF). Some see it as the agent of austerity, being manipulated by wealthy nations and forcing poorer countries to pursue economic policies that suppress growth and development. A sharply contrasting view regards it as bailing out such countries with large amounts of soft finance, allowing them to avoid necessary adjustment. The challenge is to evaluate the alternative arguments and to distinguish reality from rhetoric. In this book, the authors undertake a careful and detailed empirical analysis of the underlying issues, covering participation in IMF programs, their implementation and effects on economic growth, and on the willingness of international capital markets to lend. Blending research methodologies and crossing conventional disciplinary boundaries, what emerges is a balanced and nuanced assessment of the IMF’s operations that confronts many commonly held views. Unique in its broad scope, this careful examination of the IMF will be of great interest to students and academics in the fields of international economics and international relations. Those involved in international financial institutions and national monetary institutions will also find it to be an impartial and illuminating study.

Download or read book Conditionality in Evolving Monetary Policy Regimes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-03 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Growth and Adjustment in IMF Supported Programs written by International Monetary Fund. Independent Evaluation Office and published by International Monetary Fund. This book was released on 2021-09-09 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Review of Facilities for Low Income Countries Supplement 1 written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-07-26 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This supplement aims to assess the economic impact of the Fund’s support through its facilities for low-income countries (LICs). It relies on two complementary econometric analyses: the first investigates the longer-term impact of Fund engagement—primarily through successive medium-term programs under the Extended Credit Facility (ECF) and its predecessors (and more recently the Policy Support Instrument (PSI))—on economic growth and a range of other indicators and socio-economic outcomes; the second focuses on the role of IMF shock-related financing—through augmentations of ECF arrangements and short-term and emergency financing instruments—on short-term macroeconomic performance. The empirical results shed some light on two channels through which different Fund facilities may have helped LICs respond to the global financial crisis—(i) by supporting a gradual buildup of macroeconomic buffers in the decades prior to the crisis and (ii) by providing liquidity support at the height of the crisis. The combination of strong pre-crisis buffers and crisis financing allowed LICs to pursue counter-cyclical policy responses that preserved spending and facilitated a rapid recovery.

Download or read book Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting October 31 2011 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-10-31 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has entered a dangerous new phase with severe downside risks. The Fund has been called by the IMFC to contribute to an orderly resolution of these tensions, and the membership must be prepared for bold action. Our first responsibility is to help develop and coordinate solutions to immediate threats to global stability, in particular to provide insightful analysis and policy advice to address fiscalfinancial vulnerabilities and rekindle growth and job creation. Yet we must also be prepared to fortify the global financial safety net. Secondly, we must redouble efforts to make the international monetary system (IMS) stronger in the longer term—through more effective surveillance and a clearer shared vision of the system’s key underpinnings.

Download or read book Jobs and Growth Analytical and Operational Considerations for the Fund written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-03-14 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: Job creation and growth with inclusion are imperatives that resonate today in every country. While some advanced countries face the challenge of supporting aggregate demand with limited fiscal space in the aftermath of the Great Recession, many countries have to address ways to generate growth and create jobs in the face of the strong ongoing global megatrends of technological change, globalization, and significant shifts in demographic trends. The latter includes rapid population aging in some parts of the world, and the entry of a large number of new workers into the labor force in others. Low female labor force participation represents a significant missed opportunity to strengthen economic development and growth in many countries.

Download or read book Fifth Periodic Monitoring Report on the Status of Implementation Plans in Response to Board Endorsed IEO Recommendations written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-09-24 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Periodic Monitoring Reports update the status on Management Implementation Plans (MIPs) in response to Executive Board-endorsed IEO recommendations. The last Periodic Monitoring Report (PMR) was discussed by the Board Evaluation Committee (EVC) and then agreed by the Board in August 2011. That report concluded that all key performance benchmarks related to the MIPs covered in that report had either been met or were on track for timely completion, that no new remedial actions were proposed, and that there were no outstanding performance benchmarks to be reviewed in the next PMR. In their assessment to the Executive Board, the EVC did, however, note that further work was needed on three other issues—staff mobility, enhanced coverage of previous implementation plans, and the process for following up on IEO recommendations. This fifth report therefore updates work on these three issues, including a consolidated picture of recent progress on all Board-endorsed recommendations made since the first PMR in 2007. This PMR also presents progress on the Implementation Plan in response to Board-endorsed recommendations arising from the IEO Evaluation of IMF Interactions with Member Countries (hereafter, Interactions Evaluation).