Policy Papers

Operational Guidance Note On Program Design and Conditionality

January 30, 2024

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Operational Guidance Note On Program Design and Conditionality, (USA: International Monetary Fund, 2024) accessed November 23, 2024

Summary

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.

Subject: Balance of payments, Balance of payments need, Debt sustainability, External debt, Financial sector policy and analysis, Fiscal policy, Macrostructural analysis, Monetary policy, Political economy, Public debt, Structural reforms

Keywords: Balance of payments need, Climate change policy assessment, Conditionality, Conditionality guidelines, Debt sustainability, Debt sustainability analysis, Existing IMF policy, Financial support, Financing gap, Fragile and conflict-affected states, Fund-supported adjustment programs, Fund-supported program, Global, Guidance note, Policy note, Structural reform, Structural reforms, Transparency policy, Use of Fund resources

Publication Details

  • Pages:

    178

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Policy Paper No. 2024/004

  • Stock No:

    PPEA2024004

  • ISBN:

    9798400264849

  • ISSN:

    2663-3493

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