Who's in Charge? Ownership and Conditionality in IMF-Supported Programs

September 1, 2003

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Format: Chicago

James M. Boughton Who's in Charge? Ownership and Conditionality in IMF-Supported Programs, (USA: International Monetary Fund, 2003) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

IMF lending is conditional on a country's commitment to carry out an agreed program of economic policies. Unless that commitment is genuine and broadly held, the likelihood of implementation will be poor. Is there a conflict between national commitment and conditional finance? Are national authorities or other agents in the country less likely to "own" a reform program simply because it is conditionally financed? This paper argues that potential conflicts are reduced when program design takes the country's interests and circumstances into account and when conditionality results from a genuine process of interaction between the IMF and the borrower.

Subject: Balance of payments, Capital inflows, Depreciation, Exchange rates, Foreign exchange, National accounts, Political economy, Poverty, Poverty reduction, Structural reforms

Keywords: Borrowing country, Capital inflows, Conditionality, Country authorities, Country ownership, Country's authorities, Depreciation, Exchange rate, Exchange rates, Financing constraint, Fund staff, IMF, IMF policy conditionality, Macroeconomic Policy, Ownership, Poverty reduction, WP

Publication Details

Pages:

25
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2003/191
Stock No:

WPIEA1912003
ISBN:

9781451859737
ISSN:

1018-5941

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