How to Gain the Most from Structural Conditionality of IMF-Supported Programs

By Jochen R. Andritzky, Zsuzsa Munkacsi, Ke Wang

May 13, 2021

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Format: Chicago

Jochen R. Andritzky, Zsuzsa Munkacsi, and Ke Wang. How to Gain the Most from Structural Conditionality of IMF-Supported Programs, (USA: International Monetary Fund, 2021) accessed December 21, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

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.

Subject: Economic sectors, Financial crises

Publication Details

Pages:

56
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2021/139
Stock No:

WPIEA2021139
ISBN:

9781513572697
ISSN:

1018-5941

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