Front Matter

Front Matter

Author(s):
Charalambos Christofides, Atish Ghosh, Uma Ramakrishnan, Alun Thomas, Laura Papi, Juan Zalduendo, and Jun Kim
Published Date:
September 2005
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    © 2005 International Monetary Fund

    Production: IMF Multimedia Services Division

    Typesetting: Alicia Etchebarne-Bourdin

    Cataloging-in-Publication Data

    The design of IMF-supported programs/Atish Ghosh … [et al.]—Washington, D.C.: International Monetary Fund, 2005.

    p. cm.—(Occasional paper, 0251-6363; no. 241)

    Includes bibliographical references.

    ISBN 9781589061934

    1. International Monetary Fund. 2. Economic policy. I. Ghosh, Atish R. II. Occasional paper (International Monetary Fund); no. 241.

    HG3881.5.I58D37 2005

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    Contents

    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 2003–04 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 2003/04) to indicate a fiscal (financial) year.

    “n.a.” means not applicable.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

    Preface

    The past 15 years have seen important developments in the challenges facing IMF member countries, and therefore in the objectives of the economic programs for which national authorities have sought the IMF’s support. Yet the very responsiveness of the IMF to these evolving needs has inevitably complicated program design and the evaluation of program success. In this occasional paper, IMF staff take a detailed look at the experience with IMF-supported programs during 1995–2000.

    The Design of IMF-Supported Programs was prepared by a staff team headed by Atish Ghosh and comprising Charis Christofides, Jun Kim, Laura Papi, Uma Ramakrishnan, Alun Thomas, and Juan Zalduendo, assisted by Barbara Dabrowska, Siba Das, Olivia Carolin, and Neri Gomes, under the overall supervision of G. Russell Kincaid and Mark Allen. Esha Ray of the External Relations Department edited and coordinated production of the publication.

    An earlier draft of this occasional paper was discussed by the IMF’s Executive Board. The opinions expressed in the paper are those of the authors, however, and do not necessarily reflect the views of national authorities, the IMF, or IMF Executive Directors.

    Abbreviations

    AREAER

    Annual Report on Exchange Arrangements and Exchange Restrictions

    CAC

    Capital account crisis

    CIS

    Commonwealth of Independent States

    EFF

    Extended Fund Facility

    EMBI

    Emerging Market Bond Index

    ERBS

    Exchange-rate-based stabilization

    ESAF

    Enhanced Structural Adjustment Facility

    EU

    European Union

    FDI

    Foreign direct investment

    G-7

    Group of Seven countries

    GDP

    Gross domestic product

    GIR

    Gross international reserves

    GRA

    General Resources Account

    HIPC

    Heavily Indebted Poor Countries

    ICOR

    Incremental capital output ratio

    IEO

    Independent Evaluation Office

    IFS

    International Financial Statistics

    MBS

    Money-based stabilization

    MONA

    Monitoring of Fund Arrangements database

    NDA

    Net domestic assets

    NIR

    Net international reserves

    NPV

    Net present value

    PPP

    Purchasing power parity

    PRSP

    Poverty Reduction Strategy Paper

    RMSE

    Root mean squared error

    SAF

    Structural Adjustment Facility

    SBA

    Stand-By Arrangement

    UIP

    Uncovered interest rate parity

    WEO

    World Economic Outlook

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