- Louis Dicks-Mireaux, Miguel Savastano, Adam Bennett, María Carkovic S., Mauro Mecagni, James John, and Susan Schadler
- Published Date:
- September 1995
© 1995 International Monetary Fund
IMF conditionally : experience under stand-by and extended arrangements / Susan Schadler … [et al.].—Washington, D.C. : International Monetary Fund, 
2 v. cm.—(Occasional Paper, ISSN 0251-6365 ; 128-129)
Contents: pt. 1. Key issues and findings—pt. 2. Background papers.
ISBN 1-55775-492-6 (pt. 1)
ISBN 1-55775-500-0 (pt. 2)
1. International Monetary Fund. 2. International finance.
3. Structural adjustment (Economic policy)—Developing countries.
I. Schadler, Susan. II. Series: Occasional paper (International Monetary Fund); no. 128-129.
HG38815. 15814 1995
Price: US$15. 00
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- The Setting for Adjustment: Initial Positions and Global Environment
- Strategies for Adjustment and Reform
- Policy Outcomes
- Macroeconomic Results
- Executive Board Review
- I. 1. The Arrangements in Brief
- IV. 2. Countries Unable to Purchase After Approval
- V. 3. Performance Under Stand-By, Extended, and ESAF Arrangements
- 4. Examples of Successful Adjustment
- IV. 1. Fiscal Adjustment: Deviations from Targets
- 2. Outturns for the Fiscal Accounts
- 3. Primary Fiscal Balances
- 4. Summary of Financial Programs
- V. 5. Export Volume Growth
- 6. Summary of Rescheduling and Debt and Debt-Service Reduction Operations
- 7. Summary Indicators of Inflation
- I. 1. Stand-By and Extended Arrangements
- II. 2. Initial Conditions: Countries with IMF Arrangements and Other Developing Countries
- 3. External Environment
- III. 4. External Adjustment Strategies in Countries with Upper Credit Tranche Arrangements
- IV. 5. Monetary Developments
- 6. Real Interest Rates
- 7. Nominal and Real Effective Exchange Rates in Countries with Exchange Rate Anchors
- 8. Nominal and Real Effective Exchange Rates in Countries with Real Exchange Rate Targets
- 9. Nominal and Real Effective Exchange Rates in Countries with Managed Floating/Adjustable Peg Exchange Rates
- V. 10. External Adjustment
- 11. Developments in Trade Accounts
- 12. Indicators of Debt, Debt Service, and Reserves
- 13. Growth, Savings, and Investment
- 14. Investment Ratios
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., 1991-92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
- / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.
“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.
As used in this paper, the country names Czechoslovakia and Yugoslavia refer to the former Czech and Slovak Federal Republic and the former Socialist Federal Republic of Yugoslavia.
This is Part I of a two-volume study conducted as part of the IMF’s ongoing process of evaluating its lending facilities. It focuses on IMF-supported programs and macroeconomic performance during 1988-92, reflecting information available through the end of 1993. Part I (Occasional Paper No. 128) provides an overview of the principal issues and findings, and distills the main message for future programs. Part II (Occasional Paper No. 129) presents detailed examinations of selected policy issues in five background papers. The authors are indebted to numerous colleagues throughout the IMF for detailed comments on the papers, to Kirsten Fitchett for research assistance, and to Olivia Carolin for secretarial assistance. They wish to thank J.R. Morrison of the External Relations Department, who edited the manuscripts and coordinated production of the publications. Part I of the study was typeset by Alicia Elchebarne-Bourdin. The opinions expressed in the papers are those of the authors and do not necessarily reflect the views of the IMF or of its Executive Directors.