The subject of the IMF’s conditionality is somewhat shopworn, so much so that I should perhaps have given my paper the title “The IMF’s Conditionality Re-Re-Examined.” But it would seem that there is room for shedding some new light on certain aspects of the IMF’s conditionality that are still not fully understood. This paper is organized in four sections: The first section establishes the legal basis for the IMF’s conditionality: the second explores the constraints of the margin of flexibility that the IMF has for accepting those adjustment programs that it can support with its resources; the third examines the rationale of the policy instrumentation of such adjustment programs; and the fourth addresses certain dilemmas that the present world economic conditions pose for the IMF’s conditionality.