Front Matter Page
INTERNATIONAL MONETARY FUND
Review of PRGF Program Design—Overview
Prepared by the Policy Development and Review Department
In consultation with the other Departments
Approved by Mark Allen
August 8, 2005
Contents
Page
I. Introduction
II. The Context for Program Design
III. Lessons for the Design of Fund-supported Programs
A. Is There Scope for More Fiscal Space?
B. Absorbing Higher Aid Inflows
C. Sustainability
D. Monetary and Exchange Rate Policies
IV. Synthesis
V. Issues for Discussion
IV. References
Tables
1. Economic and Social Indicators in PRGF and Other Developing Countries
Figures
1. Changes in Political and Economic Institutions
2. A Trilemma of Their Own: Higher Government Spending, Private Sector Development, and Policy Sustainability in Low-Income Countries
3. Ratios to GDP of the NPV of External Debt and (nominal) Domestic Debt