Front Matter

Front Matter Page

IMF POLICY PAPER

2011 Review of Conditionality Background Paper 4: Technical Appendices

Front Matter Page

June 18, 2012

Prepared by the Strategy, Policy, and Review Department In Consultation with Other Departments

Approved by

Siddharth Tiwari

Contents

  • Glossary

  • I.Fund Policy on Conditionality

  • Appendix 1: Coordination

  • Appendix 2: Debt Limits in Fund-Supported Programs in Low-Income Countries

  • Appendix 3: Flexible Credit Line and Precautionary Credit Line

  • Appendix 4: The 2009 SDR Allocation and Program Design

  • II.Shareholders and Stakeholders’ Views on Fund Conditionality

  • Appendix 5: Summary of Outreach to Civil Society Organizations (CSOs) and Other Stakeholders

  • Appendix 6: Structured Interviews with Fund Executive Directors

  • Appendix 7: Summary of Surveys with Country Authorities, Donors, and Fund Mission Chiefs and Resident Representatives

  • III.Qualitative Assessment of Conditionality and Program Design

  • Appendix 8: Depth of Structural Conditionality

  • Appendix 9. Macro-Social Structural Conditionality

  • Appendix 10: Assessment of Conditionality in EPAs and EPEs

  • Appendix 11: Design of the Sample for Country Case Studies

  • IV.Data

  • Appendix 12: The Monitoring of Fund Arrangements (MONA) Database

  • Appendix 13: Fund-Supported Programs during 2002-2011

  • TABLES

  • 1.Financing Packages for Emerging European Member Countries Under IMF-Supported Programs

  • 2.Concessionality Requirements: Eligibility of Program LICs for the Various Options

  • 3.PRGT-Eligible Countries. External Debt Concessionality Requirements Under the New Policy

  • 4.Comparisons of FCL arrangements

  • 5.Derived Impact of SDR Allocation Based on 2009 Target Projections

  • 6.Derived Impact of SDR Allocation Based on 2009 Outturn

  • 7.Summary of Respondent Characteristics

  • 8.Examples of Categories of Structural Depth

  • 9.List of GRA-Supported Programs, 2002-2011

  • 10.List of PRGT-Supported Programs, 2002-2011

  • FIGURES

  • 1.Emerging Market Spreads: 2008-2011

  • 2.The 2009 SDR allocation

  • 3.The 2009 SDR Allocation, GDP and Reserves

  • 4.SDR Holdings Since the 2009 Allocation

  • 5.Sources of Missed Conditionality

  • 6.Appropriateness of Structural Reforms

  • 7.Impact of the Discontinuation of SPCs

  • 8.Stigma to Borrow From the Fund

  • 9.Perceived Evenhandedness of Program Conditionality

  • 10.Financing and Adjustment Balance

  • 11.The Catalytic Role of Fund-Supported Programs

  • 12.Donor Coordination

  • 13.Program Ownership

  • 14.Impact of Fund-Supported Programs on Growth and Poverty Reduction

  • 15.Structural Depth by Year

  • 16.Structural Depth by Review

  • 17.Structural Depth by Type of Measure

  • 18.Structural Depth by Sector

  • 19.Structural Depth by Arrangement Type Group

  • 20.Structural Depth by Country Grouping

  • 21.Structural Depth of GRA Programs

  • 22.Structural Depth of PRGT Programs

  • 23.Structural Depth in Euro Area Programs

  • 24.Structural Depth in the Greece, European High Access, and SBA programs

  • 25.Structural Depth by Implementation Status

  • 26.Macro-Social Structural Conditions

  • 27.Macro-Social Conditions, by Type of Fund-Supported Program/

  • Boxes

  • 1.How was the SDR allocation addressed in program documents?

  • 2.Depth of Conditionality: Classification Challenges

  • 3.EPAs and EPEs: summary of lessons learned

  • References

Glossary

AfDB

African Development Bank

AM

Advance Market

BoP

Balance of Payments

CSO

Civil Society Organization

DSA

Debt Sustainability Analysis

EA

Euro Area

EC

European Commission

ECB

European Central Bank

ECF

Extended Credit Facility

EFF

Extended Fund Facility

EM

Emerging Market

EMBI

Emerging Markets Bond Index

EMU

European Monetary Union

EPA

Ex-Post Assessment of Longer-Term Program Engagement

EPE

Ex-Post Evaluations of Exceptional Access

ESF-HAC

Exogenous Shocks Facility—High Access Component

ESF-RAC

Exogenous Shocks Facility—Rapid Access Component

EU

European Union

FCL

Flexible Credit Line

FSAP

Financial Sector Assessment Program

GRA

General Resource Account

IADB

Inter-American Development Bank

IEO

Independent Evaluation Office

IFI

International Financial Institution

IT

Indicative Target

JMAP

Joint Management Action Plan

LIC

Low-Income Country

LGP

Lending under Government Program

MEFP

Memorandum of Economic and Financial Policies

MONA

Monitoring of Fund Arrangements

MoU

Memorandum of Understanding

NCB

Non-Concessional Borrowing

NGO

Non-Governmental Organization

PA

Prior Action

PCL

Precautionary Credit Line

PFM

Public Financial Management

PLL

Precautionary and Liquidity Line

PRGF

Poverty Reduction and Growth Facility

PRGT

Poverty Reduction and Growth Trust

PSI

Policy Support Instrument

QPC

Quantitative Performance Criterion

RoC

Review of Conditionality

ROSC

Review of Standards and Codes

SAC

Structural Assessment Criterion

SB

Structural Benchmark

SBA

Stand-By Arrangement

SCF

Standby Credit Facility

SDDS

Special Data Dissemination Standard

SDR

Special Drawing Rights

SOE

State-Owned Enterprise

SPC

Structural Performance Criterion

SSA

Sub-Saharan Africa

TA

Technical Assistance

TMU

Technical Memorandum of Understanding

WAEMU

West African Economic and Monetary Union

WEO

World Economic Outlook

2011 Review of Conditionality - Technical Appendices
Author: International Monetary Fund