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 |