What Determines the Implementation of IMF-Supported Programs?

Alex Mourmouras, Anna Ivanova, George Anayiotos and Wolfgang Mayer

No 2003/008, IMF Working Papers from International Monetary Fund

Abstract: This paper assesses the implementation of IMF-supported programs using measures of program interruptions, compliance with conditionality, and the share of committed funds disbursed. The econometric model allows an evaluation of the importance for program implementation of political conditions in borrowing countries, IMF effort, conditionality, as well as initial and external conditions. The paper concludes that program implementation depends primarily on borrowing countries' domestic political economy. Strong special interests, political instability, inefficient bureaucracies, lack of political cohesion, and ethno-linguistic divisions weaken program implementation. IMF effort, the extent and structure of conditionality, and initial and external conditions do not materially influence program prospects.

Keywords: WP; program implementation; IMF-supported program; IMF effort; IMF-supported programs; conditionality; ownership; SBA program review; fund program; program year; program success; Public expenditure review; Inflation; Loans; East Asia; Sub-Saharan Africa; model specification; C. robustness check; Econometric models; Caribbean (search for similar items in EconPapers)
Pages: 47
Date: 2003-01-01
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Citations: View citations in EconPapers (69)

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