Since the change of the new millennium, general budget support (GBS) has become a prominent, yet controversial and heavily debated, modality for delivering aid. We study GBS as an aid instrument from a cross‐country perspective. We examine if any growth impacts can be identified as a result of...

In the renegotiations of the Lomé Convention (1998-2000) not only trade issues but also the aid relationship were under review. A major challenge is induced by the EU's proposal of shifting the aid allocation from needs to merit criteria. Our regression analysis shows, however, that EU aid was...

Political risks appear to have subsided with the completion of legislative and local elections in October. The economy is slowly recovering, fiscal consolidation has continued, inflation has remained low, and the trade balance has improved. The recovery is expected to firm up in 2019 and the...

The current ECF arrangement (access of 160 percent of quota or SDR 224.32 million) was approved on June 30, 2017 in the context of a very difficult and deteriorating social, economic, and financial situation. The crisis was precipitated by the oil price and security shocks that began in 2014,...

While the consequences and effectiveness of IMF conditionality have long been the focus of research, the possible negative impact of IMF conditionality on countries' willingness to ask for an IMF programme – often termed ‘IMF stigma' – has recently received attention particularly from...

This paper discusses Madagascar's Fourth Review under the Extended Credit Facility (ECF) and Request for Modification of Performance Criteria. Madagascar's economic recovery continued in 2018, notwithstanding challenges related to the presidential election in November/December 2018. While some...

This paper discusses Ghana's Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of Performance Criterion (PC). Ghana's macroeconomic performance has significantly improved in the last two years under the ECF-supported program. The...

This paper discusses Argentina's Third Review under the Stand-By Arrangement, Request for Waivers of Applicability of Performance Criteria, Financing Assurances Review, and Request for Modification of Performance Criteria. Discussions centered on the risks to the fiscal position, how best to...

First Review under the Extended Arrangement and Request for the Completion of the Financing Assurances Review and Modification of Performance Criteria - Press Release; Staff Report; and Statement by the Executive Director for Barbados