Conditionality is at the very heart of IMF lending and has been the subject of intense debates ever since the Fund’s inception. Its success is of crucial importance not only for countries’ chances of achieving the goals of IMF lending programmes, but also for the credibility of the Fund as a...

This paper discusses Democratic Republic of Sao Tome and Principe's Request for a 40-Month Arrangement Under the Extended Credit Facility (ECF). The ECF aims to support Sao Tome and Principe's economic and structural reforms. The program aims to reduce debt vulnerability, alleviate balance of...

This paper discusses Republic of Georgia's Fifth Review Under the Extended Arrangement, Requests for Waivers of NonObservance of Performance Criteria, Modification of Performance Criteria, and an Extension of the Arrangement and Rephasing of Access. Georgia's gross domestic product (GDP) growth...

This paper discusses Afghanistan's Fifth Review under the Extended Credit Facility (ECF) Arrangement and Request for Modification of Performance Criteria. The paper highlights that in the face of many headwinds, Afghanistan's government continues to demonstrate strong ownership of the program...

This paper shows that the increased policy-selectivity of aid allocations observed in recent years provides recipient countries an incentive to improve policies. The paper estimates that a change in the World Banks Country Policy and Institutional Assessment policy index from 1.5 to 2 for a...

Niger faces daunting development challenges, aggravated by terrorist incursions, low uranium export prices, and climate change. Nonetheless, GDP grew by a respectable 5 percent in the past two years. It should average 7 percent over the next five years thanks to reforms, substantial donor...