Conditionality of IMF programs : an ‘afterthought’ that has taken center stage
Herrala, Risto (30.12.2019)
JulkaisusarjaBank of Finland Bulletin. Blog
JulkaisijaBank of Finland
Julkaisun pysyvä osoite onhttps://urn.fi/URN:NBN:fi:bof-202001031000
Consider the task of lending to countries that are in severe payment difficulties, possibly involving significant danger of default. Sounds like a tough assignment, and one that has been on the agenda of the International Monetary Fund almost from the start of its day-to-day operation in 1947. For the Fund, the key to success is program conditionality, an idea which developed almost as an afterthought during the early years of its operation.