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International Monetary Fund
Part of the Fund’s periodic reviews of its policy advice to member countries, and responds to calls by Executive Directors for further staff analysis on improving the design of such programs. In the context of the recent discussions on the design of the broad range of Fund-supported programs, Directors also requested more in-depth analytical studies of disaggregated and homogenous groups, as well as a closer look at how progress towards external viability in low-income countries (LICs) can be improved. The review also seeks to address these requests.
International Monetary Fund

Part of the Fund’s periodic reviews of its policy advice to member countries, and responds to calls by Executive Directors for further staff analysis on improving the design of such programs. In the context of the recent discussions on the design of the broad range of Fund-supported programs, Directors also requested more in-depth analytical studies of disaggregated and homogenous groups, as well as a closer look at how progress towards external viability in low-income countries (LICs) can be improved. The review also seeks to address these requests.

Mr. Benedict J. Clements, Ms. Gabriela Inchauste, Ms. Nita Thacker, Mr. Thomas William Dorsey, Mr. Shamsuddin Tareq, Mr. Emanuele Baldacci, Mr. Sanjeev Gupta, and Mr. Mark W. Plant

. Section VIII discusses whether PRGF-supported programs incorporate poverty and social impact analysis of major macroeconomic adjustments and structural reforms (key feature 7). Section IX discusses the potential role of capacity building in strengthening the design of PRGF-supported programs. The final part, Section X, provides a summary of the experience thus far with PRGF program design. Box 2. Key Features of PRGF-Supported Programs As use of the PRGF has evolved, a number of distinctive features of the new facility have emerged. Foremost among these is broad

International Monetary Fund. Independent Evaluation Office

—and that donor performance has improved as well. In such cases, PRGF-supported macroeconomic program design has eased and become more accommodative of aid. The combination of improved country and donor performance and the associated adaptation of PRGF program design have materially improved SSA’s prospects for growth and poverty reduction. The evaluation’s specific findings follow: PRGF-supported macroeconomic policies have generally accommodated the use of incremental aid in countries whose recent policies have led to high stocks of reserves and low inflation; in

International Monetary Fund. Independent Evaluation Office

country authorities—and that donor performance has improved as well. In such cases, PRGF-supported macroeconomic program design has eased and become more accommodative of aid. The combination of improved country and donor performance and the associated adaptation of PRGF program design have materially improved SSA’s prospects for growth and poverty reduction. Findings The evaluation’s specific findings follow: PRGF-supported macroeconomic policies have generally accommodated the use of incremental aid in countries whose recent policies have led to high stocks

International Monetary Fund. Independent Evaluation Office

and its financing—and in determining the corresponding levels for the programmed spending and absorption of aid—IMF staff looked at the macroeconomic aspects of absorptive capacity. There is no evidence that staff took into account possible trade-offs with sectoral constraints and opportunities. Figure 2.5 . Survey Views on PRGF Analysis of Absorptive Capacity Proportions of surveyed respondents who agreed/strongly agreed that PRGF program design reflects a systematic analysis of absorptive capacity and supply-side effects of: (In percent

International Monetary Fund. Independent Evaluation Office

, Poverty Reduction, and Other Millennium Development Goals (MDGs) Proportions of mission chief respondents who agreed/srongly agreed that PRGF program design focused on/influenced government policy on: (In percent) Figure 4.3 above shows how mission chiefs see the institution’s changing posture toward the fiscal deficit, inflation, and domestic debt. Over 80 percent support greater easing of the fiscal deficit in good-performing countries, with much smaller proportions supporting the relaxation of inflation and domestic debt targets even in good performers

International Monetary Fund

Front Matter Page INTERNATIONAL MONETARY FUND Review of PRGF Program Design—Overview Prepared by the Policy Development and Review Department In consultation with the other Departments Approved by Mark Allen August 8, 2005 Contents Page I. Introduction II. The Context for Program Design III. Lessons for the Design of Fund-supported Programs A. Is There Scope for More Fiscal Space? B. Absorbing Higher Aid Inflows C. Sustainability D. Monetary and Exchange Rate Policies IV. Synthesis V. Issues for Discussion IV