Operational Guidance Note On Program Design and Conditionality

Policy Papers, January 30, 2024

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Provides guidance on the key principles and considerations underlying the design of Fund-supported programs.
Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner.
Expands on previous operational guidance notes on conditionality published over 2003-2014.
Incorporates lessons from the 2018-19 Review of Conditionality and other recent key policy developments, including the recommendation of the Management’s Implementation Plan in response to the Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs.
States that the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.

Improve realism of macroeconomic forecasts in programs and foster a more systematic analysis of contingency plans and risks.
Improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects.
Help strengthen the ownership of country authorities.
Refer in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs.