2026 Review of Program Design and Conditionality
The IMF periodically reviews program design and conditionality to ensure that Fund-supported programs help members in resolving balance of payments problems and restoring medium-term external viability. These regular reviews allow the Fund to learn from program experience; anticipate how program design and conditionality may need to evolve to account for challenges ahead for members; and consider improvements to the program framework.
The 2026 Review of Program Design and Conditionality (ROC) is the first such review since 2018. It examines how IMF-supported programs under both GRA and PRGT arrangements performed during a period of significant shocks, including the COVID-19 pandemic, the cost-of-living crisis, geopolitical conflicts, and heightened global economic and policy uncertainty.
The 2026 ROC assesses what worked well, where challenges remained, and how the IMF's lending framework can better support countries in an uncertain and shock-prone world, while remaining tailored to country circumstances. It reaffirms the appropriateness of the 2002 Guidelines on Conditionality and proposes targeted reforms to strengthen the coherence and realism of IMF-supported programs, place greater emphasis on the catalytic role, and foster more durable external stability.
The 2026 Review of Program Design and Conditionality proposes targeted reforms to strengthen the effectiveness of IMF-supported programs. Key benefits for borrowing countries include:
More realistic and better-tailored programs. Economic assumptions, policy choices, and reform sequencing that are more realistic and mindful of social impacts and country capacity, helping create a more balanced policy mix and improving chances of achieving program objectives.
Greater flexibility in responding to shocks. Programs that make more systematic use of risk assessments, scenario analysis, and contingency planning, allowing policies to adapt more quickly to shocks or changing conditions.
More focused and impactful reforms. To avoid overburdening country authorities, reform agendas focused on fewer but deeper reforms that are critical for achieving program objectives, and better integrated IMF capacity development to help countries strengthen institutions and deliver reforms.
Stronger and more durable outcomes. Programs that place greater emphasis on sustainable solutions to balance of payments problems through realistic financing strategies, better monitoring of implementation, and earlier course correction when circumstances change.
This paper presents the findings and recommendations of the 2026 Review of Program Design and Conditionality. It assesses the performance of IMF-supported programs during 2018–24 and proposes targeted reforms to strengthen program design and implementation in a more uncertain and shock-prone global environment. Following its endorsement by the IMF Executive Board, it sets out the policy changes that will be implemented by IMF staff.
This paper provides supporting analysis for the 2026 Review of Program Design and Conditionality. It examines key operational, institutional, and implementation issues that informed the review’s findings and reform proposals and provides additional background on the implementation of the reform package.
2026 ROC – Reform Proposals Paper
Building on the review’s diagnostic work and initial Board guidance, this paper presents proposals to better calibrate IMF-supported programs in a more uncertain and shock-prone world. It discusses reform options to improve program design, strengthen resilience to risks, enhance the catalytic role of Fund financing, and promote the durable resolution of balance of payments problems.
2026 ROC – Reform Proposals (Background Paper)
This paper provides the analytical foundation for the reform proposals discussed in the 2026 Review of Program Design and Conditionality. Drawing on empirical analysis, case studies, and broad stakeholder feedback, it examines key issues in program design and conditionality and assesses options for strengthening the effectiveness and resilience of IMF-supported programs.
2026 ROC – Initial Considerations Paper
This paper provides the diagnostic foundation for the 2026 Review of Program Design and Conditionality. Drawing on extensive empirical analysis and program experience, it assesses how IMF-supported programs performed during 2018–24, identifies key strengths and areas for further work in program design and conditionality, and highlights the reform areas subsequently developed in the Reform Proposals paper.
2026 ROC – Initial Considerations (Background Paper)
This paper provides the analytical foundation for the diagnostic findings presented in the Initial Considerations paper. Drawing on extensive empirical analysis, stakeholder surveys, and cross-country program experience, it examines program performance, key policy areas, and emerging challenges that informed the reform themes subsequently developed in the Reform Proposals paper.
© 2026 International Monetary Fund. All rights reserved.
