{
  "title": "2026 Review of Program Design and Conditionality",
  "sourceUrl": "https://www.imf.org/en/topics/2026-review-of-program-design-and-conditionality",
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  "overlayPath": "/en/topics/2026-review-of-program-design-and-conditionality/index.md",
  "summary": "The 2026 Review of Program Design and Conditionality (ROC) examines how IMF-supported programs performed amid significant shocks and heightened global uncertainty.",
  "sections": [
    {
      "heading": "Purpose and scope",
      "content": "- The 2026 Review of Program Design and Conditionality (ROC) examines how IMF-supported programs performed amid significant shocks and heightened global uncertainty.\n- The 2026 ROC assesses program performance under both GRA and PRGT arrangements during a period that included the COVID-19 pandemic, the cost-of-living crisis, geopolitical conflicts, and heightened global economic and policy uncertainty.\n- The 2026 ROC is the first such review since 2018 and reaffirms the appropriateness of the 2002 Guidelines on Conditionality while proposing targeted reforms."
    },
    {
      "heading": "Key findings from program experience (2018–24)",
      "content": "- Program performance was reviewed for the period 2018–24.\n- The review identifies what worked well, where challenges remained, and how IMF-supported programs can be strengthened to better support countries navigating future shocks and uncertainty.\n- Emphasis on tailoring programs to country circumstances while enhancing realism, coherence, and resilience."
    },
    {
      "heading": "Targeted reforms and benefits for borrowing countries",
      "content": "- More realistic and better-tailored programs:\n  - Economic assumptions, policy choices, and reform sequencing that are more realistic and mindful of social impacts and country capacity.\n  - Aims to create a more balanced policy mix and improve chances of achieving program objectives.\n- Greater flexibility in responding to shocks:\n  - More systematic use of risk assessments, scenario analysis, and contingency planning to allow policies to adapt more quickly to shocks or changing conditions.\n- More focused and impactful reforms:\n  - Reform agendas focused on fewer but deeper reforms that are critical for achieving program objectives.\n  - Better integrated IMF capacity development to help countries strengthen institutions and deliver reforms.\n- Stronger and more durable outcomes:\n  - Greater emphasis on sustainable solutions to balance of payments problems through realistic financing strategies.\n  - Better monitoring of implementation and earlier course correction when circumstances change.\n- Overall objective: strengthen the coherence and realism of IMF-supported programs, place greater emphasis on the catalytic role of Fund financing, and foster more durable external stability."
    },
    {
      "heading": "Reform package and implementation pathway",
      "content": "- Following endorsement by the IMF Executive Board, the Main Paper sets out the policy changes that will be implemented by IMF staff.\n- The reform proposals aim to:\n  - Better calibrate IMF-supported programs in a more uncertain and shock-prone world.\n  - Improve program design and strengthen resilience to risks.\n  - Enhance the catalytic role of Fund financing.\n  - Promote durable resolution of balance of payments problems."
    },
    {
      "heading": "Analytical and diagnostic foundations",
      "content": "- The Review is supported by multiple analytical papers that together:\n  - Present findings and recommendations (Main Paper).\n  - Provide supporting analysis on operational, institutional, and implementation issues (Background Paper).\n  - Present reform options and proposals informed by diagnostic work and Board guidance (Reform Proposals Paper).\n  - Offer the analytical foundation for reform proposals via empirical analysis, case studies, and stakeholder feedback (Reform Proposals Background Paper).\n  - Provide the diagnostic foundation assessing program performance and identifying strengths and areas for further work (Initial Considerations Paper and Initial Considerations Background Paper)."
    }
  ],
  "bullets": [
    "The 2026 Review of Program Design and Conditionality (ROC) examines how IMF-supported programs performed amid significant shocks and heightened global uncertainty.",
    "The 2026 ROC assesses program performance under both GRA and PRGT arrangements during a period that included the COVID-19 pandemic, the cost-of-living crisis, geopolitical conflicts, and heightened global economic and policy uncertainty.",
    "The 2026 ROC is the first such review since 2018 and reaffirms the appropriateness of the 2002 Guidelines on Conditionality while proposing targeted reforms.",
    "Program performance was reviewed for the period 2018–24.",
    "The review identifies what worked well, where challenges remained, and how IMF-supported programs can be strengthened to better support countries navigating future shocks and uncertainty.",
    "Emphasis on tailoring programs to country circumstances while enhancing realism, coherence, and resilience.",
    "More realistic and better-tailored programs:",
    "Greater flexibility in responding to shocks:",
    "More focused and impactful reforms:",
    "Stronger and more durable outcomes:",
    "Overall objective: strengthen the coherence and realism of IMF-supported programs, place greater emphasis on the catalytic role of Fund financing, and foster more durable external stability.",
    "Following endorsement by the IMF Executive Board, the Main Paper sets out the policy changes that will be implemented by IMF staff.",
    "The reform proposals aim to:",
    "The Review is supported by multiple analytical papers that together:"
  ],
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  },
  "generatedAtUtc": "2026-10-01T20:25:04.434Z"
}