## 2026 Review of Program Design and Conditionality

## Source details

**Canonical URL:** [2026 Review of Program Design and Conditionality](https://www.imf.org/en/topics/2026-review-of-program-design-and-conditionality)

## Other formats

- [Markdown version](/en/topics/2026-review-of-program-design-and-conditionality/index.md)
- [Structured JSON version](/en/topics/2026-review-of-program-design-and-conditionality/index.json)
- [Bundle manifest](/en/topics/2026-review-of-program-design-and-conditionality/bundle-manifest.json)

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### Purpose and scope
- 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.

### Key findings from program experience (2018–24)
- 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.

### Targeted reforms and benefits for borrowing countries
- 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.
  - Aims to create a more balanced policy mix and improve chances of achieving program objectives.
- Greater flexibility in responding to shocks:
  - More systematic use of risk assessments, scenario analysis, and contingency planning to allow policies to adapt more quickly to shocks or changing conditions.
- More focused and impactful reforms:
  - Reform agendas focused on fewer but deeper reforms that are critical for achieving program objectives.
  - Better integrated IMF capacity development to help countries strengthen institutions and deliver reforms.
- Stronger and more durable outcomes:
  - 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.
- 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.

### Reform package and implementation pathway
- 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:
  - Better calibrate IMF-supported programs in a more uncertain and shock-prone world.
  - Improve program design and strengthen resilience to risks.
  - Enhance the catalytic role of Fund financing.
  - Promote durable resolution of balance of payments problems.

### Analytical and diagnostic foundations
- The Review is supported by multiple analytical papers that together:
  - Present findings and recommendations (Main Paper).
  - Provide supporting analysis on operational, institutional, and implementation issues (Background Paper).
  - Present reform options and proposals informed by diagnostic work and Board guidance (Reform Proposals Paper).
  - Offer the analytical foundation for reform proposals via empirical analysis, case studies, and stakeholder feedback (Reform Proposals Background Paper).
  - Provide the diagnostic foundation assessing program performance and identifying strengths and areas for further work (Initial Considerations Paper and Initial Considerations Background Paper).

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## References

- [GRA](https://www.imf.org/en/publications/policy-papers/issues/2024/12/23/comprehensive-review-of-gra-access-limits-559998)
- [PRGT](https://www.imf.org/en/publications/policy-papers/issues/2026/03/26/2026-update-of-resource-adequacy-of-the-poverty-reduction-and-growth-trust-resilience-and-574972)
- [2026 ROC – Main Paper](https://www.imf.org/en/publications/policy-papers/issues/2026/09/10/2026-review-of-program-design-and-conditionality-579561)
- [2026 ROC – Background Paper](https://www.imf.org/en/publications/policy-papers/issues/2026/09/10/2026-review-of-program-design-and-conditionality-background-paper-579566)
- [2026 ROC – Reform Proposals Paper](https://www.imf.org/en/publications/policy-papers/issues/2026/09/10/review-of-program-design-and-conditionality-reform-proposals-579551)
- [2026 ROC – Reform Proposals (Background Paper)](https://www.imf.org/en/publications/policy-papers/issues/2026/09/10/review-of-program-design-and-conditionality-reform-proposals-background-paper-579556)
- [2026 ROC – Initial Considerations Paper](https://www.imf.org/en/publications/policy-papers/issues/2026/09/10/review-of-program-design-and-conditionality-initial-considerations-579523)
- [2026 ROC – Initial Considerations (Background Paper)](https://www.imf.org/en/publications/policy-papers/issues/2026/09/10/review-of-program-design-and-conditionality-initial-considerations-background-paper-579546)

_Source: https://www.imf.org/en/topics/2026-review-of-program-design-and-conditionality_