{ "title": "Topic 1: Modeling Policy Choices", "sourceUrl": "https://www.imf.org/en/topics/low-income-countries/macro-research-for-development/modeling-policy-choices", "canonical": "https://www.imf.org/en/topics/low-income-countries/macro-research-for-development/modeling-policy-choices", "overlayPath": "/en/topics/low-income-countries/macro-research-for-development/modeling-policy-choices/index.md", "summary": "The development of models for the analysis of economic policies in low-income countries (LICs) has been one of the key achievements of the FCDO-IMF research project.", "sections": [ { "heading": "Overview and analytical framework", "content": "- The development of models for the analysis of economic policies in low-income countries (LICs) has been one of the key achievements of the FCDO-IMF research project.\n- Workhorse models used:\n - Forecasting and Policy Analysis System (FPAS)\n - Debt, Investment and Growth (DIG) model\n - DIGNAR (extension of DIG to include natural resources)\n- These models have been used extensively by policymakers and IMF country teams to illustrate likely consequences of policy choices, particularly monetary policy and various fiscal policies.\n- The analytical models are positioned as useful in guiding policy making in unprecedented and uncertain situations such as the COVID-19 pandemic." }, { "heading": "Evolution across the four phases of the FCDO-IMF partnership", "content": "- Phase 1 (March 2012 to March 2015)\n - Focus: advance analytics of monetary and exchange rate policy in LICs; develop and pilot analytic tools for short-run macroeconomic policy issues.\n - Also developed model-based frameworks for:\n - public investment, growth, and debt sustainability\n - managing natural resources\n - Empirical and country case studies investigated the investment-growth nexus.\n - Achievements include:\n - Research papers: \"The Monetary Transmission Mechanism in the Tropics: A Narrative Approach\" and \"Public Investment, Growth, and Debt Sustainability: Putting together the Pieces\"\n - Policy papers: \"Conditionality in Evolving Monetary Policy Regimes\" and \"Macroeconomic Policy Frameworks for Resource-Rich Developing Countries\"\n\n- Phase 2 (April 2015 to March 2017)\n - Focus: enrich understanding of special features of low-income economies in analysis and design of short-run macroeconomic policies; continue empirical studies and case studies to obtain stylized facts in LICs; facilitate continued application of tools including training.\n - Achievements include:\n - Research papers: \"Current account norms in natural resource rich and capital scarce economies\" and \"Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: The DIGNAR Model\"\n - Model applications: DIG model applied to Lesotho; DIGNAR model applied to Namibia\n - Policy paper: \"Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries\"\n\n- Phase 3 (April 2017 to March 2020)\n - Focus: add features of the LIC environment missing from earlier models, notably a description of the labor market with extensive informality, unemployment, and wage-setting behavior observed in these economies; disseminate model results to policymakers through courses.\n - Achievements include:\n - Research paper: \"Inflation targeting and exchange rate management in less developed countries\"\n - Paper: \"Monetary Policy and Bank Lending in Developing Countries: Loan Applications, Rates, and Real Effects\"\n - Book: \"Monetary Policy in Sub-Saharan Africa\"\n\n- Phase 4 (April 2020 to March 2025)\n - Focus: push frontier of research on public debt vulnerabilities in LICs; extend DIGNAR to capture impacts of COVID-19 on debt and growth; examine implications of shift in debt composition in LICs from traditional to non-traditional lenders; develop research on governance and policy frameworks for central banks in LICs with a focus on monetary policy.\n - Planned workstreams:\n - Extension of the DIGNAR model to capture COVID-19 effects on debt and growth\n - Analysis of shift in debt composition in LICs from traditional to non-traditional lenders\n - Cutting-edge research agenda on governance and policy frameworks for central banks in LICs, focusing on monetary policy" }, { "heading": "Practical use and policy relevance", "content": "- The models have been extensively used by policymakers and IMF country teams, suggesting usefulness in illustrating consequences of policy choices, particularly for monetary policy and various fiscal policies.\n- Dissemination efforts include courses designed for policymakers to improve uptake of model results." } ], "bullets": [ "The development of models for the analysis of economic policies in low-income countries (LICs) has been one of the key achievements of the FCDO-IMF research project.", "Workhorse models used:", "These models have been used extensively by policymakers and IMF country teams to illustrate likely consequences of policy choices, particularly monetary policy and various fiscal policies.", "The analytical models are positioned as useful in guiding policy making in unprecedented and uncertain situations such as the COVID-19 pandemic.", "Phase 1 (March 2012 to March 2015)", "Phase 2 (April 2015 to March 2017)", "Phase 3 (April 2017 to March 2020)", "Phase 4 (April 2020 to March 2025)", "The models have been extensively used by policymakers and IMF country teams, suggesting usefulness in illustrating consequences of policy choices, particularly for monetary policy and various fiscal policies.", "Dissemination efforts include courses designed for policymakers to improve uptake of model results.", "**June 2019**", "**June 2020**", "**June 2021**", "**June 2022**", "**June 2023**", "**June 2024**", "**June 2025**", "**Call to Donors to Strengthen IMF Research Capacity for Low-Income Countries**", "**Macroeconomic Research in Low Income Countries — June 2013**", "**Macroeconomic Research in Low Income Countries — June 2014**", "**June2015**", "**Annual Review of the Macroeconomic Research in Low Income Countries project**", "**June2017**", "**MRLIC programme review — By March 2018**", "[List of Outputs: Year 1 to 13 (XLSX)](/-/media/files/topics/lics/macro-research-for-development/listofoutputs.xlsx){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}", "**Dec 2018, Vol.6**", "**Dec 2019, Vol.7**", "**Dec 2020, Vol.8**", "**Dec 2021, Vol.9**", "**Dec 2022, Vol.10**", "**Dec 2023, Vol.11**", "**Dec 2024, Vol.12**", "**Dec 2025, Vol.13**", "**Jun 2018, Vol.6**", "**Jun 2019, Vol.7**", "**Jun 2020, Vol.8**", "**Jun 2021, Vol.9**", "**Jun 2022, Vol.10**", "**Jun 2023, Vol.11**", "**Jun 2024, Vol.12**", "[Jun 2025, Vol.13 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2025.pdf){rel=\"external\" type=\"application/pdf\"}", "**Mar 2018, Vol.6**", "**Mar 2019, Vol.7**", "**Mar 2020, Vol.8**", "**Mar 2021, Vol.9**", "**Mar 2022, Vol.10**", "**Mar 2023, Vol.11**", "[Mar 2024, Vol.12 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2024.pdf){rel=\"external\" type=\"application/pdf\"}", "**Mar 2025, Vol.13**", "**Mar 2026, Vol.14**", "**Sep 2018, Vol.6**", "**Sep 2019, Vol.7**", "**Sep 2020, Vol.8**", "**Sep 2021, Vol.9**", "**Sep 2022, Vol.10**", "**Sep 2023, Vol.11**", "**Sep 2024, Vol.12**", "[Sep 2025, Vol.13 (PDF)](/-/media/files/topics/lics/macro-research-for-development/newsletters/sep2025.pdf){rel=\"external\" type=\"application/pdf\"}", "**Devarajan–O'Connell final report on the MRLIC project**", "[Macroeconomic Policy Frameworks for Resource-Rich Developing Countries (PDF)](/external/np/pp/eng/2012/082412.pdf){rel=\"external\" type=\"application/pdf\"}", "[Conditionality in Evolving Monetary Policy Regimes (PDF)](/external/np/pp/eng/2014/030514b.pdf){rel=\"external\" type=\"application/pdf\"}", "[Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries (PDF)](/external/np/pp/eng/2015/102315.pdf){rel=\"external\" type=\"application/pdf\"}", "[Public Investment, Growth, and Debt Sustainability: Putting together the Pieces (PDF)](/external/pubs/ft/wp/2012/wp12144.pdf){rel=\"external\" type=\"application/pdf\"}" ], "related": [ { "title": "June 2019", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/annual-reports/dfid-ar-june2019.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/dfid-ar-june2019.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/dfid-ar-june2019.pdf", "mime": "application/pdf" } }, { "title": "June 2020", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/annual-reports/dfid-ar-june2020.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/dfid-ar-june2020.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/dfid-ar-june2020.pdf", "mime": "application/pdf" } }, { "title": "June 2021", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2021.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2021.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2021.pdf", "mime": "application/pdf" } }, { "title": "June 2022", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2022.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2022.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2022.pdf", "mime": "application/pdf" } }, { "title": "June 2023", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2023.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2023.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2023.pdf", "mime": "application/pdf" } }, { "title": "June 2024", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2024.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2024.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2024.pdf", "mime": "application/pdf" } }, { "title": "June 2025", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2025.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2025.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/annual-reports/fcdo-ar-june2025.pdf", "mime": "application/pdf" } }, { "title": "Call to Donors to Strengthen IMF Research Capacity for Low-Income Countries", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/call-to-donors-to-strengthen-imf-research-capacity-for-low-income-countries-nov-2025.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/call-to-donors-to-strengthen-imf-research-capacity-for-low-income-countries-nov-2025.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/call-to-donors-to-strengthen-imf-research-capacity-for-low-income-countries-nov-2025.pdf", "mime": "application/pdf" } }, { "title": "Macroeconomic Research in Low Income Countries — June 2013", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/documents/june2013.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2013.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2013.pdf", "mime": "application/pdf" } }, { "title": "Macroeconomic Research in Low Income Countries — June 2014", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/documents/june2014.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2014.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2014.pdf", "mime": "application/pdf" } }, { "title": "June2015", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/documents/june2015.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2015.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2015.pdf", "mime": "application/pdf" } }, { "title": "Annual Review of the Macroeconomic Research in Low Income Countries project", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/documents/june2016.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2016.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2016.pdf", "mime": "application/pdf" } }, { "title": "June2017", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/documents/june2017.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2017.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2017.pdf", "mime": "application/pdf" } }, { "title": "MRLIC programme review — By March 2018", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/documents/june2018.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2018.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/documents/june2018.pdf", "mime": "application/pdf" } }, { "title": "List of Outputs: Year 1 to 13", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/listofoutputs.xlsx", "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/listofoutputs.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Dec 2018, Vol.6", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2018.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2018.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2018.pdf", "mime": "application/pdf" } }, { "title": "Dec 2019, Vol.7", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2019.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2019.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2019.pdf", "mime": "application/pdf" } }, { "title": "Dec 2020, Vol.8", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2020.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2020.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2020.pdf", "mime": "application/pdf" } }, { "title": "Dec 2021, Vol.9", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2021.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2021.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2021.pdf", "mime": "application/pdf" } }, { "title": "Dec 2022, Vol.10", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2022.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2022.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2022.pdf", "mime": "application/pdf" } }, { "title": "Dec 2023, Vol.11", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2023.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2023.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2023.pdf", "mime": "application/pdf" } }, { "title": "Dec 2024, Vol.12", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2024.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2024.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2024.pdf", "mime": "application/pdf" } }, { "title": "Dec 2025, Vol.13", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2025.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2025.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/dec2025.pdf", "mime": "application/pdf" } }, { "title": "Jun 2018, Vol.6", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2018.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2018.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2018.pdf", "mime": "application/pdf" } }, { "title": "Jun 2019, Vol.7", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2019.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2019.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2019.pdf", "mime": "application/pdf" } }, { "title": "Jun 2020, Vol.8", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2020.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2020.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2020.pdf", "mime": "application/pdf" } }, { "title": "Jun 2021, Vol.9", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2021.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2021.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2021.pdf", "mime": "application/pdf" } }, { "title": "Jun 2022, Vol.10", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2022.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2022.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2022.pdf", "mime": "application/pdf" } }, { "title": "Jun 2023, Vol.11", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2023.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2023.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2023.pdf", "mime": "application/pdf" } }, { "title": "Jun 2024, Vol.12", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2024.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2024.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2024.pdf", "mime": "application/pdf" } }, { "title": "Jun 2025, Vol.13", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2025.pdf", "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/jun2025.pdf", "mime": "application/pdf" } }, { "title": "Mar 2018, Vol.6", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2018.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2018.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2018.pdf", "mime": "application/pdf" } }, { "title": "Mar 2019, Vol.7", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2019.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2019.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2019.pdf", "mime": "application/pdf" } }, { "title": "Mar 2020, Vol.8", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2020.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2020.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2020.pdf", "mime": "application/pdf" } }, { "title": "Mar 2021, Vol.9", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2021.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2021.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2021.pdf", "mime": "application/pdf" } }, { "title": "Mar 2022, Vol.10", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2022.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2022.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2022.pdf", "mime": "application/pdf" } }, { "title": "Mar 2023, Vol.11", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2023.pdf", "summary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2023.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2023.pdf", "mime": "application/pdf" } }, { "title": "Mar 2024, Vol.12", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2024.pdf", "binary": { "path": "/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2024.pdf", "mime": "application/pdf" } }, { "title": "Mar 2025, Vol.13", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/topics/lics/macro-research-for-development/newsletters/mar2025.pdf", "summary": { "path": 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