Independent Evaluation Office Reports

Fiscal Adjustment in IMF-Supported Programs

Publication Date:

November 17, 2003

Electronic Access:

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Summary:

Using a cross-country sample of 169 IMF-supported programs and detailed studies of 15 programs, this evaluation report examines various aspects of fiscal adjustment in IMF-supported programs. It presents evidence that does not support some critics’ view that IMF-supported programs typically adopt a one-size-fits-all approach to fiscal adjustment, nor the perception that programs always involve austerity by targeting reductions in public spending. The report also proposes a number of recommendations for IMF surveillance and program design in the future.

Series:

Independent Evaluation Office Reports

Subject:

Expenditure Fiscal consolidation Fiscal policy Fiscal stance Government debt management Public financial management (PFM)