Erratum: Conditionality: Past, Present, Future

Abstract

The paper first discusses the rationale for conditionality and its analytical framework. It then traces the practice of conditionality as developed by the IMF and its membership over the first 45 years of the institution's existence. Next, the paper focuses on current issues and practices in the implementation of conditionality. The challenges that conditionality is likely to confront as the IMF moves into the next century are examined. Finally, the paper broadly assesses the role and effectiveness of conditionality and discusses some of the broader issues that the IMF will face in an increasingly interdependent and global economic environment.