By Bird G.R.
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Additional info for IMF Lending to Developing Countries
Moreover, countries may believe that failure to meet conditions will undermine their future access to finance both from the Fund and perhaps more importantly, elsewhere. Indeed, the costs of so-called slippage or non-compliance are a significant factor in the moral hazard analysis of Fund lending. For as long as governments of borrowing countries believe that non-compliance will damage current and future financial flows, and to the extent that they are risk-averse, they will not take conditionality lightly.
The evidence seems to lend some support to these concerns. , 1984). At the same time, programmes appear to be relatively less successful in low-income countries than elsewhere. 17 Consistent with the data on the use of Fund credit presented earlier, it also transpires that, once having turned to the Fund for financial assistance, low-income countries find it particularly difficult to disengage themselves. The â league tableâ relating to the number of consecutive years over which Fund credit has been outstanding is dominated by the low-income countries of Africa.
In terminology as well as in areas of involvement, structural adjustment had served to create an important area of overlap between the Fund and the Bank. The agencies themselves attempted to deal with these over-lapping responsibilities by seeking to achieve greater co-operation and collaboration and, through this, consistency. The co-operation has been both formal, as incorporated in the mutual design of a < previous page page_49 next page > < previous page page_50 next page > Page 50 policy framework paper (PFP) as part of the SAF, and informal, relying, as some observers have suggested, on the â personal chemistryâ of the relevant staff members.