Program conditionality and ownership are important considerations in the IMF's current rethinking of program design. This paper contributes to the literature by

The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to adjustment programs supported by the IMF

IMF lending is conditional on a country's commitment to carry out an agreed program of economic policies. Unless that commitment is genuine and broadly held, th

Research work by the IMF’s staff on the effectiveness of the country programs the organization supports, which has long been carried out, has intensified in r