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Views from the Center

CGD experts offer ideas and analysis to improve international development policy. Also check out our Global Health blog and US Development Policy blog.

 

Complying with or Circumventing Conditionality: Two Cases of IMF and Sub-Saharan Africa Country Partnership

The purpose of this presentation was to use two cases of IMF-supported program conditionality to animate a discussion of the bridge between first-best policy advice and on-the-ground development policy in country-specific political economy contexts. Having been involved as Minister of Finance in the Liberia case, and as Director of the Fund’s African Department in the Mozambique case, I approach the issue from both an outside- and an inside-the-IMF perspective.

The IMF on Protecting the Poor during Fiscal “Consolidations”: Better Late Than Never

Inequality and inclusive growth were high on the agenda of the Annual Meetings of the International Monetary Fund and World Bank earlier this month. We are glad about that, but the under-reported story here is that this prominence marks a dramatic shift in the IMF over the last two decades in the IMF’s approach to the relevant challenges for the poorest countries, including on the issue of social safety nets and social expenditures.

The Annual Meetings and CGD: What Events Are We Hosting?

Influential policymakers and practitioners from across the world and across the development landscape will be at CGD next week, ahead of the World Bank/IMF Annual Meetings. Luminaries from the fields of development finance, humanitarian policy, technology, and gender will share their expertise on how to address some of the biggest challenges and opportunities in global development. Here we share more details of CGD’s events next week.

What’s Happening at CGD during Spring Meetings Week?

Adesina, Birdsall, Brown, Georgieva, Gillard, Miliband, Ngozi, Subramanian—these are some of the development heavyweights speaking at CGD at a series of events in the run up to the World Bank/IMF Spring Meetings. We hope you will join us—either in person or online—for timely conversations on some of the most pressing development challenges—and their potential solutions.

The Time Is Right for Expanding the Use of the IMF’s Precautionary Credit Lines

Many emerging economies could benefit from insurance against this backdrop of volatility. Fortunately, cheap and no-strings-attached liquidity insurance exists, in the form of the IMF’s Flexible Credit Line (FCL) for countries with very strong policy fundamentals; for countries with somewhat weaker, but still sound fundamentals, the Precautionary and Liquidity Line (PLL) offers a similarly good deal. But these precautionary instruments remain underutilized. We have some suggestions on how the IMF could fix this.

The IMF Finally Speaks on Tobacco Taxes

Last November, the IMF released a workable guide to issues that come up when a country decides to raise tobacco taxes. This is a big step. As far as I know, this is the first public statement from the IMF on tobacco taxes since 1999. Yet while it recognizes the health effects of reducing tobacco consumption, the technical note never addresses how you would make sure that tobacco taxes reduce smoking.