Abstract

NEMINA, Pablo. Alcances de la reforma de la política de financiamiento y condicionalidad del FMI. Prob. Des [online]. 2010, vol.41, n.160, pp.39-66. ISSN 0301-7036.

In March, 2009, the IMF reformed its financing and conditionality policy, seeking to encourage counter-cyclical policies and to reduce interference in local policy for borrowing countries. This study seeks to analyze to what extent the reform made concrete changes in practice, as a function of the established target. The agreements approved during the year are studied from the outbreak of the crisis, and the magnitude of the disbursements and a calendar for them, plus the conditionalities by area, type and grade of demand are considered. After that, the results before and after the reform are compared. It is proposed that although the reform achieved the objective of promoting counter-cyclical policies related to financial policy, the scope of the conditionality policy was more limited. This is verified by the greater demand for conditions oriented to the adjustment of spending and a continued lack of limitations on capital movements.

Keywords : IMF; credits; conditionalities; reform; agreements.