Making IMF loan a game changer

The government is preparing to negotiate a new Extended Fund Facility (EFF) loan from the International Monetary Fund (IMF) and intends to reach a staff-level agreement within the next two to three months. The IMF asserts that the primary responsibility for selecting, designing and implementing policies lies with borrowing from member countries, not the IMF itself. It is also claimed that the overarching goal of the IMF programme is to set the stage for sustained high-quality growth and poverty reduction. However, there is a widespread belief that borrowers often feel compelled to sign agreements without much choice and that the longer a country stays in the IMF programme, the more it fails to stand on its own feet. This time around let’s aim to develop our programme to list our most serious problems and how we intend to address them within the timelines of the IMF programme. By taking ownership of the reform agenda, the government will be compelled to communicate the importance of these changes rather than attributing them solely to the IMF.