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This paper makes use of the IMF’s Database for Monitoring Fund Arrangements (MONA) to investigate whether transition countries that more successfully implement the conditionality of IMF programs tend to show a better performance on recovery and growth. It is not possible to determine a clear-cut relationship between the index that determines the level of compliance with structural benchmarks in IMF programs and growth. However, the paper finds a definite, positive relationship between the index of compliance with performance criteria and growth, even after controlling for the extent of stabilization of the transition countries.

Macroeconomics --- Industries: Financial Services --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Socialist Systems and Transitional Economies: Performance and Prospects --- Institutions and the Macroeconomy --- Financial Institutions and Services: General --- Finance --- Structural reforms --- Multilateral development institutions --- Financial institutions --- Development banks --- Bulgaria