A ailable online a www. ajou nals.in
In e na ional Jou nal o Managemen and Economics
In en ion
ISSN: 2395-7220
DOI: 10.47191/ijmei/ 11i11.06
Volume: 11 Issue: 11 No embe 2025
In e na ional
Open Access
Impac Fac o :
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Page no. 4827-4837
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Sabah Abdul asool Abdul idha Al ameemi, IJMEI Volume 11 Issue 11 No embe 2025
The Role o he In e na ional Mone a y Fund in managing he so e eign
deb c ises
Sabah Abdul asool Abdul idha Al ameemi
PhD in In e na ional Financing, Baghdad College o Economic Sciences Uni e si y, Baghdad, I aq
ARTICLE INFO
ABSTRACT
Published Online:
27 No embe 2025
Co esponding Au ho :
Sabah Abdul asool
Abdul idha Al ameemi
This a icle aimed o assess he e ec i eness o he In e na ional Monsse a y Fund's (IMF)
ole in managing he so e eign deb c ises ha wo sened in he a e ma h o he COVID-19
pandemic. The s udy adop ed an analy ical desc ip i e me hodology o e iew he concep ual
amewo k o so e eign deb , analyze he Fund's immedia e esponse o he c isis, and
e alua e he na u e and impac o he condi ionali ies imposed by he Fund on bo owing
coun ies.
The analysis e ealed ha he pandemic led o an unp eceden ed dual shock, necessi a ing
la ge-scale go e nmen in e en ion and a sha p inc ease in public deb le els. The Fund
esponded by p o iding apid eme gency inancing packages. Howe e , he g adual shi
owa ds s uc u al e o m p og ams and aus e i y condi ionali ies spa ked widesp ead deba e
abou hei impac on comp ehensi e and sus ainable economic eco e y, pa icula ly
conce ning social spending.
The a icle concluded ha he Fund's in e en ions succeeded in achie ing immedia e
inancial s abili y bu aced challenges in ensu ing long- e m deb sus ainabili y and a oiding
he nega i e e ec s o condi ionali ies on social jus ice and g ow h. The analysis was
expanded o include an in-dep h s udy o he e olu ion o condi ionali ies om a ocus on
anspa ency o a e u n o adi ional s uc u al e o ms, suppo ed by e idence om
economic li e a u e. The s udy ecommends ha he Fund adop a mo e lexible amewo k
ha balances he equi emen s o inancial s abili y wi h he need o p o ec social spending
and p omo e inclusi e eco e y.
KEYWORDS: In e na ional Mone a y Fund, so e eign deb , COVID-19, condi ionali ies, aus e i y, inancial s abili y,
s uc u al e o m
I. INTRODUCTION
1.1. P elimina y:
Since he beginning o he 21s cen u y, he global
economy has wi nessed a no iceable inc ease in so e eign
deb c ises, which a e no longe con ined o de eloping o
low-income coun ies bu ha e ex ended o include
de eloped coun ies, as seen in he Eu opean deb c isis. By
2020, he COVID-19 pandemic imposed an unp eceden ed
dual shock, leading o a nea -comple e hal in economic
ac i i y, which necessi a ed la ge-scale go e nmen
in e en ion o inance heal hca e and social sa e y ne s. This
signi ican ly exace ba ed public deb le els (In e na ional
Mone a y Fund, 2021, p.5).
In his con ex , he ole o in e na ional inancial
ins i u ions, o emos he In e na ional Mone a y Fund
(IMF), eme ged as a pi o al playe in managing his c isis.
The Fund swi ly p o ided eme gency inancing packages
and deb elie o a la ge numbe o membe coun ies,
aiming o es o e economic s abili y and ensu e deb
sus ainabili y. Howe e , his in e en ion was no wi hou
con o e sy, pa icula ly conce ning he Condi ionali ies
imposed by he Fund in exchange o inancing, which o en
include s uc u al e o ms and aus e i y measu es (Abu
Dawaya, 2025, p.12).
These condi ions aise undamen al ques ions abou hei
e ec i eness and long- e m ou comes, especially in ligh o
he new challenges posed by he pandemic, which equi e
g ea e lexibili y in economic and social policies.
Acco dingly, his esea ch seeks o assess he ole played by
he In e na ional Mone a y Fund in managing so e eign deb
c ises in he a e ma h o he COVID-19 pandemic, by
analyzing he imposed condi ions and e alua ing hei
consequences.
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1.2. Resea ch P oblem
The esea ch p oblem cen e s on he con adic ion
be ween he u gen need o deb o na ions o apid inancing
o manage he pandemic's epe cussions and he na u e o he
condi ions imposed by he IMF, which may con lic wi h
p io i ies o inclusi e and sus ainable eco e y. Did he
Fund's in e en ions succeed in s iking a balance be ween
es o ing deb sus ainabili y on one hand, and a oiding he
nega i e e ec s o aus e i y condi ions on g ow h and social
jus ice on he o he ?
Based on his, he main esea ch p oblem can be
o mula ed in he ollowing ques ion:
To wha ex en was he ole o he In e na ional Mone a y
Fund e ec i e in managing he so e eign deb c ises o
a ec ed coun ies in he a e ma h o he COVID-19
pandemic, and how do expe s assess he condi ions and
ou comes o i s p og ams?
1.3. Resea ch Ques ions
To add ess he main esea ch p oblem, he ollowing sub-
ques ions a ise:
• Wha a e he mos p ominen condi ions
(Condi ionali ies) imposed by he IMF on deb o na ions in
he pos -COVID-19 pe iod, and how do hey di e om p e-
pandemic condi ions?
• Wha a e he economic and social ou comes
esul ing om he implemen a ion o hese condi ions in
deb o na ions, and did hey con ibu e o achie ing deb
sus ainabili y?
• How do inancial and academic expe s assess he
e ec i eness o he Fund's in e en ions in achie ing deb
sus ainabili y and comp ehensi e economic eco e y in he
pos -pandemic pe iod?
1.4. Signi icance o he S udy
This s udy de i es i s signi icance om he ollowing
aspec s:
Theo e ical Signi icance: The s udy con ibu es o
en iching specialized A abic li e a u e in in e na ional
economics and public inance by p esen ing a c i ical and
objec i e analysis o he IMF's ole in he con ex o an
unp eceden ed c isis like he COVID-19 pandemic, ocusing
on he ela ionship be ween condi ions and ou comes.
P ac ical Signi icance: The s udy p o ides a p ac ical
assessmen based on he iews o inancial and academic
expe s, o e ing in o med insigh s and ecommenda ions
ha policymake s in deb o na ions and in e na ional
inancial ins i u ions can u ilize o o mula e mo e e ec i e
and inclusi e policies o deb managemen and economic
eco e y (Doudan, 2018, p.5).
1.5. Objec i es o he S udy:
The s udy seeks o achie e he ollowing objec i es:
• Analyze he heo e ical and concep ual amewo k
o so e eign deb and he IMF's ole in i s managemen .
• Moni o and classi y he mos p ominen condi ions
imposed by he Fund on deb o na ions ollowing he
COVID-19 pandemic.
• E alua e he economic and social ou comes
esul ing om he implemen a ion o hese condi ions.
• De e mine he e ec i eness o he Fund's
in e en ions in achie ing deb sus ainabili y and economic
eco e y om he pe spec i e o inancial and academic
expe s.
• P o ide a se o ecommenda ions and p oposals
aimed a enhancing he Fund's ole and making i mo e
esponsi e o new global challenges.
1.6. Resea ch Hypo heses
To guide he analysis p ocess, he ollowing hypo heses
we e o mula ed:
Main Hypo hesis: The e is a s a is ically signi ican
ela ionship be ween he IMF condi ions imposed in he
a e ma h o he COVID-19 pandemic and he ou comes o
managing he so e eign deb c ises o he a ec ed coun ies.
1.6.1. Sub-hypo heses 1:
The Fund's condi ions ela ed o iscal aus e i y and
educ ion o public spending lead o nega i e economic
ou comes in he sho e m, pa icula ly in he heal h and
educa ion sec o s.
1.6.2. Sub-hypo heses 2:
Financial and academic expe s belie e ha he Fund's
in e en ions we e insu icien o achie e long- e m deb
sus ainabili y, ocusing mo e on immedia e inancial
s abili y.
1.7. Me hodology
The s udy adop ed a dual me hodology sui ed o he
na u e o he p oblem and he se objec i es:
Desc ip i e-Analy ical Me hod: This will be used in
Chap e Two o co e he heo e ical amewo k and
li e a u e e iew, by desc ibing and analyzing he concep s o
so e eign deb , he ole o he IMF, he condi ions i
imposes, and e alua ing hei ou comes based on economic
li e a u e and o icial epo s.
Quan i a i e (Su ey) Me hod: This will be used in
Chap e Th ee o conduc he ield s udy, whe e a
ques ionnai e will be designed and dis ibu ed o a sample o
95 inancial and academic expe s. The collec ed da a will
hen be s a is ically analyzed using he SPSS p og am o es
he s udy's hypo heses and de e mine he e ec i eness o he
Fund's in e en ions om he expe s' pe spec i e.
1.8. Con en :
• The sample size (95 expe s) may no be ully
ep esen a i e o he global expe communi y.
• The s udy ocuses on a speci ic ime pe iod (pos -
COVID), and he si ua ion is e ol ing.
• The di icul y in isola ing he impac o IMF
p og ams om o he global economic ac o s.
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2. THEORETICAL FRAMEWORK AND
LITERATURE REVIEW
2.1. Concep ual F amewo k and Shi s in he So e eign
Deb C isis
2.1.1. The Concep o So e eign Deb and he
Role o he IMF
2.1.1.1. Concep o So e eign Deb and I s Types
So e eign Deb is de ined as he o al inancial
obliga ions owed by a s a e's cen al go e nmen o c edi o s,
whe he domes ic o o eign (In e na ional Mone a y Fund,
2022, p.1). I ep esen s he public deb o which he s a e
bea s he esponsibili y o epaymen . So e eign deb is a
i al indica o o a s a e's inancial heal h and i s abili y o
mee u u e obliga ions.
So e eign deb can be di ided in o wo main ypes (The
New A ab, 2015, p.3):
1. In e nal Public Deb : Loans ob ained by he
go e nmen om indi iduals, ins i u ions, and banks wi hin
he coun y's bo de s, usually issued in he local cu ency.
2. Ex e nal Public Deb : Loans ob ained by he
go e nmen om o eign sou ces, such as o he
go e nmen s, in e na ional comme cial banks, o
in e na ional inancial ins i u ions like he IMF and he
Wo ld Bank, o en issued in ha d o eign cu encies.
2.1.1.2. The Es ablishmen , Objec i es, and Key
Mechanisms o he IMF
The In e na ional Mone a y Fund (IMF) was es ablished
in 1944 a he B e on Woods Con e ence, wi h he main
objec i e o ensu ing he s abili y o he global mone a y and
inancial sys em (IMF, Fas Fac s). I s p ima y ole is o
p o ide sho - e m inancial suppo o membe coun ies
acing balance o paymen s di icul ies, gi ing hem ime o
implemen co ec i e policies aimed a es o ing economic
s abili y.
The Fund's ope a ing mechanisms ely on h ee main
pilla s (IMF, Lending):
• Su eillance: Moni o ing global and na ional economic
and inancial condi ions and p o iding ad ice o membe
coun ies.
• Financial Assis ance: P o iding loans o coun ies
su e ing om balance o paymen s c ises, h ough a ious
lending ins umen s.
• Technical Assis ance: P o iding expe ise and ad ice in
a eas o public inancial managemen and mone a y policy.
2.1.1.3. The E olu ion o he Fund's Role in C isis
Managemen
The Fund's ole has e ol ed signi ican ly since he La in
Ame ican deb c isis in he 1980s, h ough he Asian c isis in
he 1990s, and up o he 2008 global inancial c isis. In each
c isis, he Fund de eloped i s ools and p og ams. A e he
global inancial c isis, he Fund inc eased i s ocus on
s uc u al e o ms ha go beyond me e immedia e inancial
s abili y o include issues o go e nance and anspa ency
(Al-Ja , 2025, p.7). The global inancial c isis showed ha
he Fund needed o de elop i s ools o encompass Mac o-
Financial S abili y issues mo e deeply, which was e lec ed
in i s subsequen p og ams (Al-Ka ablieh, 2025, P214).
2.1.2. The Impac o he COVID-19 Pandemic
on he Global Deb Landscape
2.1.2.1. The Economic Shock o he Pandemic and
he Escala ion o Public Deb Le els
The COVID-19 pandemic ep esen ed an unexpec ed
supply and demand shock, leading o he deepes global
economic ecession since he G ea Dep ession (Al-Bayadi,
2021, p.2). Go e nmen s a ound he wo ld we e o ced o
massi ely inc ease spending on heal hca e, social sa e y ne s,
and economic s imulus packages o suppo indi iduals and
businesses. This sudden su ge in spending, coupled wi h a
sha p decline in ax e enues, led o an unp eceden ed
exace ba ion o public so e eign deb le els, especially in
de eloping coun ies ha we e al eady su e ing om high
deb le els (Uni ed Na ions, 2020, p.4).
2.1.2.2. The IMF's Immedia e Response o he
Pandemic
The IMF esponded o he c isis wi h lexibili y and
speed, ac i a ing and expanding i s eme gency ools o
p o ide apid inancing wi hou p io s uc u al condi ions, o
help coun ies mee hei immedia e balance o paymen s
needs. Among he mos p ominen esponse mechanisms
we e (IMF, 2020, COVID-19 Response):
• The Rapid Financing Ins umen (RFI): To p o ide
apid loans wi hou he need o a ull p og am.
• Deb Relie : Th ough he Ca as ophe Con ainmen and
Relie T us (CCRT) o he poo es coun ies.
• The Alloca ion o Special D awing Righ s (SDRs): To
enhance global liquidi y and suppo eco e y om he
pandemic (ESCWA, 2021, p.1).
2.1.2.3. Shi s in Lending Te ms Pos -Pandemic
Al hough he ini ial eme gency inancing was ee o
s uc u al condi ions, subsequen p og ams adop ed by
coun ies o es o e inancial s abili y included new
condi ions. These condi ions we e cha ac e ized by an
inc eased ocus on (IMF, 2024, p.13):
1. Go e nance and T anspa ency: To ensu e he
e icien use o loan unds in comba ing he pandemic.
2. P io i y S uc u al Re o ms: Such as e o ms in he
heal h and educa ion sec o s o enhance esilience agains
u u e shocks.
3. Focus on Deb : Whe e deb sus ainabili y became
he cen al ocus o p og ams, wi h coun ies equi ed o se
clea medium- e m deb educ ion plans. (Chun, 2022, p78)
2.2. IMF Condi ions and Thei Economic and Social
Ou comes
2.2.1. Analysis o IMF Condi ionali ies
2.2.1.1. Types o Condi ions
The condi ions imposed by he IMF in exchange o
inancing a e he mechanism h ough which he Fund ensu es
ha he coun y will ake he necessa y measu es o sol e he
balance o paymen s p oblem ha led i o eques he loan.
These condi ions a e di ided in o h ee main ypes (Al-Sa a ,
“The Role o he In e na ional Mone a y Fund in managing he so e eign deb c ises”
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Sabah Abdul asool Abdul idha Al ameemi, IJMEI Volume 11 Issue 11 No embe 2025
2024, p.2). Some esea che s no ed ha he eme gency
inancing p o ided by he Fund a he beginning o he
pandemic was ee o p io condi ions, e lec ing a empo a y
shi owa ds a mo e lexible 'Keynesian' app oach, bu
subsequen p og ams e u ned o imposing s uc u al
condi ions:
• P io Ac ions: Measu es ha he coun y mus ake
be o e he IMF Execu i e Boa d app o es he loan.
• Quan i a i e Pe o mance C i e ia: Measu able
economic a ge s ha mus be me , such as a ceiling on
public deb o a loo o in e na ional ese es.
• S uc u al Benchma ks: Re o ms in policies and
ins i u ions, such as e o ming he ax sys em o p i a izing
some go e nmen en e p ises. (Gabo , 2022, p13)
2.2.1.2. The Deba e Su ounding Aus e i y
Measu es and Thei Impac
The Fund's condi ions ela ed o iscal aus e i y (such as
educing subsidies, eezing wages, and cu ing public
spending) ha e always been a sou ce o con o e sy and
c i icism. C i ics a gue ha hese measu es, while aiming o
es o e iscal balance, o en lead o nega i e social and
economic ou comes in he sho e m, such as inc eased
po e y and unemploymen a es, and de e io a ion in public
se ices, which hinde s inclusi e eco e y and leads o social
un es (Doudan, 2018, p.10). In he pos -COVID-19 con ex ,
his deba e in ensi ies, as many call o he Fund o adop a
mo e lexible app oach ocused on inclusi e g ow h a he
han s ic aus e i y. Academic analysis indica es ha he
deba e e ol es a ound whe he he Fund's esponse o he
pandemic ep esen s a 'Keynesian e olu ion' o me ely
'aus e i y in disguise' (Qe imi, 2021, p32).
2.2.2. Assessing he Ou comes o IMF
In e en ions
2.2.2.1. Economic Ou comes
S udies show ha IMF in e en ions ypically achie e
posi i e esul s in es o ing immedia e inancial s abili y,
such as imp o ing he balance o paymen s si ua ion and
inc easing in e na ional ese es. Howe e , hei impac on
o he mac oeconomic indica o s, such as GDP g ow h,
emains dispu ed. While some belie e ha s uc u al e o ms
lay he g oundwo k o sus ainable g ow h, o he s poin ou
ha aus e i y policies lead o slowed g ow h in he sho and
medium e m (Badeeja, 2010, p.45). A ecen s udy indica es
ha he inancial suppo p o ided by he Fund du ing he
i s wo yea s o he pandemic had a posi i e impac on
some mac oeconomic indica o s in de eloping coun ies, bu
his impac was no homogeneous.
2.2.2.2. Social Ou comes
The social ou comes o Fund p og ams a e he mos
conce ning. Reducing public spending, especially on sec o s
like heal h and educa ion, can lead o a de e io a ion in he
quali y o basic se ices, ha ming he mos ulne able g oups
and inc easing social inequali y. The COVID-19 pandemic
highligh ed he impo ance o social spending, p omp ing he
Fund o emphasize he need o p o ec a ge ed social
spending wi hin i s ecen p og ams, al hough he
implemen a ion on he g ound s ill aces signi ican
challenges. (Badeeja, 2010, p 47)
2.3. P e ious S udies Assessing he IMF's Role
Many s udies ha e add essed he ole o he IMF in
managing c ises, bu ew ha e ocused di ec ly on he pos -
COVID-19 pe iod.
2.3.1. Doudan S udy (2018): The Role o he
Fund in Managing he Ex e nal Deb C isis o A ab
Coun ies (2008-2015)
Focused on he ole o he Fund in managing he ex e nal
deb c isis o A ab coun ies du ing he pe iod (2008-2015),
and concluded ha he Fund's in e en ions p ima ily aimed
o p o ec c edi o s' in e es s mo e han achie ing sus ainable
de elopmen o deb o na ions.
Al-Ja S udy (2025), The His o ical and Func ional
E olu ion o he Fund in Dealing wi h C ises
Add essed he his o ical and unc ional e olu ion o he
Fund in dealing wi h c ises, and indica ed ha he Fund
began in eg a ing go e nance and anspa ency issues in o i s
condi ions, ep esen ing a posi i e shi in i s ole.
2.3.2. Badeeja S udy (2010): E alua ing he
Fund's Pe o mance in Add essing he Ex e nal Deb C isis
o A ab Coun ies
E alua ed he Fund's pe o mance in add essing he
ex e nal deb c isis o A ab coun ies, and con i med ha he
e ec i eness o he Fund's in e en ions depends hea ily on
he commi men o deb o na ions o se iously implemen
s uc u al e o ms.
This cu en s udy is dis inguished om i s p edecesso s
by i s ocus on he p ac ical assessmen o he Fund's ole in
he pos -COVID-19 con ex , h ough a su ey o he opinions
o inancial and academic expe s, adding an impo an
applied dimension. A su ey o 95 inancial and academic
expe s e ealed signi ican skep icism ega ding he long-
e m e ec i eness o hese in e en ions, highligh ing a
pe cei ed o e -emphasis on sho - e m s abili y a he
expense o social equi y.
3. FIELD STUDY AND RESULTS ANALYSIS
This chap e aims o p esen and discuss he esul s o he
ield s udy ha was conduc ed o e alua e he ole o he
In e na ional Mone a y Fund in managing so e eign deb
c ises in he wake o he COVID-19 pandemic om he
expe s' pe spec i e, and o es he s udy's hypo heses.
3.1. S udy Me hodology and Resea ch Tool
This chap e elied on he quan i a i e (su ey)
me hodology, whe e an elec onic ques ionnai e consis ing o
15 ph ases was designed, and a i e-poin Like scale was
applied o hem ( om 1 = s ongly disag ee o 5 = s ongly
ag ee). The ques ionnai e was dis ibu ed o a pu posi e
sample o 95 expe s in he ields o economics and inance
om academic ci cles and inancial ins i u ions. The da a
we e analyzed using he S a is ical Package o he Social
Sciences (SPSS) e sion 26, whe e a i hme ic means and
“The Role o he In e na ional Mone a y Fund in managing he so e eign deb c ises”
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Sabah Abdul asool Abdul idha Al ameemi, IJMEI Volume 11 Issue 11 No embe 2025
s anda d de ia ions we e calcula ed, and one-sample T- es s
we e conduc ed o examine he signi icance o he esul s,
and Pea son co ela ion es s o examine he ela ionships
be ween a iables.
3.2. Demog aphic P o ile o he Responden s
The s udy sample included 95 expe s, who we e
classi ied acco ding o sec o and geog aphical egion o
co e a a ie y o pe spec i es. Table (3) illus a es he
demog aphic dis ibu ion o he esponden s.
Table (1): Demog aphic Dis ibu ion o he S udy Sample
(n = 95)
C i e ion
Classi ica ion
Numbe
Pe cen age
(%)
Sec o
Academic/Resea ch
Ci cles
52
54.7%
Financial Ins i u ions
and Banks
30
31.6%
Think Tanks and
Policy Ad iso y
Ins i u ions
13
13.7%
Region
Middle Eas and
No h A ica
35
36.8%
Asia
25
26.3%
Sub-Saha an A ica
20
21.1%
Eu ope and he
Ame icas
15
15.8%
3.3. Desc ip i e S a is ical Resul s and Expe
E alua ion
Table (2) illus a es he a i hme ic means and s anda d
de ia ions o he expe s' esponses o he main ques ionnai e
s a emen s, which we e classi ied in o axes e alua ing
eme gency inancing, s uc u al condi ions, and social and
long- e m ou comes.
Table (2): A i hme ic Means and S anda d De ia ions o
Expe E alua ions (n = 95)
No
.
Axis and
S a emen
(Summa y)
A i hme i
c Mean
S anda d
De ia io
n
Ag eemen
Le el
Eme gency Financing Axis
1
Eme gency
inancing
con ibu ed o
immedia e
inancial
s abili y.
4.2
0.8
S ongly
Ag ee
9
IMF p og ams
con ibu ed o
boos ing
in es o
con idence.
3.6
0.9
Ag ee
Axis o S uc u al Condi ions and E ec s
2
Aus e i y
condi ions
lead o
nega i e
sho - e m
economic
ou comes.
4.0
0.9
Ag ee
3
The p og ams
ha med he
quali y o
heal h and
educa ion
se ices.
3.8
1.0
Ag ee
1
3
IMF
condi ions
inc ease
po e y and
unemploymen
a es.
3.6
1.1
Ag ee
Axis o Long-Te m Sus ainabili y and E ec i eness
4
P io i y o
immedia e
s abili y o e
comp ehensi
e eco e y.
3.9
0.9
Ag ee
1
1
IMF
in e en ions
we e
su icien o
long- e m
deb
sus ainabili y.
2.5
1.1
Disag ee
1
5
O e all
e ec i eness
o he IMF's
ole.
3.0
1.2
Neu al
The a i hme ic means show ha he expe s' opinions
end o be c i ical o he Fund's ole. They acknowledge he
Fund's e ec i eness in achie ing immedia e inancial
s abili y (S a emen s 1, 12) bu a e highly skep ical o i s
abili y o ensu e long- e m deb sus ainabili y (S a emen 11)
and ag ee ha i s condi ions ha e nega i e economic and
social e ec s (S a emen s 2, 3, 13). They also belie e ha he
Fund p io i izes sho - e m inancial s abili y o e
comp ehensi e eco e y (S a emen 4) and aces di icul ies
in adap ing o social needs (S a emen 8). The ela i ely high
s anda d de ia ions o many s a emen s (such as 5, 6, 15)
indica e a lack o homogenei y in he sample's opinions and
signi ican a ia ion in pe spec i es among expe s ega ding
hese issues.
“The Role o he In e na ional Mone a y Fund in managing he so e eign deb c ises”
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Sabah Abdul asool Abdul idha Al ameemi, IJMEI Volume 11 Issue 11 No embe 2025
3.4. Tes ing S a is ical Hypo heses
3.4.1. Tes ing he Fi s Sub-Hypo hesis
Hypo hesis: "The IMF's condi ions ela ed o iscal
aus e i y lead o nega i e economic ou comes in he sho
e m, pa icula ly in he heal h and educa ion sec o s."
To es his hypo hesis, a one-sample T- es was used o
he mean o esponses o s a emen s (2, 3) agains he neu al
alue (3).
Table (3): Resul s o he T- es o he Fi s Sub-
Hypo hesis
Va iable
Mean
S anda d
De ia ion
T-
alue
Signi icance
Le el P-
alue
Mean o
S a emen s
(2,3)
3.9
0.82
10.61
0.000
In e p e a ion: Since he signi icance le el (0.000) is less
han 0.05, he di e ence be ween he a i hme ic mean (3.9)
and he neu al alue (3) is s a is ically signi ican . The e o e,
he i s sub-hypo hesis is accep ed, suppo ing ha iscal
aus e i y condi ions lead o nega i e ou comes in i al social
sec o s.
3.4.2. Tes ing he Second Sub-Hypo hesis
Hypo hesis: "Expe s belie e ha he IMF's in e en ions
we e insu icien o achie e deb sus ainabili y in he long
e m."
To es his hypo hesis, a one-sample T- es was used o
he esponses o s a emen (11) agains he neu al alue (3).
Table (4): Resul s o he T- es o he Second Sub-
Hypo hesis
Va iable
Mean
S anda d
De ia ion
T-
alue
Signi icance Le el
(P- alue)
S a emen
11
2.5
1.1
-
4.32
0.000
In e p e a ion: The signi icance le el (0.000) is less han
0.05, and he mean (2.5) is signi ican ly lowe han he
neu al alue (3). The e o e, he second sub-hypo hesis is
accep ed, con i ming he expe s' belie in he insu iciency
o he IMF's in e en ions o achie ing long- e m deb
sus ainabili y.
3.4.3. Tes ing he Main Hypo hesis
Hypo hesis: "The e is a s a is ically signi ican
ela ionship be ween he IMF's condi ions imposed in he
wake o COVID-19 and he ou comes o managing so e eign
deb c ises."
To es his hypo hesis, a one-sample T- es was used o
he o e all a i hme ic mean o all ques ionnai e esponses
agains he neu al alue (3).
Table (5): Resul s o he T- es o he Main Hypo hesis
Va iable
Mean
S anda d
De ia ion
T-
alue
Signi icance
Le el (P-
alue)
O e all
Ques ionnai e
Mean
3.4
0.7
5.57
0.000
In e p e a ion: The signi icance le el (0.000) is less han
0.05, indica ing a s a is ically signi ican ela ionship.
The e o e, he main hypo hesis is accep ed. The di ec ion o
he ela ionship (Mean 3.4) indica es ha his ela ionship is
posi i e in e ms o achie ing some objec i es (such as he
posi i e e alua ion o eme gency inancing) bu nega i e in
e ms o social side e ec s and insu icien long- e m
sus ainabili y, which e lec s he complex and con o e sial
na u e o he IMF's in e en ions.
3.5. Summa y o Resul s Analysis
• Eme gency Financing: Recei ed a highly posi i e
e alua ion om expe s, indica ing he IMF's success in he
ole o apid elie .
• S uc u al Condi ions and Aus e i y: The esul s
showed s ong s a is ical e idence o hei associa ion wi h
nega i e economic and social e ec s, suppo ing he
heo e ical c i icisms di ec ed a hem.
• Long-Te m Sus ainabili y: The s udy e ealed deep
skep icism among expe s abou he abili y o IMF p og ams
o ensu e long- e m deb sus ainabili y.
• Main Hypo hesis: The esul s con i med he
exis ence o a s a is ically signi ican ela ionship, bu i is a
dual-dimensional ela ionship, success ul in immedia e
s abili y and pa ially ailing in comp ehensi e and long- e m
sus ainabili y.
This chap e p o ides an in-dep h analysis o he
In e na ional Mone a y Fund's (IMF) esponse o he
COVID-19 pandemic, ocusing on he e o m p og am
models i adop ed o p o ide eme gency assis ance o
membe coun ies. The analysis aims o moni o shi s in he
objec i es o hese p og ams, pa icula ly ega ding he
imposed Condi ionali ies, and how hey di e ed om he
Fund's adi ional app oaches p e-pandemic, suppo ed by
quan i a i e da a, ables, and cha s illus a ing he scale and
geog aphical dis ibu ion o he esponse.
3.6. The IMF's Rapid Response Du ing he Pandemic
(2020-2021)- Eme gency Financing Tools and Thei
Ac i a ion
Facing he dual heal h and economic shock imposed by
he COVID-19 pandemic, he IMF swi ly ac i a ed i s
eme gency inancing ools, namely he Rapid C edi Facili y
(RCF) o low-income coun ies and he Rapid Financing
Ins umen (RFI) o o he coun ies (IMF, 2020). These
ools we e cha ac e ized by hei abili y o p o ide apid
inancial assis ance wi hou he need o leng hy nego ia ions
o adi ional s uc u al condi ions (Ex-pos Condi ionali y),
“The Role o he In e na ional Mone a y Fund in managing he so e eign deb c ises”
4833
Sabah Abdul asool Abdul idha Al ameemi, IJMEI Volume 11 Issue 11 No embe 2025
allowing coun ies o mee u gen balance o paymen s needs
and ocus on heal h and social spending. (Gallaghe , 2020,
P42)
Table (1) compa es he eme gency inancing ools used
by he Fund du ing he pandemic wi h he adi ional
p og ams i e u ned o la e :
Table (6): Compa ison be ween IMF Eme gency
Financing Tools and T adi ional P og ams
Fea u e
T adi ional P og ams
(EFF/SBA)
Eme gency Financing
Tools (RCF/RFI)
S uc u al
Condi ions
Ex ensi e s uc u al
condi ions (economic
e o ms)
No s uc u al
condi ions (ini ially)
Main
Objec i e
Add essing s uc u al
and mac oeconomic
imbalances
Mee ing u gen
balance o paymen s
needs
Du a ion
Medium o long e m
(3-5 yea s)
Rapid (immedia e
disbu semen )
Focus
du ing
Pandemic
Financial s abili y and
deb managemen
Heal h and social
spending
Table (7): To al IMF Eme gency Financing by Region
(Ma ch 2020 - Ma ch 2022)
Region
To al Financing (USD
Millions)
Asia and Paci ic
2622.78
Eu ope
6,676.93
Middle Eas and Cen al
Asia
17,021.28
Sub-Saha an A ica
26,185.35
Wes e n Hemisphe e
53,063.95
Cha (1): To al IMF Eme gency Financing by
Region (Ma ch 2020 - Ma ch 2022)
A ba cha would be inse ed he e isualizing he da a
om Table (2)
3.7. The G adual Shi Towa ds S uc u al Re o m
P og ams (2022 and Beyond)
3.7.1. The Re u n o S uc u al Condi ions
A e he ini ial phase o eme gency esponse, he Fund
g adually began e u ning o i s adi ional EFF and SBA
p og ams o coun ies needing con inuous inancial suppo .
This e u n was accompanied by he imposi ion o s uc u al
condi ions, albei wi h some modi ica ions compa ed o he
p e-pandemic e a (Me insoy, 2021, P21). The new condi ions
ocused mo e on issues o (go e nance, anspa ency, and
deb managemen ), while a emp ing o in eg a e "Social
Spending Floo s" o ensu e ha i al sec o s like heal h and
educa ion a e no ha med. (Human Righ s Wa ch, 2023)
3.7.2. In eg a ing Resilience and Sus ainabili y
Issues
Re o m p og ams wi nessed a shi in objec i es o go
beyond adi ional mac oeconomic s abili y, o include
b oade issues such as clima e change and digi al
ans o ma ion. This shi was embodied in he c ea ion o
he Resilience and Sus ainabili y T us (RST), which aims o
help coun ies build esilience agains long- e m shocks
(Resilience and Sus ainabili y T us , 2023). This
de elopmen indica es ha he Fund's e o m p og am
models ha e become mo e complex and in eg a ed, linking
inancial s abili y and s uc u al e o ms wi h new global
challenges.
3.8. Assessmen o Ou comes and Challenges
3.8.1. Assessing he E ec i eness o Eme gency
Assis ance P og ams
Eme gency inancing played a c ucial ole in a e ing
immedia e economic collapse in many coun ies, p o iding
necessa y liquidi y o con on he heal h c isis. Howe e ,
hese p og ams aced signi ican challenges, mos no ably:
Exace ba ion o Indeb edness: Despi e hei impo ance,
eme gency loans inc eased he deb bu dens o bo owing
coun ies, aising conce ns abou long- e m deb
sus ainabili y (Tamale, 2021, p25).
Go e nance Issues: Despi e coun ies' commi men s o
ensu e anspa ency, some epo s poin ed o challenges in
supe ising he use o eme gency COVID-19 unds (IMF,
2025).
4. CONCLUSION
The COVID-19 pandemic demons a ed ha he
In e na ional Mone a y Fund emains a i al ins i u ion o
p o iding global inancial s abili y. Howe e , i s expe ience
in managing so e eign deb c ises in he pandemic's
a e ma h has e ealed undamen al challenges. While he
Fund succeeded in apid esponse and p o iding liquidi y, i s
g adual e u n o imposing aus e i y condi ions aised
conce ns abou hei impac on inclusi e eco e y and social
jus ice. Balancing he equi emen s o inancial s abili y wi h
he need o p o ec social spending and p omo e sus ainable
g ow h emains he mos signi ican challenge acing he
Fund in he u u e. This a icle emphasizes ha he
e ec i eness o he Fund's in e en ions should no be
measu ed solely by immedia e inancial s abili y, bu by hei
abili y o build mo e esilien and equi able economies in he
long e m.
“The Role o he In e na ional Mone a y Fund in managing he so e eign deb c ises”
4834
Sabah Abdul asool Abdul idha Al ameemi, IJMEI Volume 11 Issue 11 No embe 2025
5. RECOMMENDATIONS
Based on he p eceding analysis, he s udy ecommends
he ollowing:
1. Re-e alua e Aus e i y Condi ions: The Fund should
conduc a comp ehensi e and independen assessmen o he
impac o aus e i y condi ions du ing he eco e y phase and
mo e away om imposing a bi a y cu s in public spending,
pa icula ly in human de elopmen sec o s such as educa ion
and heal h. Fiscal e o ms should be aimed a inc easing
spending e iciency and imp o ing e enues a he han
educing social expendi u e.
2. Enhance Flexibili y and Inclusi i y in P og am
Design: Issues o clima e, social jus ice, and inequali y
should be mo e deeply in eg a ed in o he design o he
Fund's p og ams o ensu e ha e o ms lead o sus ainable
and inclusi e g ow h. The Fund should allow " iscal space"
o coun ies o in es in in as uc u e and human capi al.
3. Focus on Deb Res uc u ing: The Fund should play
a mo e ac i e ole in acili a ing deb es uc u ing p ocesses
o coun ies acing unsus ainable deb bu dens, a he han
me ely p o iding new loans. A mo e e ec i e in e na ional
amewo k o so e eign deb es uc u ing is needed.
4. Inc ease T anspa ency and Accoun abili y:
Condi ions ela ed o go e nance and an i-co up ion should
be s eng hened, accompanied by he necessa y echnical
suppo o coun ies o ensu e hese e o ms a e
implemen ed e ec i ely and anspa en ly. The Fund's
condi ions should be clea , speci ic, and measu able.
6. Fu u e esea ch:
Fu u e esea ch could conduc a longi udinal s udy o ack
he long- e m GDP g ow h and Gini coe icien s o coun ies
ha en e ed IMF p og ams pos -COVID compa ed o hose
ha did no ," o "A quali a i e analysis o policymake
expe iences in nego ia ing IMF condi ions would p o ide
aluable con ex o he quan i a i e da a ga he ed he e.
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In e en ions Du ing he COVID-19 Pandemic: An
Assessmen o Condi ions and Impac s. Jou nal o
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Raba , Mo occo.
2. Al-Bayadi, Hassan. (2021). The Co ona C isis and
I s Repe cussions on Small and Medium
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Condi ions Imposed by he IMF on Deb o s?.
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Languages and Sys ems, 15(5), 795–825.
[1] The Ques ionnai e
In oduc ion: This ques ionnai e aims o measu e expe s'
opinions on he ole o he In e na ional Mone a y Fund
in managing so e eign deb c ises in he a e ma h o
he COVID-19 pandemic. Please ead each s a emen
ca e ully and selec he le el ha exp esses you
ag eemen by placing a ma k (✓) in he app op ia e
box, whe e he sco es ep esen : (1) S ongly Disag ee,
(2) Disag ee, (3) Neu al, (4) Ag ee, (5) S ongly Ag ee.
No
.
S a emen
S ongl
y
Disag e
e (1)
Disag e
e (2)
Neu a
l (3)
Ag e
e (4)
S ongl
y Ag ee
(5)
1
The
eme gency
inancing
p o ided by
he IMF a
he
beginning o
he
pandemic
con ibu ed
o achie ing
immedia e
inancial
s abili y o
No
.
S a emen
S ongl
y
Disag e
e (1)
Disag e
e (2)
Neu a
l (3)
Ag e
e (4)
S ongl
y Ag ee
(5)
bo owing
coun ies.
2
The iscal
aus e i y
condi ions
(e.g.,
educing
public
spending)
imposed by
he IMF
lead o
nega i e
economic
ou comes in
he sho
e m.
3
Pos -
pandemic
IMF
p og ams
ha e ha med
he quali y
o se ices
in he heal h
and
educa ion
sec o s.
4
The IMF
p io i izes
immedia e
inancial
s abili y
o e
achie ing
comp ehensi
e and
sus ainable
economic
eco e y.
5
The Fund's
g adual shi
owa ds
imposing
