ABSTRACT
On March 2, 1979, the International Monetary Fund adopted a set of guidelines regarding the conditions to be accepted by member countries wishing to draw on the resources of the Fund. The guidelines were intended as a positive response to previous expressions of concern by the developing countries on this matter, but they were only the first step in a process of change. As Sir Joseph Gold, former General Counsel of the Fund, put it in his 1979 Fund pamphlet on conditionality: “There is no reason to believe . . . that debate on this subject is at an end.”
