Adoption, Implementation, and Impacts of IMF-Supported Programs: A Systematic Literature Review

Abstract

International Monetary Fund (IMF) supported programs play a pivotal role in shaping economic and political outcomes in recipient countries. However, the processes through which countries adopt, implement, and are affected by these programs vary significantly across contexts. This systematic literature review aims to examine how countries engage with IMF support programs, specifically, how they adopt and implement these programs, and the subsequent political, economic, and social impacts. The review adopts the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework to ensure methodological transparency and rigor. A comprehensive search strategy was conducted across multiple academic databases for peer-reviewed articles published since 2000. Inclusion criteria encompassed empirical studies that examine at least one stage of a country’s engagement with IMF programs. The selection process followed PRISMA guidelines, including screening, eligibility assessment, and data extraction stages. The initial search yielded 261 studies, of which 76 met the inclusion criteria. The findings suggest that IMF interventions are not purely technocratic; they are deeply embedded in the political economy of both borrowing countries and the Fund itself. This review highlights that implementation success is often contingent on domestic political will, bureaucratic strength, and government credibility, while outcomes vary widely across contexts, reflecting differences in program design, compliance levels, and external economic conditions.