EE/FSU: Summary of IMF programs
Overview:
As the global financial crisis started to have an effect on the Eastern Europe (EE)/Former Soviet Union (FSU) region in late 2008 many countries moved to secure programs with the IMF. For most countries these were funding programs which were intended to provide crucial balance of payments support as capital inflows to emerging markets dried up. Poland was an exception, applying for a precautionary Flexible Credit Line (FCL) as insurance against financial market contagion. Some countries with 2-year programs decided on their conclusion that no further help was needed. Others agreed successor programs which will be treated as precautionary. A few countries still have 3-year programs in place. Implementation here is largely patchy. In other cases, political changes have altered the relationship with the IMF.