This report was prepared by an Independent Evaluation Group team led by Patrick Hettinger (senior economist) and including Jennifer Keller (senior economist), Juan Pradelli (consultant), Malvina Pollack (consultant), and Gracelin Baskaran (consultant). Research support was provided by Gabriela Chamartin (consultant), Guido Lamarmora (consultant), and Johan Lopez (consultant). Christopher Towe (consultant) provided selected inputs and guidance. Dung Thi Kim Chu, Patricia Acevedo, and Carla Coles provided administrative support. The report was carried out under the direction of Jeffrey Allen Chelsky (manager) and Carmen Nonay (acting director) and the overall guidance of Oscar Calvo-Gonzalez (acting vice president and Director-General, Evaluation).

The report was peer reviewed by Kalpana Kochhar (director of development policy and finance, Bill & Melinda Gates Foundation), Mark Plant (co-director of development finance, senior policy fellow, and chief operating officer of the Center for Global Development, Europe), and Gregory Smith (emerging markets fund manager, M&G Investments). The team appreciates the support received from the Global Macro and Debt Unit in the Equitable Growth, Finance, and Institutions Vice Presidency; country economists and practice managers in the Macroeconomics, Trade, and Investment Global Practice; the International Development Association team in the Development Finance Vice Presidency; and staff of the International Monetary Fund’s Strategy, Policy, and Review Department during the preparation of the report, and the helpful comments from Independent Evaluation Group colleagues.