国际货币基金组织：预算支持在增长和调整中的作用：来自100个国际货币基金组织支持的低收入国家项目的证据（英文版）

The use of IMF credit for budgetary financing (budget support) has surged in Extended Credit Facility (ECF) arrangements with low-income countries (LICs) post pandemic, yet its role in growth and adjustment remains understudied. This paper provides the first systematic analysis of budget support across all 100 ECFs approved since the PRGT’s inception in 2010. We develop a reduced-form model that captures how budget support affects the growth-reserves trade-off, where budget support substitute