Second, it must recognize that there are multiple macroeconomic targets and hence potential tradeoffs; output stabilization and inflation for example. How relevant are the macroeconomic conditionalities in IMF programs to the challenges facing macroeconomic management in the frontier markets of SSA? Arguably, all of the main quantitative targets in IMF programs are deficient.
Fiscal targets The main quantitative target pertaining to fiscal policy in IMF programs in SSA is government net domestic borrowing. As a fiscal target this has three drawbacks for a frontier market.