A more ambitious option would be to do without IMF conditionality, and allow the Fund to lend to solvent countries against collateral (in the form of high-quality assets possessed by the borrower), on a temporary basis and at penalty  BIS Review 129/2010  3  rates.
This would require an amendment to the Fund’s Statutes, since lending against collateral is not currently allowed by the Articles of Agreement. The search for incentives to reduce “non-precautionary” reserves explained by one-sided foreign exchange intervention remains problematic, as IMS stability is likely to be of second order importance to countries’ own near-term interests.