BIS Review 107/2006  3  The proposal never came to fruition, firstly because of difficulties in raising the required resources, but in my view, more importantly, because of the inability of regional governments to agree on a framework for imposing conditionalities on member countries who want to use the resources.
By then, some of the countries had already entered into standby agreements with the IMF and therefore, the use of the word “conditionalities” was tabooed. By the turn of the decade of the 1980s, the international recession was beginning to take its toll on regional economies, all of whom found themselves facing serious balance of payments and debt difficulties.