- published: 01 Jul 2011
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Conditionality is a concept in international development, political economy and international relations which describes the use of conditions attached to a loan, debt relief, bilateral aid or membership of international organizations, typically by the international financial institutions, regional organizations or donor countries.
Conditionality is typically employed by the International Monetary Fund, the World Bank or a donor country with respect to loans, debt relief and financial aid. Conditionalities may involve relatively uncontroversial requirements to enhance aid effectiveness, such as anti-corruption measures, but they may involve highly controversial ones, such as austerity or the privatization of key public services, which may provoke strong political opposition in the recipient country. These conditionalities are often grouped under the label structural adjustment as they were prominent in the structural adjustment programs following the debt crisis of the 1980s.
Much debate in types of conditionality centers around ex-ante versus ex-post conditionality. In ex-post conditionality, the country receiving aid agrees to conditions set by the donor or lender that they will carry out after they receive the aid. Later follow-ups determine whether they might receive more aid. Ex-ante conditionality requires a country to meet certain conditions and prove it can maintain them before it will receive any aid. Traditionally, the IMF lends funds based on ex-post criteria, which might induce moral hazard behavior by the borrowing country. The moral hazard problem appears when a government behaves in a risky manner in the anticipation that it can turn to the IMF in the case of a crisis. Institutional reforms of the International Monetary Fund, such as the Flexible Credit Line (FCL) in 1999, attempt to reduce moral hazard by relying more on pre-set qualification criteria (i.e. ex-ante).
Katheryn Elizabeth Hudson (born October 25, 1984), known by her stage name Katy Perry, is an American singer, songwriter and actress. Perry grew up with gospel music, and during her first year of high school she pursued a music career as Katy Hudson, releasing her first studio album called Katy Hudson which failed to chart. She recorded a solo album later, which was never released. After signing with Capitol Music Group in 2007, her fourth record label in seven years, she adopted the stage name Katy Perry.
She first gained recognition with the release of her first mainstream album, One of the Boys in 2008, which spawned three Billboard Hot 100 top-ten songs—"I Kissed A Girl", "Hot n Cold" and "Waking Up In Vegas". Perry supported the album with her Hello Katy Tour. In 2010, her third studio album, Teenage Dream (2010), which topped the Billboard 200 chart, and spawned five number one singles—"California Gurls", "Teenage Dream", "Firework", "E.T." and "Last Friday Night (T.G.I.F.)"—Teenage Dream was the only album (after Michael Jackson's Bad)—to do so, and the first female in history to achieve this milestone. She embarked on the California Dreams Tour, which grossed nearly $60 million worldwide. Perry re-released the album under the name of Teenage Dream: The Complete Confection on March 26, 2012, and the re-release has already spawned the number-one single "Part of Me".
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