Much, though not all, of the empirical literature on the impact on conditionality covers IMF programmes, for straightforward reasons: the conditionality associated with these programmes is the most long-standing, and data are more readily available. Since the 1990s, the IMF itself has provided data on compliance with its programme conditionality, through its database on Monitoring Fund Arrangements (MONA)1. The empirical studies on the impact of conditionality have two different strands. A large literature admirably summarised by Dreher (2008) tries to determine the extent to which recipients have complied with conditionality. This literature generally concludes that compliance is lax (see, inter alia, Mecagni, 1999 and Edwards, 2001). The second strand looks at the impacts of compliance on economic policy and outcomes.