After falling out of fashion somewhat (Schmitz, 2006) there has been a resurgence of interest in conditional or results-based instruments over the last few years. Faced with increasing pressure on budgets and sometimes frustrated with the perceived ineffectiveness of development spending, policy...

The global financial crisis severely affected economies in Eastern Europe and Central Asia (ECA). Currencies depreciated across the region. Government tax revenues declined sharply leading to high budget deficits and rising levels of public debt. Tightening credit supply and deteriorating...