This paper aims to assess the economic impact of the Fund’s support through its facilities for low-income countries (LICs). It relies on two complementary econometric analyses: the first investigates the longer-term impact of Fund engagement - primarily through successive medium-term programs under the Extended Credit Facility (ECF) and its predecessors (and more recently the Policy Support Instrument (PSI)) - on economic growth and a range of other indicators and socio-economic outcomes, the second focuses on the role of IMF shock-related financing - through augmentations of ECF arrangements and short-term and emergency financing instruments–on short-term macroeconomic performance