Document Type : Research Paper


1 Assistant Professor of Economic Sciences, Ahlul-bayt International University, Tehran, Iran

2 PhD Candidate, Mazandaran University, Sari, Iran

3 MA in Economic Sciences, Ahlul-bayt International University, Tehran, Iran



Economic growth is a major goal for developing countries; governments therefore strive to create favorable conditions and allocate necessary resources for the prosperity of their nations. This study examines the impact of International Monetary Fund (IMF) loans, along with other macroeconomic variables, on the economic growth of selected countries in the D8 group. The study utilizes panel data covering the period from 2001 to 2020, and employs a panel data method to investigate the effects of explanatory variables on growth. The research findings indicate that IMF loans have had a positive impact on the economic growth of member countries. Furthermore, IMF loans have contributed to the promotion of structural reforms and trade liberalization, which further enhances economic growth. Other variables, such as foreign direct investment, labor, and exports also had a positive impact on economic growth in the D8 countries. However, an increase in inflation rate has been found to have an adverse impact on economic growth. Therefore, economic policymakers in the D8 countries should seek loans for economic growth from the IMF and invest in projects that promise high returns. This study contributes to the existing literature on the relationship between IMF loans and economic growth in developing countries, and provides valuable insights for policymakers in D8 countries. The findings suggest that prudent borrowing, along with strategic investment in high-return projects, can help these countries achieve sustained economic growth.


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