Establishment of an Exogenous Shocks Facility Under the Poverty Reduction and Growth Facility Trust PDF Download
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Author: International Monetary Fund. Policy Development and Review Dept.
Publisher: International Monetary Fund
ISBN: 1498330959
Category : Business & Economics
Languages : en
Pages : 11
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Book Description
At the recent Board discussion on strengthening the Fund's assistance to low-income countries dealing with sudden and exogenous shocks, most Directors supported the establishment of an Exogenous Shocks Facility within the Poverty Reduction and Growth Facility Trust. In an earlier discussion, Directors noted that exogenous shocks could have significant negative impacts on developing countries' growth, macroeconomic stability, debt sustainability, and poverty, and that low-income countries are particularly vulnerable to shocks due to lack of diversification, limited capacity to build up reserves, and prohibitively expensive or unavailable market insurance. The international community can supplement national efforts for reducing vulnerability to shocks. Recent research shows that foreign assistance can be unusually effective in the aftermath of a shock. Such assistance needs to be available quickly, and it needs to be associated with sound adjustment policies and measures to reduce vulnerability to future shocks.
Author: International Monetary Fund. Policy Development and Review Dept.
Publisher: International Monetary Fund
ISBN: 1498330959
Category : Business & Economics
Languages : en
Pages : 11
Get Book Here
Book Description
At the recent Board discussion on strengthening the Fund's assistance to low-income countries dealing with sudden and exogenous shocks, most Directors supported the establishment of an Exogenous Shocks Facility within the Poverty Reduction and Growth Facility Trust. In an earlier discussion, Directors noted that exogenous shocks could have significant negative impacts on developing countries' growth, macroeconomic stability, debt sustainability, and poverty, and that low-income countries are particularly vulnerable to shocks due to lack of diversification, limited capacity to build up reserves, and prohibitively expensive or unavailable market insurance. The international community can supplement national efforts for reducing vulnerability to shocks. Recent research shows that foreign assistance can be unusually effective in the aftermath of a shock. Such assistance needs to be available quickly, and it needs to be associated with sound adjustment policies and measures to reduce vulnerability to future shocks.
Author: Internationaler Währungsfonds
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
At the recent Board discussion on strengthening the Fund's assistance to low-income countries dealing with sudden and exogenous shocks, most Directors supported the establishment of an Exogenous Shocks Facility within the Poverty Reduction and Growth Facility Trust. In an earlier discussion, Directors noted that exogenous shocks could have significant negative impacts on developing countries' growth, macroeconomic stability, debt sustainability, and poverty, and that low-income countries are particularly vulnerable to shocks due to lack of diversification, limited capacity to build up reserves, and prohibitively expensive or unavailable market insurance. The international community can supplement national efforts for reducing vulnerability to shocks. Recent research shows that foreign assistance can be unusually effective in the aftermath of a shock. Such assistance needs to be available quickly, and it needs to be associated with sound adjustment policies and measures to reduce vulnerability to future shocks.
Author: International Monetary Fund. Policy Development and Review Dept.
Publisher: International Monetary Fund
ISBN: 1498333001
Category : Business & Economics
Languages : en
Pages : 16
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Book Description
The ESF, established within the Poverty Reduction and Growth Facility and Exogenous Shocks Facility (PRGF-ESF) Trust, complements existing Fund instruments for providing timely support, including financing at more appropriate terms, to low-income members that are facing sudden and exogenous shocks but do not have a PRGF arrangement in place. In particular, the ESF: (i) facilitates quick access to more concessional financing than the Fund’s Emergency Assistance and the Compensatory Financing Facility (CFF);1 (ii) helps members design and implement a policy framework adequate for adjustment to shocks while ensuring adequate safeguards for the use of the Trust resources; and (iii) plays a catalytic role for further and more concessional donor financing.
Author: Internationaler Währungsfonds
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The ESF, established within the Poverty Reduction and Growth Facility and Exogenous Shocks Facility (PRGF-ESF) Trust, complements existing Fund instruments for providing timely support, including financing at more appropriate terms, to low-income members that are facing sudden and exogenous shocks but do not have a PRGF arrangement in place. In particular, the ESF: (i) facilitates quick access to more concessional financing than the Fund's Emergency Assistance and the Compensatory Financing Facility (CFF);1 (ii) helps members design and implement a policy framework adequate for adjustment to shocks while ensuring adequate safeguards for the use of the Trust resources; and (iii) plays a catalytic role for further and more concessional donor financing.
Author: International Monetary Fund. Secretary's Department
Publisher: International Monetary Fund
ISBN: 1513568817
Category : Business & Economics
Languages : en
Pages : 74
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Book Description
A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498342531
Category : Business & Economics
Languages : en
Pages : 12
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Book Description
This paper provides the basis for the second review of the interest rate structure approved under the 2009 reforms of the Fund’s concessional lending facilities. Based on the application of the Poverty Reduction and Growth Trust (PRGT) interest rate mechanism, PRGT interest rates for 2015–16 would be zero percent for both the Extended Credit Facility (ECF) and Rapid Credit Facility (RCF), and 0.25 percent for the Stand-by Credit Facility (SCF). The interest rate on remaining balances of the Exogenous Shock Facility (ESF) is not set by the PRGT interest mechanism and it would be 0.25 percent. In accordance with the PRGT Instrument, the next review of PRGT interest rates will take place by December 31, 2016.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498345328
Category : Business & Economics
Languages : en
Pages : 16
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Book Description
This paper reviews the interest rate structure that would apply to the PRGT in 2017–18. Based on the interest rate setting mechanism agreed in 2009, the interest rate for the Extended Credit Facility (ECF) would be zero and the rate for the Standby Credit Facility (SCF) would be 0.25 percent. The interest rate for the Rapid Credit Facility (RCF) was set permanently at zero in July 2015. Since the current mechanism was agreed, the Executive Board has granted successive exceptional interest waivers on all outstanding Fund concessional credit, setting all interest rates charged at zero percent. These waivers have been extended three times, providing interest rate relief to many low-income countries at a time when they faced considerable headwinds from the global economic environment. A strong case remains for maintaining zero rates on Fund concessional credit at the current global economic juncture. The global outlook for LICs has not significantly improved since the last review and downside risks remain significant. At the same time, many Directors noted at the last review in 2014 that the possibility of a prolonged period of very low interest rates warrants an early re-examination of the mechanism, including an exit strategy from repeated application of the waiver, with the objective of safeguarding the self-sustaining capacity of the PRGT. The paper seeks to respond to this call. It proposes that the PRGT interest rate mechanism be amended to accommodate anomalies created by a prolonged period of very low interest rates. Specifically, a new threshold is proposed whereby both the ECF and the SCF rate would be set at zero when the 12-month average SDR rate is less than or equal to 0.75 percent. This proposal will likely keep all PRGT interest rates under the mechanism at zero through at least 2020 given current market expectations while incurring only minimal subsidy costs and eliminating the need for continual waivers. In addition, staff proposes to waive interest rate charges on outstanding legacy balances under the Exogenous Shocks Facility (ESF), which are not determined via the interest rate mechanism, until the next review.
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1498355137
Category : Business & Economics
Languages : en
Pages : 180
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Book Description
This paper focuses on Haiti’s Poverty Reduction Strategy Paper and 2014–2016 Three-Year Investment Program. The Haiti Strategic Development Plan presents the new framework for the planning, programming, and management of Haitian development, the vision and the strategic guidelines for the country’s development, and the four major work areas to be implemented to ensure the recovery and development of Haiti. The Three-Year Investment Program, 2014–2016 (PTI 2014–2016) concerns implementation of the Strategic Plan for Development of Haiti and more specifically implementation of the government’s priorities for the period.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1513511726
Category : Business & Economics
Languages : en
Pages : 122
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Book Description
The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018
Author: International Monetary Fund. Policy Development and Review Dept.
Publisher: International Monetary Fund
ISBN: 1498334369
Category : Business & Economics
Languages : en
Pages : 18
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Book Description
The review of the ESF is being accelerated in light of experience and worsening global economic conditions, in particular the surge in food and fuel prices. Despite having become effective in 2006, the ESF has yet to be used. Recent discussions with creditors, donors, potential users, and outside observers have highlighted a number of ways to enhance its effectiveness.
