Author: International Monetary Fund. Policy Development and Review Dept.
Publisher: International Monetary Fund
ISBN: 1498334369
Category : Business & Economics
Languages : en
Pages : 18
Get Book Here
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.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498336264
Category : Business & Economics
Languages : en
Pages : 52
Get Book Here
Book Description
This paper assesses the adequacy of the Fund’s facilities and financing framework for low-income countries (LICs) and proposes reform options. It is part of a broader review of all Fund financial instruments and is timely given the pressure the current global financial crisis is putting on LICs. It builds on previous efforts to adapt the Fund’s toolkit to the evolving needs of its LIC members, including creation of the Policy Support Instrument (PSI) and the recent modification of the Exogenous Shocks Facility (ESF). This paper provides the basis for the first stage of the LIC-specific review, with a focus on: (i) gaps and overlaps in the facility architecture for LICs, (ii) design issues such as access, financing terms, and conditionality, and (iii) the concessional resource envelope and funding structure. Based on feedback from Executive Directors and further external consultation, more detailed reform proposals will be prepared in the second stage of the review. The Fund’s Facilities and Financing Framework for Low-Income Countries—Supplementary Information March 13, 2009
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498334156
Category : Business & Economics
Languages : en
Pages : 29
Get Book Here
Book Description
This paper provides a semi-annual review of the status of financing for Poverty Reduction and Growth Facility-Exogenous Shocks Facility (PRGF-ESF) lending, subsidization of emergency assistance to PRGF-eligible countries, and Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI) debt relief. The last review was completed by the IMF Executive Board on April 21, 2008.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498335853
Category : Business & Economics
Languages : en
Pages : 45
Get Book Here
Book Description
This paper proposes a new facilities architecture for Low-Income Countries. It is based on "Option 2" set out in the framework paper discussed by the Executive Board on March 20, 2009. The new architecture provides a unified facilities framework for LICs under a new Poverty Reduction and Growth Trust (PRGT). The facilities are distinguished primarily by the duration of the financing and adjustment needs and the conditionality standard.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498336175
Category : Business & Economics
Languages : en
Pages : 51
Get Book Here
Book Description
The Executive Board of the International Monetary Fund (IMF) considered a series of papers to reform the Fund's nonconcessional lending framework. This culminated in the approval of a major overhaul of the IMF’s lending framework, including the creation of a new Flexible Credit Line (FCL). The changes to the IMF’s lending framework which are described in GRA Lending Toolkit and Conditionality—Reform Proposalsand GRA Lending Toolkit and Conditionality—Reform Proposals—Revised Proposed Decisions include: • modernizing IMF conditionality for all borrowers, • introducing a new Flexible Credit Line, • enhancing the flexibility of the Fund’s traditional stand-by arrangement, • doubling normal access limits for nonconessional resources, • simplifying cost and maturity structures, and • eliminating certain seldom-used facilities. The series of papers are: Review of Fund Facilities—Analytical Basis for Fund Lending and Reform Options, Conditionality in fund-Supported Programs—Purposes, Modalities and Options for Reform, Charges and Maturities and Proposals for Reform, Supplement 1 and Supplement 2, Review of Fund Facilities—Analytical Basis for Fund Lending and Reform Options, and Review of Limits on Access to Financing in the Credit Tranches and Under the Extended Fund Facility, and Overall Access Limits Under the General Resources Account provide the background on the earlier discussion of reforms in each of these areas.
Author: International Monetary Fund. Policy Development and Review Dept.
Publisher: International Monetary Fund
ISBN: 1498333001
Category : Business & Economics
Languages : en
Pages : 16
Get Book Here
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. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498325769
Category : Political Science
Languages : en
Pages : 169
Get Book Here
Book Description
2018-19 Review of Facilities for Low-Income Countries---Reform Proposals: Review Of The Financing Of The Fund’s Concessional Assistance And Debt Relief To Low-Income Member Countries
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 214
Get Book Here
Book Description
This paper reviews Poverty Reduction and Growth Trust (PRGT) facilities and financing. It proposes a comprehensive package of lending policy reforms and financing measures that aims to bolster the Fund’s capacity to support Low-Income Countries (LICs) in addressing their balance of payment needs, while restoring the self-sustainability of the Trust. The Review proposes a long-term self-sustained annual PRGT lending envelope of SDR 2.7 billion, more than double the PRGT envelope before the Covid-19 pandemic, consistent with the expected demand for Fund’s concessional financial support in the years ahead. The paper also proposes to introduce a new interest rate mechanism to better reflect the heterogeneity among LICs and focus further concessional resources to the poorest countries. These countries (currently 31 LICs) will continue to benefit from an interest-free lending under the PRGT, while other LICs will be charged a modest, and still concessional, interest rate. Additionally, the paper proposes to keep PRGT access limits at their current levels and to implement several reforms, including: reverting the PRGT access norm to the level prevailing before December 2023, streamlining and strengthening the PRGT safeguards, adjusting the PRGT eligibility and graduation framework and updating the list of PRGT-eligible countries, extending the temporarily higher cumulative access limits under the RCF until the end of December 2025, and implementing a targeted adjustment to the Policy Safeguards for High Combined Credit Exposure. On financing measures, the paper proposes to address the remaining gap in PRGT subsidy resources after accounting for the lending policy changes through (1) a further five-year suspension of PRGT administrative expenses reimbursement to the GRA and (2) a framework to deploy IMF internal resources to facilitate the generation of PRGT subsidy resources.
Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1513533258
Category : Business & Economics
Languages : en
Pages : 181
Get Book Here
Book Description
IMF Financial Operations 2015 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and also provides background detail of the financial statements for the IMF's activities during the most recent financial year. This publication (currently in its second edition) updates a previous report entitled Financial Organization and Operations of the IMF, first published in 1986 and last issued in 2001 (the sixth edition). That 2001 report reflected the seismic shifts in the global economy and in the IMF's structure and operations that occurred after the fall of the Soviet Union and the various currency and financial crises of the 1990s. This revised and updated report covers more recent developments, including measures taken in response to the global financial crisis of 2007–09 and the institutional reforms aimed at ensuring that the IMF's governance structure evolves in line with developments in the global economy, measures to enhance the financial safety net for developing economies, as well as reforms to the IMF's income model.
Author: Joachim Ahrens
Publisher: Routledge
ISBN: 1136210059
Category : Business & Economics
Languages : en
Pages : 306
Get Book Here
Book Description
The countries of Central Asia are increasingly the focus of intense international attention due to their geopolitical and economic importance as well as their unsettled transition processes. The region faced enormous challenges when the Soviet Union disintegrated, and this book focuses on the reforms of the institutional environment that have been largely neglected. Through an interdisciplinary approach, the book explores key aspects of institution building as well as economic and political governance in Central Asia. Contributors from a variety of disciplines, such as economics, political economy, political science, sociology, law, and ethnology, investigate the challenges of institutional transition in a non-democratic region. The book discusses how the lack of effective institution building as well as rule enforcement in the economic and political realms represents one of the key weaknesses and drawbacks of transition, and goes on to look at how crafting market institutions will be of utmost importance in the years ahead. Making an important contribution to understanding of political-economic developments in Central Asia, this book is of interest to students and scholars of political economy, comparative economics, development studies and Central Asian studies.
