Adequacy Of Fund Resources Preliminary Considerations

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Adequacy of Fund Resources – Preliminary Considerations

International Monetary Fund. Finance Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Adequacy of Fund Resources Preliminary Considerations Book PDF

Author : International Monetary Fund. Finance Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 46 pages
File Size : 49,9 Mb
Release : 2021-03-05
Category : Business & Economics
ISBN : 9781513571171

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Adequacy of Fund Resources – Preliminary Considerations by International Monetary Fund. Finance Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

This paper provides background for initial considerations on the appropriate size of the Fund’s overall lending capacity over the medium term. The paper reviews developments in the demand for Fund resources during the global crisis. The paper also argues that the global economy is changing in fundamental ways, with implications for the size of the Fund. Against this background, the analysis suggests that the current overall lending capacity of the Fund should be seen as a minimum. Additional resources would be needed if the Fund were to introduce changes to its lending framework. While the financing structure of the Fund should be largely quota-based, staff sees a strong case for continuing to backstop quota resources with a standing borrowing facility. Maintaining the Fund’s current overall lending capacity would require swift action by the membership.

Twelfth General Review of Quotas - Preliminary Considerations and Next Steps

International Monetary Fund. Treasurer's Dept.
Twelfth General Review of Quotas Preliminary Considerations and Next Steps Book PDF

Author : International Monetary Fund. Treasurer's Dept.
Publisher : International Monetary Fund
Page : 30 pages
File Size : 52,8 Mb
Release : 2002-01-22
Category : Business & Economics
ISBN : 9781498328883

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Twelfth General Review of Quotas - Preliminary Considerations and Next Steps by International Monetary Fund. Treasurer's Dept. Pdf

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Adequacy of Fund Resources—Further Considerations

International Monetary Fund. Finance Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Adequacy of Fund Resources Further Considerations Book PDF

Author : International Monetary Fund. Finance Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 56 pages
File Size : 48,7 Mb
Release : 2021-03-05
Category : Business & Economics
ISBN : 9781513571256

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Adequacy of Fund Resources—Further Considerations by International Monetary Fund. Finance Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

This paper is part of the workplan on the 15th General Review of Quotas (15th Review). The paper provides a two-pillar framework for assessing the adequacy of Fund resources, building on the staff paper discussed by the Board in March 2016. The second pillar of the framework is qualitative in nature. The paper also provides information to support a discussion on the mix of Fund resources.

The Fund’s Lending Framework and Sovereign Debt - Annexes

International Monetary Fund
The Fund s Lending Framework and Sovereign Debt Annexes Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 112 pages
File Size : 44,5 Mb
Release : 2014-05-23
Category : Business & Economics
ISBN : 9781498343336

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The Fund’s Lending Framework and Sovereign Debt - Annexes by International Monetary Fund Pdf

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Adequacy of the Global Financial Safety Net—Considerations for Fund Toolkit Reform

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.
Adequacy of the Global Financial Safety Net Considerations for Fund Toolkit Reform Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 42 pages
File Size : 44,6 Mb
Release : 2017-12-19
Category : Business & Economics
ISBN : 9781498346160

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Adequacy of the Global Financial Safety Net—Considerations for Fund Toolkit Reform by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept. Pdf

liquidity in the face of increased vulnerabilities calls for enhancing the liquidity support provided through the global financial safety net (GFSN). The global economy is experiencing a period of protracted uncertainty, marked by frequent episodes of volatility. Demand for liquidity has intensified, in particular from emerging markets, which are experiencing a build-up of vulnerabilities and the depletion of their fiscal buffers. The enhanced GFSN meets only partially this higher demand for liquidity. The IMFC and G20 have called on the Fund to further strengthen the safety net. The uneven use of the Fund’s toolkit for crisis prevention suggests the need to reconsider its design. Despite a major overhaul of the Fund’s lending instruments available for precautionary financing, only a modest number of countries have used them. In particular, the lack of access to a liquidity backstop for members with strong policies—similar to the standing bilateral swap arrangements (BSAs) among central banks—limits the availability of Fund support over the whole duration of the shock during protracted periods of global uncertainty. Moreover, the need to resort to Fund financing still carries a high political cost (stigma) for some members. To enhance further the Fund’s toolkit for crisis prevention, consideration could be given to revisiting the existing toolkit and introducing new instruments. The toolkit could thus be enhanced by: establishing a new facility for precautionary financing that would provide a "standing" liquidity backstop to members with strong fundamentals and policies for use when hit by liquidity shocks; and adjusting the existing toolkit to maintain cohesion. Any change to the Fund toolkit would need to take into account the tradeoffs between reducing stigma and containing moral hazard, while simultaneously safeguarding Fund resources. A Fund policy monitoring instrument could improve the cohesion of the global safety net. As the GFSN has expanded and become more multi-layered, there is a need to improve cooperation across the different layers to unlock financing and signal commitment to reforms. Creating a policy monitoring instrument that is available to all Fund members could help in this regard. Next steps . In light of Directors’ views on these points, staff could come back with subsequent papers that lay out specific and detailed proposals for reforming the lending toolkit. While these papers focus on the GRA lending toolkit, a separate forthcoming paper will assess some aspects of the concessional lending toolkit.

The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations

International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Asia and Pacific Dept
The Fund s Lending Framework and Sovereign Debt Preliminary Considerations Book PDF

Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 43 pages
File Size : 41,7 Mb
Release : 2014-05-23
Category : Business & Economics
ISBN : 9781498343350

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The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations by International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Asia and Pacific Dept Pdf

As a follow-up to the Executive Board's May 2013 discussion, this paper considers a possible direction for reform of the Fund's lending framework in the context of sovereign debt vulnerabilities. The primary focus of this paper relates to the Fund's exceptional access framework, since it is in this context that the Fund will most likely have to make the difficult judgment as to whether the member's problems can be resolved with or without a debt restructuring. The objective of the preliminary approaches set forth in this paper is to reduce the costs of crisis resolution for both creditors and debtors—relative to the alternatives—thereby benefitting the overall system. These ideas are market-based and their eventual implementation would require meaningful consultation with creditors.

Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, November 23, 2015

International Monetary Fund
Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting November 23 2015 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 18 pages
File Size : 51,8 Mb
Release : 2015-11-23
Category : Business & Economics
ISBN : 9781498343961

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Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, November 23, 2015 by International Monetary Fund Pdf

The Managing Director’s Global Policy Agenda (GPA) presented to the IMFC last month highlights the challenges associated with a rapidly changing and uncertain world. The limited room for policy maneuver and the need to adapt to new realities pose difficult trade-offs between supporting demand and current activity, reducing financial risks as financial conditions tighten, and implementing needed structural reforms to revive growth. Against this backdrop the GPA called to support growth today, invest in resilience and safeguard financial stability, improve the sustainability of the public finances, implement the structural reforms needed for sustainable and inclusive medium-term growth, and secure the effectiveness of the 2010 reforms. This document translates the policy priorities and strategic directions laid out in the Fall 2015 GPA and the IMFC communiqué into an Executive Board agenda for the next twelve months. The key focus of this agenda is to continue to refine and adapt the Fund’s core activities?surveillance, lending, and capacity building?to the challenges faced by member countries. The 2015 Work Program continues the implementation of the 2014 Triennial Surveillance Review (TSR) recommendations and underpins a broader effort of the Fund to respond to the needs of the membership in an even more agile, integrated, and member-focused manner.

Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, June 3, 2015

International Monetary Fund
Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting June 3 2015 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 18 pages
File Size : 45,8 Mb
Release : 2015-03-06
Category : Business & Economics
ISBN : 9781498344517

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Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, June 3, 2015 by International Monetary Fund Pdf

The Managing Director’s Global Policy Agenda (GPA) presented to the IMFC in April identified a range of actions needed to bolster today’s actual and tomorrow’s potential output, diminish risks, and confront emerging global challenges. These actions included calibrating fiscal adjustment to economic conditions while establishing credible long-term fiscal frameworks and implementing growth-friendly fiscal policies, improving monetary policy effectiveness while containing excessive financial risk-taking, and accelerating structural reforms to raise growth potential and ensure inclusiveness. The GPA also outlined how the Fund would support the membership through assessments and policy advice provided in the context of multilateral and bilateral surveillance, financial support, and capacity building. This document translates the policy priorities laid out in the GPA and the IMFC communiqué into a work agenda for the Executive Board over the next 12 months. In particular, the Board will be engaged on several issues of multilateral scope, including quota reform and resources, the SDR basket review, challenges facing the international monetary system, and the post-2015 global development agenda. The work program also includes several items from the action plan of the 2014 Triennial Surveillance Review (TSR).

The Fund's Lending Framework and Sovereign Debt-Further Considerations

Anonim
The Fund s Lending Framework and Sovereign Debt Further Considerations Book PDF

Author : Anonim
Publisher : INTERNATIONAL MONETARY FUND
Page : 99 pages
File Size : 45,8 Mb
Release : 2015-09-04
Category : Business & Economics
ISBN : 1498344739

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The Fund's Lending Framework and Sovereign Debt-Further Considerations by Anonim Pdf

In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.

Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - June 19, 2017

International Monetary Fund
Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting June 19 2017 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 12 pages
File Size : 49,6 Mb
Release : 2017-07-20
Category : Business & Economics
ISBN : 9781498346658

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Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - June 19, 2017 by International Monetary Fund Pdf

This Work Program (WP) translates the policy priorities and strategic directions laid out in the Spring 2017 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communiqué into an Executive Board agenda for the next twelve months. The Managing Director’s GPA, welcomed by the IMFC, called on members to continue using supportive policies based on a three-pronged approach to sustain the recovery, to work together within the multilateral framework toward strong and more balanced growth, and to provide economic opportunities for all. It outlined how the Fund would support the membership by promoting efforts to sustain the recovery, lift productivity and increase resilience, and by promoting sustainable policies toward a more inclusive global economy, while facilitating multilateral solutions to global challenges. Where the work extends beyond traditional areas, the WP will focus on macro-relevant issues that are systemically important or relevant for many countries and amenable to change through economic policies.

International Monetary Fund Annual Report 2009

International Monetary Fund
International Monetary Fund Annual Report 2009 Book PDF

Author : International Monetary Fund
Publisher : INTERNATIONAL MONETARY FUND
Page : 84 pages
File Size : 52,6 Mb
Release : 2009-09-24
Category : Business & Economics
ISBN : 1589068793

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International Monetary Fund Annual Report 2009 by International Monetary Fund Pdf

The IMF's 2009 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2009, which covers the period from May 1, 2008, through April 30, 2009. The print version of the Report is available in eight languages (Arabic, Chinese, English, French, German, Japanese, Russian, and Spanish), along with a CD-ROM (available in English only) that includes the Report text and ancillary materials, including the Fund's Financial Statements for FY2009.

Guidance on the Design and Implementation of IMF Conditionality - Preliminary Considerations

International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Guidance on the Design and Implementation of IMF Conditionality Preliminary Considerations Book PDF

Author : International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 30 pages
File Size : 46,9 Mb
Release : 2002-03-06
Category : Business & Economics
ISBN : 9781498328500

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Guidance on the Design and Implementation of IMF Conditionality - Preliminary Considerations by International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

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Adequacy of the Global Financial Safety Net—Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Finance Dept.
Adequacy of the Global Financial Safety Net Review of the Flexible Credit Line and Precautionary and Liquidity Line and Proposals for Toolkit Reform Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 87 pages
File Size : 44,8 Mb
Release : 2017-12-19
Category : Business & Economics
ISBN : 9781498346139

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Adequacy of the Global Financial Safety Net—Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Finance Dept. Pdf

protracted global uncertainty combined with frequent episodes of capital flow volatility have intensified demand for liquidity support. In response to calls from the IMFC and the G20, the Fund has identified gaps in the global financial safety net (GFSN) and the Fund’s lending toolkit for crisis prevention, including insufficient coverage against liquidity pressures resulting from volatile capital flows. The proposals in this paper draw on the previous Fund work on the adequacy of the GFSN, the review of the Fund’s current toolkit for crisis prevention, and extensive consultations with the membership. The review of the FCL concludes that the FCL has been effective in providing precautionary support against external tail risks. Successor FCL arrangements and associated access levels have been in line with the assessment of external risks and potential balance of payments needs. However, there is scope to strengthen the transparency and predictability of the qualification framework by adding indicator-based thresholds to complement and inform judgment. To enhance crisis resilience while improving the Fund’s toolkit coherence and resource use, the paper proposes three complementary reforms: The establishment of a Short-term Liquidity Swap to provide renewable and reliable liquidity support against potential short-term moderate volatility of capital flows. The proposed instrument is for members with very strong fundamentals and economic policies, and tailored to improve reliability and appeal to users. The use of a core set of indicators with thresholds to guide judgment in FCL qualification. This will improve predictability and transparency while keeping the standards unchanged. The elimination of the PLL to maintain a streamlined and coherent toolkit, given the low use of the PLL, likely reflecting issues of tiering with the FCL. The paper also discusses possible reforms of the current commitment fee policy to promote a more balanced use of Fund resources. Possible options include increasing the commitment fee at high access levels or introducing a new time-based commitment fee.

Fourteenth General Review of Quotas - The Size of the Fund - Initial Considerations

International Monetary Fund
Fourteenth General Review of Quotas The Size of the Fund Initial Considerations Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 36 pages
File Size : 44,9 Mb
Release : 2010-03-29
Category : Business & Economics
ISBN : 9781498337724

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Fourteenth General Review of Quotas - The Size of the Fund - Initial Considerations by International Monetary Fund Pdf

The FY 11–13 medium-term budget (MTB) presented in this paper brings to a close the three-year restructuring effort that began with the FY 09–11 MTB. It secures savings of $100 million in real terms while providing sufficient financing for structural operations and the Fund’s response to the global financial crisis. This budget has been crafted in a period of uncertainty regarding the final scope and duration of the financial crisis as well as the ongoing responsibilities that the Fund may retain even as the crisis unwinds. There is also uncertainty about new responsibilities that may result as a review of the Fund’s mandate is undertaken. Addressing these items will be part of the work agenda to be undertaken in the coming year.

Further Debt Relief for Low-Income Countries - Key Issues and Preliminary Considerations

International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Further Debt Relief for Low Income Countries Key Issues and Preliminary Considerations Book PDF

Author : International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 24 pages
File Size : 41,6 Mb
Release : 2005-10-03
Category : Business & Economics
ISBN : 9781498331715

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Further Debt Relief for Low-Income Countries - Key Issues and Preliminary Considerations by International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The International Monetary and Finance Committee at its 2004 Annual Meetings called on the international community to provide assistance including “further debt relief” to low-income countries for achieving the Millennium Development Goals (MDGs). It reaffirmed the Fund’s “important role” in supporting lowincome countries and called on the Fund to consider “further debt relief and its financing.” More impetus for this request was provided by various recent proposals (summarized in Annex I). At their meeting in London in February, G7 Finance Ministers expressed their willingness to provide as much as 100 percent multilateral debt relief.