Changing Patterns In Low Income Country Financing And Implications For Fund Policies On External Financing And Debt

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Changing Patterns in Low-Income Country Financing and Implications for Fund Policies on External Financing and Debt

International Monetary Fund. Strategy, Policy, & Review Department
Changing Patterns in Low Income Country Financing and Implications for Fund Policies on External Financing and Debt Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 50 pages
File Size : 47,9 Mb
Release : 2009-02-26
Category : Business & Economics
ISBN : 9781498336253

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Changing Patterns in Low-Income Country Financing and Implications for Fund Policies on External Financing and Debt by International Monetary Fund. Strategy, Policy, & Review Department Pdf

Low-income countries (LICs) face significant challenges in meeting their development objectives while maintaining a sustainable debt position. The international community’s main answer to this dilemma has been to promote recourse to concessional external resources. The Fund’s recommendations to LICs conform to this preference: the practice in Fund-supported programs in LICs has generally been to set zero limits on nonconcessional external borrowing while not restricting concessional financing, although flexibility has been applied on a case-by-case basis to allow some nonconcessional borrowing when warranted.

Key Developments in IMF Policy Work--October 12, 2008-April 22, 2009

International Monetary Fund
Key Developments in IMF Policy Work October 12 2008 April 22 2009 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 9 pages
File Size : 54,9 Mb
Release : 2009-09-04
Category : Business & Economics
ISBN : 9781498336109

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Key Developments in IMF Policy Work--October 12, 2008-April 22, 2009 by International Monetary Fund Pdf

This paper summarizes key developments in the Fund’s policy work since the 2008 Annual Meetings. Table 1 presents key conclusions of policy initiatives. Table 2 provides a progress report on implementation of the Fund’s surveillance priorities.

A Review of Some Aspects of the Low-Income Country Debt Sustainability Framework

International Monetary Fund
A Review of Some Aspects of the Low Income Country Debt Sustainability Framework Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 48 pages
File Size : 53,9 Mb
Release : 2009-05-08
Category : Business & Economics
ISBN : 9781498335713

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A Review of Some Aspects of the Low-Income Country Debt Sustainability Framework by International Monetary Fund Pdf

The Bank-Fund Debt Sustainability Framework (DSF) is a standardized framework for analyzing debt-related vulnerabilities in low-income countries (LICs). It aims to help countries monitor their debt burden and take early preventive action, to provide guidance to creditors in ensuring their lending decisions are consistent with countries’ development goals, and to improve the Bank and Fund’s assessments and policy advice. The DSF was last reviewed in 2006, and a reconsideration of some aspects of the framework is timely.

Staff Guidance Note on the Application of the Joint Bank-Fund Debt Sustainability Framework for Low-Income Countries

World Bank,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Staff Guidance Note on the Application of the Joint Bank Fund Debt Sustainability Framework for Low Income Countries Book PDF

Author : World Bank,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 61 pages
File Size : 52,5 Mb
Release : 2013-05-10
Category : Business & Economics
ISBN : 9781498341172

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Staff Guidance Note on the Application of the Joint Bank-Fund Debt Sustainability Framework for Low-Income Countries by World Bank,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

Low-income countries (LICs) face significant challenges in meeting their development objectives while at the same time ensuring that their external debt remains sustainable. In April 2005, the Executive Boards of the International Monetary Fund (IMF) and the International Development Association (IDA) endorsed the Debt Sustainability Framework (DSF), a tool developed jointly by IMF and World Bank staff to conduct public and external debt sustainability analysis in low-income countries. The DSF aims to help guide the borrowing decisions of LICs, provide guidance for creditors’ lending and grant allocation decisions, and improve World Bank and IMF assessments and policy advice.

2011 Review of Conditionality - Technical Appendices

International Monetary Fund. Strategy, Policy, & Review Department
2011 Review of Conditionality Technical Appendices Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 73 pages
File Size : 46,7 Mb
Release : 2012-06-18
Category : Business & Economics
ISBN : 9781498340397

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2011 Review of Conditionality - Technical Appendices by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This section provides the background studies relating to dimensions of Fund policy on conditionality. Appendix 1 provides a review of Fund experience with coordination, both in a low-income country (LIC) setting (in African programs) and in an emerging market and advanced economy setting in the European Union (EU) and Euro Area (EA). Appendix 2 summarizes the recent changes to debt limits in LICs and provides an assessment of the implementation of this policy in the early stages (up to mid-February 2011). Appendix 3 reviews the experience of countries with the Flexible Credit Line (FCL) and Precautionary Credit Line (PCL)-supported programs. Appendix 4 examines the impact of the 2009 Special Drawing Rights (SDR) allocation on program design

Debt Limits in Fund-Supported Programs - Proposed New Guidelines

International Monetary Fund. Strategy, Policy, & Review Department
Debt Limits in Fund Supported Programs Proposed New Guidelines Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 37 pages
File Size : 52,8 Mb
Release : 2009-05-08
Category : Business & Economics
ISBN : 9781498335744

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Debt Limits in Fund-Supported Programs - Proposed New Guidelines by International Monetary Fund. Strategy, Policy, & Review Department Pdf

Low-income countries (LICs) face significant challenges in meeting their development objectives, while maintaining a sustainable debt position. To address this dilemma, the international community has largely advocated recourse to concessional external finance. The Fund’s existing policy and practice on external debt limits conforms to this preference.

Governing Failure

Jacqueline Best
Governing Failure Book PDF

Author : Jacqueline Best
Publisher : Cambridge University Press
Page : 287 pages
File Size : 46,7 Mb
Release : 2014-01-09
Category : Business & Economics
ISBN : 9781107035041

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Governing Failure by Jacqueline Best Pdf

Traces an important shift in international development policy as global institutions have become preoccupied with policy failure. This title is also available as Open Access.

Staff Guidance Note on Debt Limits in Fund-Supported Programs

International Monetary Fund
Staff Guidance Note on Debt Limits in Fund Supported Programs Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 28 pages
File Size : 40,6 Mb
Release : 2009-12-22
Category : Business & Economics
ISBN : 9781498335034

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Staff Guidance Note on Debt Limits in Fund-Supported Programs by International Monetary Fund Pdf

In August 2009, the Executive Board approved new guidelines on external debt limits in Fund-supported programs. Debt limits seek to prevent the build-up of unsustainable debts, while allowing for adequate external financing. The new framework moves away from a single design for debt limits (or, to use the usual terminology, concessionality requirements) towards a more flexible approach.

Managing Public Debt-Formulating Strategies and Strengthening Institutional Capacity

International Monetary Fund
Managing Public Debt Formulating Strategies and Strengthening Institutional Capacity Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 38 pages
File Size : 41,6 Mb
Release : 2009-04-03
Category : Business & Economics
ISBN : 9781498336222

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Managing Public Debt-Formulating Strategies and Strengthening Institutional Capacity by International Monetary Fund Pdf

In May 2007, the IMF and World Bank Boards discussed the paper "Strengthening Debt Management Practices: Lessons from Country Experiences and Issues Going Forward". In those discussions, the Boards of both institutions endorsed a public debt management (PDM) work program that was particularly focused on strengthening frameworks and capacity in low-income countries (LICs). This comprised three main elements: (i) develop a toolkit to help LICs formulate an effective Medium-Term Debt Management Strategy (MTDS) and apply it in 4–6 countries a year; (ii) undertake debt management performance assessments; and (iii) continue the provision of debt management and domestic market development technical assistance (TA) and advisory services to middle-income countries (MICs). This paper is a response to the Boards' request for an update on the development and implementation of that work program. Developing a Medium-Term Debt Management Strategy (MTDS)— Guidance Note for Country Authorities Debt Management Performance Assessment Tool (DEMPA) Developing a Medium Term Debt Management Strategy: User Guide and Analytical Tool — In March 2009, the Executive Boards of the World Bank and the IMF endorsed the Medium Term Debt Management Strategy (MTDS) Framework developed by IMF and World Bank staff to help countries elaborate effective debt management strategies. The MTDS framework and toolkit comprises two elements: An operational guidance note (GN) and a spreadsheet-based analytical tool (AT). The GN provides practical guidance on the process of developing an effective MTDS, describing each step involved, while the AT provides quantitative analysis to guide the MTDS decision-making process.

Debt-Sustainability in Low-Income Countries - Proposal for an Operational Framework and Policy Implications

International Monetary Fund. Finance Dept.
Debt Sustainability in Low Income Countries Proposal for an Operational Framework and Policy Implications Book PDF

Author : International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 84 pages
File Size : 55,8 Mb
Release : 2004-03-02
Category : Business & Economics
ISBN : 9781498330633

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Debt-Sustainability in Low-Income Countries - Proposal for an Operational Framework and Policy Implications by International Monetary Fund. Finance Dept. Pdf

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Debt Limits in Fund-Supported Programs - Proposed New Guidelines - Supplementary Information and Proposed Decision

International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Debt Limits in Fund Supported Programs Proposed New Guidelines Supplementary Information and Proposed Decision Book PDF

Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 11 pages
File Size : 53,7 Mb
Release : 2009-08-20
Category : Business & Economics
ISBN : 9781498335669

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Debt Limits in Fund-Supported Programs - Proposed New Guidelines - Supplementary Information and Proposed Decision by International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

This supplement summarizes the reforms proposed in IMF (2009a, b)1 to the existing framework governing external debt limits in Fund-supported programs, and presents the proposed decision that is needed to implement these reforms. The supplement is organized as follows: Section II provides a brief commentary on the proposed decision, emphasizing key aspects of the proposed reforms set out in IMF (2009a, b) 1. Section III contains the proposed decision approving the new guidelines on external debt in Fund arrangements. The proposed new guidelines are included in the Attachment to the decision.

Public Investment, Growth, and Debt Sustainability

Mr.Andrew Berg,Rafael Portillo,Mr.Edward F. Buffie,Ms.Catherine A. Pattillo,Luis-Felipe Zanna
Public Investment Growth and Debt Sustainability Book PDF

Author : Mr.Andrew Berg,Rafael Portillo,Mr.Edward F. Buffie,Ms.Catherine A. Pattillo,Luis-Felipe Zanna
Publisher : International Monetary Fund
Page : 114 pages
File Size : 50,9 Mb
Release : 2012-06-01
Category : Business & Economics
ISBN : 9781475577259

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Public Investment, Growth, and Debt Sustainability by Mr.Andrew Berg,Rafael Portillo,Mr.Edward F. Buffie,Ms.Catherine A. Pattillo,Luis-Felipe Zanna Pdf

We develop a model to study the macroeconomic effects of public investment surges in low-income countries, making explicit: (i) the investment-growth linkages; (ii) public external and domestic debt accumulation; (iii) the fiscal policy reactions necessary to ensure debt-sustainability; and (iv) the macroeconomic adjustment required to ensure internal and external balance. Well-executed high-yielding public investment programs can substantially raise output and consumption and be self-financing in the long run. However, even if the long run looks good, transition problems can be formidable when concessional financing does not cover the full cost of the investment program. Covering the resulting gap with tax increases or spending cuts requires sharp macroeconomic adjustments, crowding out private investment and consumption and delaying the growth benefits of public investment. Covering the gap with domestic borrowing market is not helpful either: higher domestic rates increase the financing challenge and private investment and consumption are still crowded out. Supplementing with external commercial borrowing, on the other hand, can smooth these difficult adjustments, reconciling the scaling up with feasibility constraints on increases in tax rates. But the strategy may be also risky. With poor execution, sluggish fiscal policy reactions, or persistent negative exogenous shocks, this strategy can easily lead to unsustainable public debt dynamics. Front-loaded investment programs and weak structural conditions (such as low returns to public capital and poor execution of investments) make the fiscal adjustment more challenging and the risks greater.

Operational Framework for Debt Sustainability in Low-Income Countries - Implications for Fund Program Design

International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Operational Framework for Debt Sustainability in Low Income Countries Implications for Fund Program Design Book PDF

Author : International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 6 pages
File Size : 45,7 Mb
Release : 2004-09-13
Category : Business & Economics
ISBN : 9781498330077

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Operational Framework for Debt Sustainability in Low-Income Countries - Implications for Fund Program Design by International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

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Controlling the World Bank and IMF

Liam Clegg
Controlling the World Bank and IMF Book PDF

Author : Liam Clegg
Publisher : Springer
Page : 212 pages
File Size : 50,8 Mb
Release : 2013-06-03
Category : Political Science
ISBN : 9781137274557

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Controlling the World Bank and IMF by Liam Clegg Pdf

Liam Clegg provides an innovative reading of where power lies in the institutions' concessional lending operations, drawing its focus on shareholders and stakeholders from staffs' own understandings of their operational environments.

Investing in Public Infrastructure

Manoj Atolia,Bin Grace Li,Ricardo Marto,Mr.Giovanni Melina
Investing in Public Infrastructure Book PDF

Author : Manoj Atolia,Bin Grace Li,Ricardo Marto,Mr.Giovanni Melina
Publisher : International Monetary Fund
Page : 44 pages
File Size : 52,9 Mb
Release : 2017-05-04
Category : Business & Economics
ISBN : 9781475595932

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Investing in Public Infrastructure by Manoj Atolia,Bin Grace Li,Ricardo Marto,Mr.Giovanni Melina Pdf

Why do governments in developing economies invest in roads and not enough in schools? In the presence of distortionary taxation and debt aversion, the different pace at which roads and schools contribute to economic growth turns out to be central to this decision. Specifically, while costs are front-loaded for both types of investment, the growth benefits of schools accrue with a delay. To put things in perspective, with a “big push,” even assuming a large (15 percent) return differential in favor of schools, the government would still limit the fraction of the investment scale-up going to schools to about a half. Besides debt aversion, political myopia also turns out to be a crucial determinant of public investment composition. A “big push,” by accelerating growth outcomes, mitigates myopia—but at the expense of greater risks to fiscal and debt sustainability. Tied concessional financing and grants can potentially mitigate the adverse effects of both debt aversion and political myopia.