Reviews Of The Fund S Sovereign Arrears Policies And Perimeter

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Reviews of the Fund's Sovereign ARREARS Policies and Perimeter

International Monetary,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department
Reviews of the Fund s Sovereign ARREARS Policies and Perimeter Book PDF

Author : International Monetary,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 129 pages
File Size : 47,8 Mb
Release : 2022-05-23
Category : Business & Economics
ISBN : 9798400210556

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Reviews of the Fund's Sovereign ARREARS Policies and Perimeter by International Monetary,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Strategy, Policy, & Review Department Pdf

This paper undertakes a comprehensive review of the Fund’s sovereign arrears policies. Staff assesses that the Fund’s Lending into Arrears to Private Creditors (LIA) policy (established in 1989 and last reviewed in 2002) remains broadly appropriate, while recommending some improvements given the experience gained over the last 20 years. Staff also sees merit in codifying the existing practice guiding the Fund in preemptive debt restructurings into a Fund policy, together with an amendment focusing on debt transparency. Given limited experience with the application of the LIOA policy (established in 2015), staff does not propose any amendments but only one restatement confirming current practice. Given recent developments in the international creditor community, staff proposes refining the Fund’s arrears policies with respect to multilateral creditors. Finally, recent developments raise questions about the perimeter between official bilateral and private claims, with significant implications for the Fund’s arrears policies.

Policy Coordination Instrument — Updated Operational Guidance Note

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.
Policy Coordination Instrument Updated Operational Guidance Note Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 39 pages
File Size : 53,5 Mb
Release : 2024-04-25
Category : Business & Economics
ISBN : 9798400274213

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Policy Coordination Instrument — Updated Operational Guidance Note by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept. Pdf

This note provides updated general guidance on the use of the Policy Coordination Instrument (PCI). The PCI is a non-financing instrument designed for countries that, at the time of the PCI request, are seeking to unlock financing from sources other than the Fund and/or to demonstrate a commitment to a reform agenda. Since its establishment in 2017 as part of the Fund’s work on the Global Financial Safety Net, the PCI has been used by several members. These experiences helped establish and refine best practices, which are reflected in this updated operational guidance note together with changes to the PCI policy approved by the Executive Board on October 4, 2023. The note covers operational issues in a broad range of areas such as purpose, objectives, eligibility, modalities, applicability of UFR-related and other relevant policies, design of a PCI-supported program, conditionality framework, review schedule , and a comparison with other lending instruments. The note is an aid to the implementation of the PCI policy and its underlying principles. If there is any instance in which a provision of the guidance note or its implementation conflicts with the policy approved by the Board, the PCI policy shall prevail.

Staff Guidance Note on Information Sharing in The Context of Sovereign Debt Restructurings

International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Staff Guidance Note on Information Sharing in The Context of Sovereign Debt Restructurings Book PDF

Author : International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 15 pages
File Size : 51,8 Mb
Release : 2023-06-23
Category : Business & Economics
ISBN : 9798400245237

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Staff Guidance Note on Information Sharing in The Context of Sovereign Debt Restructurings by International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The guidance note sets out principles governing information sharing in the context of sovereign debt restructurings. It restates the existing Fund governance and policy guidelines for information sharing to help inform and harmonize practices across Fund country teams. In addition to outlining guiding principles applicable to information sharing, it provides guidance on what level of information can be shared during each stage of the restructuring and program design process and in the surveillance context

2023 Handbook of IMF Facilities for Low-Income Countries

International Monetary Fund. Strategy, Policy, & Review Department
2023 Handbook of IMF Facilities for Low Income Countries Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 191 pages
File Size : 51,8 Mb
Release : 2023-04-21
Category : Business & Economics
ISBN : 9798400242427

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2023 Handbook of IMF Facilities for Low-Income Countries by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This Handbook provides guidance to staff on the IMF’s concessional financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in December 2017 (IMF, 2017e) by incorporating modifications resulting from the 2018–19 Review of Facilities for Low-Income Countries and Review of the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries (IMF, 2019a, b), approved by the Board in May 2019; the reforms introduced in 2021 on the basis of the Board paper Fund Concessional Financial Support for Low-Income Countries—Responding to the Pandemic (IMF, 2021a), approved in July 2021; and a number of other recent Board papers. Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the primary legal authority on the matters covered in the Handbook.

Policy Reform Proposals To Promote The Fund’s Capacity To Support Countries Undertaking Debt Restructuring

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept.
Policy Reform Proposals To Promote The Fund s Capacity To Support Countries Undertaking Debt Restructuring Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 110 pages
File Size : 41,7 Mb
Release : 2024-04-16
Category : Business & Economics
ISBN : 9798400273704

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Policy Reform Proposals To Promote The Fund’s Capacity To Support Countries Undertaking Debt Restructuring by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept. Pdf

A number of sovereign debt restructurings over the past three years faced significant delays but the cases are now moving forward. These delays slowed access of countries to much needed Fund financial support, and alongside creditors’ efforts the Fund had to find ways forward. With significant experience now gleaned from recent restructuring cases, it is important to extract the lessons for Fund policies from this episode. Delays in future Fund engagements need to be minimized where this can be done in a manner consistent with restoring the member to medium-term external viability and ensuring adequate safeguards for the Fund. Such delays can contribute to a deepening of debt distress, making adjustment more difficult, exacerbating the debt problem, and creating inefficiency costs for both the debtor and its creditors.

Operational Guidance Note On Program Design and Conditionality

International Monetary Fund. Strategy, Policy, & Review Department
Operational Guidance Note On Program Design and Conditionality Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 179 pages
File Size : 44,9 Mb
Release : 2024-01-30
Category : Business & Economics
ISBN : 9798400264849

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Operational Guidance Note On Program Design and Conditionality by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This note aims to provide guidance on the key principles and considerations underlying the design of Fund-supported programs. The note expands on the previous operational guidance notes on conditionality published over 2003-2014, incorporating lessons from the 2018-19 Review of Conditionality, and other recent key policy developments including the recommendation of the Management’s Implementation Plan in response to Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The note in particular highlights operational advice to (i) improve the realism of macroeconomic forecast in programs and fostering a more systematic analysis of contingency plans and risks; (ii) improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects; and (iii) help strengthen the ownership of country authorities. Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner, the note refers in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs. As with all guidance notes, the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.

Selected Decisions and Selected Documents of the International Monetary Fund

International Monetary Fund. Legal Dept.
Selected Decisions and Selected Documents of the International Monetary Fund Book PDF

Author : International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 1064 pages
File Size : 44,6 Mb
Release : 2024-03-12
Category : Business & Economics
ISBN : 9798400259241

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Selected Decisions and Selected Documents of the International Monetary Fund by International Monetary Fund. Legal Dept. Pdf

This volume is the Forty-Third Issue of Selected Decisions and Selected Documents of the International Monetary Fund. It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents, to which frequent reference is made in the current activities of the Fund. In addition, it includes certain documents relating to the Fund, the United Nations, and other international organizations.

FY2024-FY2026 Medium-Term Budget

International Monetary Fund. Office of Budget and Planning
FY2024 FY2026 Medium Term Budget Book PDF

Author : International Monetary Fund. Office of Budget and Planning
Publisher : International Monetary Fund
Page : 65 pages
File Size : 47,6 Mb
Release : 2023-06-02
Category : Business & Economics
ISBN : 9798400244353

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FY2024-FY2026 Medium-Term Budget by International Monetary Fund. Office of Budget and Planning Pdf

FY2024-FY2026 Medium-Term Budget

Default

Gregory Makoff
Default Book PDF

Author : Gregory Makoff
Publisher : Georgetown University Press
Page : 250 pages
File Size : 54,8 Mb
Release : 2024-02-01
Category : Business & Economics
ISBN : 9781647123987

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Default by Gregory Makoff Pdf

The dramatic inside story of the most important case in the history of sovereign debt law Unlike individuals or corporations that become insolvent, nations do not have access to bankruptcy protection from their creditors. When a country defaults on its debt, the international financial system is ill equipped to manage the crisis. Decisions by key individuals—from national leaders to those at the International Monetary Fund, from holdout creditors to judges—determine the fate of an entire national economy. A prime example is Argentina’s 2001 default on $100 billion in bonds, which stands out for its messy outcomes and outsized impact on sovereign debt markets, sovereign debt law, and IMF policy. Default is the riveting story of Argentina’s sovereign debt drama, which reveals the obscure inner workings of sovereign debt restructuring. This detailed case study describes the intense fight over the role of the IMF in Argentina’s 2005 debt restructuring and the ensuing bitter decade of litigation with holdout creditors, demonstrating that outcomes for sovereign debt are determined by a complex interplay between financial markets, governments, the IMF, the press, and the courts. This cautionary tale lays bare the institutional, political, and legal pressures that come into play when a country cannot repay its debts. It offers a deeper understanding of how global financial capitalism functions for those who work in or study debt markets, international finance, international relations, and international law.

Changes to the Fund’s Financing Assurances Policy in the Context Of Fund Upper Credit Tranche (UCT) Financing Under Exceptionally High Uncertainty

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept.
Changes to the Fund s Financing Assurances Policy in the Context Of Fund Upper Credit Tranche UCT Financing Under Exceptionally High Uncertainty Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 21 pages
File Size : 44,7 Mb
Release : 2023-03-17
Category : Business & Economics
ISBN : 9798400237447

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Changes to the Fund’s Financing Assurances Policy in the Context Of Fund Upper Credit Tranche (UCT) Financing Under Exceptionally High Uncertainty by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Finance Dept. Pdf

The Executive Board of the International Monetary Fund (IMF) approved changes to the Fund’s financing assurances policy. The changes apply in situations of exceptionally high uncertainty, involving exogenous shocks that are beyond the control of country authorities and the reach of their economic policies, and which generate larger than usual tail risks. The changes adopted could enable the design of a Fund Upper Credit Tranche (UCT) program in situations of exceptionally high uncertainty, in particular by modifying the Fund’s financing assurances policies in two ways. The first change allows official bilateral creditors to provide an upfront credible assurance about delivering debt relief and/or financing with the delivery of a contingent second-stage element of debt relief and/or financing once the exceptionally high uncertainty has been resolved. This would help establish that medium-term viability is being restored. The second change extends the use of a capacity-to-repay assurances from official bilateral creditors/donors from emergency financing to a UCT arrangement context. This would help establish adequate safeguards. These changes and their application to any specific country case in a situation of exceptionally high uncertainty would require the Fund to weigh whether it is prepared to accept the enterprise risks that such arrangement would entail.

Malawi

International Monetary Fund. African Dept.
Malawi Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 94 pages
File Size : 48,8 Mb
Release : 2023-07-31
Category : Business & Economics
ISBN : 9798400250941

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Malawi by International Monetary Fund. African Dept. Pdf

Malawi has been affected by a series of shocks— including an outbreak of cholera and Cyclone Freddy, which caused significant loss of life and damage to infrastructure—since the approval of the Staff-Monitored Program with Executive Board Involvement (PMB) on November 11, 2022, and the disbursement of $88.3 million in emergency financing under the Food Shock Window of the Rapid Credit Facility on November 21, 2022. In this context, growth has been weaker and inflation higher than expected. The fiscal deficit in FY2022/23 (April/March) was larger than expected at the time of the PMB. Meanwhile, external strains—including shortage of foreign exchange, difficulties securing trade credit, and a widening spread between official and bureau exchange rates—have heightened. Despite a sharp reduction in the current account deficit, accumulation of foreign exchange reserves has been slower than expected, implying an increase in informal trade.

Staff Guidance Note on the Implementation of the IMF Strategy for Fragile and Conflict-Affected States (FCS)

International Monetary
Staff Guidance Note on the Implementation of the IMF Strategy for Fragile and Conflict Affected States FCS Book PDF

Author : International Monetary
Publisher : International Monetary Fund
Page : 85 pages
File Size : 47,9 Mb
Release : 2023-03-22
Category : Electronic
ISBN : 9798400235337

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Staff Guidance Note on the Implementation of the IMF Strategy for Fragile and Conflict-Affected States (FCS) by International Monetary Pdf

This note provides operational advice and information to help staff implement the IMF Strategy for Fragile and Conflict-Affected States (FCS) approved by the Executive Board on March 9, 2022. Topics covered include (i) the new IMF FCS classification methodology, which is aligned with that of the World Bank; (ii) the preparation of Country Engagement Strategies (CES) that will be rolled out across FCS to ensure that Fund engagement is appropriately tailored to country-specific manifestations of fragility and/or conflict; (iii) advice on tailoring the thematic focus of Article IV consultations and Fund analytics to FCS, as well as on the prioritization, design, and implementation of capacity development (CD) projects in fragile contexts; (iv) guidance on making full use of the flexibilities of the lending toolkit; (v) guidance on engaging in specific FCS situations, including building accountable institutions to exit fragility, cases of rising fragility risks, active conflict, post-conflict, and addressing the impact of external shocks and spillovers; and (v) strengthening partnerships with humanitarian, development, and peace actors, in accordance with the Fund's mandate. Dedicated annexes provide additional information on the CES process, addressing good governance in FCS, program design, and country examples of Fund engagement in FCS.

International Monetary Fund Annual Report 2023

International Monetary Fund. Secretary's Department
International Monetary Fund Annual Report 2023 Book PDF

Author : International Monetary Fund. Secretary's Department
Publisher : International Monetary Fund
Page : 77 pages
File Size : 40,9 Mb
Release : 2023-09-28
Category : Business & Economics
ISBN : 9798400238918

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International Monetary Fund Annual Report 2023 by International Monetary Fund. Secretary's Department Pdf

The 2023 IMF Annual Report highlights the IMF’s work to support its members to address successive shocks, including Russia’s war on Ukraine, inflation, debt vulnerabilities, inequality food insecurity, geoeconomic fragmentation, climate change, and digitalization. In FY 2023, the Fund continued to support its members in our three core areas: 1) Economic surveillance: 126 country health checks completed.2) Lending: $74 billion to 36 countries, including about $11 billion to 21 low-income countries, for a total of $294 billion to 96 countries since the start of the pandemic. 3) Capacity development: $337 million for hands-on technical advice, policy-oriented training, and peer learning. The report is also available in Arabic, Chinese, French, German, Japanese, Portuguese, Russian, and Spanish. Note: The 2023 IMF Annual Report covers the activities of the Executive Board and IMF management and staff during the financial year May 1, 2022, through April 30, 2023, and in some cases more recently. Background: The Annual Report website includes the IMF’s financial statements for FY 2023 and other background documentation. The Annual Report and the financial statements are also available online at www.imfbookstore.org or www.elibrary.IMF.org

Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - December 3, 2021

International Monetary Fund
Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting December 3 2021 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 4 pages
File Size : 43,7 Mb
Release : 2021-12-21
Category : Business & Economics
ISBN : 9781616354763

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Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - December 3, 2021 by International Monetary Fund Pdf

This Work Program puts forward an IMF Board agenda focused on activities of critical importance to our members. In line with the strategic directions laid out in the Fall 2021 Global Policy Agenda and the International Monetary and Financial Committee (IMFC) Communiqué, the Work Program supports three policy priorities: (i) vaccinate the world to combat the pandemic everywhere; (ii) calibrate bilateral and multilateral policies to support the recovery and reduce scarring and divergences; and (iii) accelerate the transformation of the global economy to make it greener, more digital, and inclusive. To deliver on this agenda, it is also important to ensure that the Fund remains appropriately equipped to maintain its role at the center of the global financial safety net.

Ireland

International Monetary Fund. Monetary and Capital Markets Department
Ireland Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 66 pages
File Size : 41,5 Mb
Release : 2022-07-07
Category : Business & Economics
ISBN : 9798400213564

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Ireland by International Monetary Fund. Monetary and Capital Markets Department Pdf

Ireland has considerably strengthened financial sector regulation and supervision since the 2016 FSAP, aided by the ECB/SSM, and is working with European and international regulators to strengthen oversight of the large market-based finance (MBF) sector. This strengthening is evidenced by a successful navigation through the challenges of Brexit and the pandemic. Despite global headwinds, Ireland is exiting the pandemic with strong economic growth and a highly capitalized and liquid banking system. The financial system has grown rapidly and in complexity, especially after Brexit, and Ireland has become a European base for large financial groups. The MBF sector has grown to the second largest in Europe, with global interlinkages.