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Cover Policy Papers
Extension of the Periods for Consent to and Payment of Quota Increases
International Monetary Fund. Finance Dept.
On June 15, 2023, the IMF’s Executive Board approved an additional extension, for one year, of the period for members to consent to an increase in their quotas under the Fourteenth General Review of Quotas (“Fourteenth Review”) through June 30, 2024. The previous deadline was due to expire on June 30, 2023. However, the Board of Governors Resolution No. 66-2 provides that the Executive Board may extend the period for consent as it may determine. The Executive Board also approved an additional extension by one year of the period for payment of quota increases under the Fourteenth Review, and an extension for the payment of the quota increases under the 2008 Reform, through June 30, 2024.
Keywords:
Monetary Policy; Political Economy; Quotas; Quota increases; Payment for quota; GRQ; General Review of Quotas; payment period; payment of quota; transparency policy; reform of quota; reform of the executive board
Cover IMF Working Papers
The Economic Consequences of Conflict in Sub-Saharan Africa
Xiangming Fang, Siddharth Kothari, Mr. Cameron McLoughlin, and Mustafa Yenice
Sub-Saharan Africa has been marred by conflicts during the past several decades. While the intensity of conflicts in recent years is lower than that observed in the 1990s, the region remains prone to conflicts, with around 30 percent of the countries affected in 2019. In addition to immeasurable human suffering, conflicts impose large economic costs. On average, annual growth in countries in intense conflicts is about 2.5 percentage points lower, and the cumulative impact on per capita GDP increases over time. Furthermore, conflicts pose significant strains on countries’ public finances, lowering revenue, raising military spending, and shifting resources away from development and social spending.
Keywords:
conflict; growth; fiscal policy; military spending; sub-Saharan Africa; sub-Saharan Africa country; partner country growth; per-capita GDP; Sahel region; growth rate; public finances; No. of country; conflict country; civil war; time effect; country classification; Defense spending; Capital spending; Total expenditures; Africa; Middle East; East Africa; North Africa
Cover Policy Papers
Extension of the Periods for Consent to and Payment of Quota Increases
International Monetary Fund. Finance Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Secretary's Department
This paper proposes a further six-month extension of the period for members to consent to an increase in their quotas under the Fourteenth General Review of Quotas ("Fourteenth Review") through June 28, 2019.
Keywords:
PP; board of governors resolution No. 66-2; quota payment; payment of quota Increase; payment period; payment of quota; payment deadline; Arrears
Cover Policy Papers
Extension of the Periods for Consent to and Payment of Quota Increases
International Monetary Fund
This paper proposes a further six-month extension of the period for members to consent to an increase in their quotas under the Fourteenth General Review of Quotas (“Fourteenth Review”) through December 29, 2017. The current deadline is due to expire on June 30, 2017. However, Board of Governors Resolution No. 66-2 provides that the Executive Board may extend the period for consent as it may determine. An extension under Resolution No. 66-2 will also extend the periods of consent for quota increases under the 2008 Reform of Quota and Voice (Resolution No. 63-2) and the Eleventh General Review of Quotas (Resolution No. 53-2). This paper also proposes a further six-month extension of the period for payment of quota increases under the Fourteenth Review, and an extension for the payment of the quota increases under the 2008 Reform, through December 29, 2017.
Keywords:
reform of the executive board; consent to Increase Quotas Under; reform of quota; majority of the vote
Cover Policy Papers
List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months
International Monetary Fund
In line with a framework introduced in 2012 for addressing excessive delays in the completion of Article IV consultations, the following table lists the IMF members for which the Article IV consultation has been delayed by more than 18 months at March 15, 2016. The delay is counted past the stipulated date for the consultation plus any applicable grace period. There are no countries for which the mandatory financial stability assessments are delayed by more than 18 months at March 15, 2016.
Keywords:
PP; IMF staff; delay; consultation; delay in completion of consultation; Financial stability assessment
Cover Policy Papers
Heavily Indebted Poor Countries Initiative and Multilateral Debt Relief Initiative—Statistical Update
International Monetary Fund
The HIPC Initiative and MDRI are nearly complete, with 36 countries having already reached the completion point under the HIPC Initiative. Chad, in April 2015, is the latest country to reach the completion point. Debt relief under the Initiative has alleviated debt burdens substantially in recipient countries and has enabled them to increase their poverty-reducing expenditure by over one and a half percentage points of GDP between 2001 and 2014. Creditor participation in the HIPC Initiative has been strong amongst the multilateral and Paris Club creditors; however participation from other creditor groups still needs to be strengthened. The total cost of debt relief to creditors under the HIPC Initiative is currently estimated to be US$74.8 billion, while the costs to the four multilateral creditors providing relief under the MDRI is estimated at US$41.6 billion in end-2014 present value terms.
Keywords:
PP; cost; IMF MDRI assistance; MDRI; HIPC Initiative; IMF support; IMF ECF program; arrears clearance; IFI arrears; Initiative-Statistical UpdateHeavily Indebted Poor Countries Initiative; cost to the IMF; MDRI trust; Debt relief; Arrears; Debt service