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You are looking at 1 - 10 of 21 items for :

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Cover Policy Papers
Poverty Reduction and Growth Trust—2022: Borrowing Agreements With The Government of Canada As Represented By The Minister of Finance, The Bank of Italy, The Government of Japan, And The Bank of Spain
International Monetary Fund. Finance Dept. and International Monetary Fund. Legal Dept.
This paper presents the first set of borrowing agreements that have been finalized as part of the loan mobilization round launched in July 2021 to cover the cost of pandemic-related lending and support the self-sustainability of the Poverty Reduction and Growth Trust (PRGT). All agreements presented use SDRs in the context of SDR channeling and together provide a total of SDR 2.85 billion in new PRGT loan resources for low-income countries (LICs).
Keywords:
transparency policy; PRGT loan resource; amended agreement; SDRS to an account; PRGT reform; Loans; Poverty reduction strategy; Distressed assets
Cover Policy Papers
Staff-Monitored Programs—Updated Operational Guidance Note
International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
The note updates and replaces the prior guidance on SMPs, provided in 2003, incorporating changes to the Fund’s lending strategy, and clarifies some operational issues to better guide staff on the use and design of SMPs, while safeguarding even-handed application. Noteworthy changes include clarity on the role of SMPs, specifying the start and end dates of SMPs, clarifying the expected length of SMPs and track record periods, and extensions of SMPs. While many policies are clarified, the principle of flexibility is maintained.
Keywords:
transparency policy; fund staff; fund financial support; SMP Sr; strategy Policy; SMP request; Debt sustainability; Poverty reduction strategy; Emergency assistance; Debt sustainability analysis; Liquidity
Cover Policy Papers
Proposal for a Staff-Monitored Program with Executive Board Involvement
International Monetary Fund. Finance Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department
This paper proposes an amendment to the policy on Staff-Monitored Programs (SMPs) that would allow for limited Executive Board involvement in opining on the robustness of a member’s policies to meet their stated objectives under an SMP and monitoring its implementation. To differentiate from regular SMPs, such SMPs would be called “Program Monitoring with Board Involvement” or “PMBs”. Their use would be only available to those (requesting) members who, in addition to seeking to build or rebuild a track record for Upper Credit Tranche (UCT) Use of Fund Resources (UFR), would benefit from targeted Executive Board involvement because of either (i) an ongoing concerted international effort by creditors or donors to provide substantial new financing or debt relief to the member or (ii) significant outstanding Fund credit under emergency financing instruments at the time new emergency financing is received. Members meeting criterion (i) or (ii) above would be strongly encouraged to request such a PMB. The PMB would support members in designing, implementing, and monitoring policies under often complex circumstances.
Keywords:
emergency financing instrument; UCT-quality program; SMP policy; PMB criterion; UCT-quality instrument; PMB policy; urgent balance of payments; Emergency assistance; Balance of payments need; Food security; Debt relief; Global
Cover Policy Papers
Proposal for a Food Shock Window Under the Rapid Financing Instrument and Rapid Credit Facility
International Monetary Fund. Finance Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department
Russia’s war in Ukraine has exacerbated global economic pressures, including through a food shock. The war and food-related spillovers—higher import prices for food and fertilizer and disruptions in supply lines for food importers, and a loss of revenue for some food exporters—add to urgent balance-of-payments (BOP) needs of many Fund members. They have also exacerbated acute food insecurity, now affecting 345 million people. While the best response to address BOP pressures would generally involve an Upper Credit Tranche-quality program, such a program may not be feasible in some cases or necessary in others. This paper proposes a time-bound food shock window under the Rapid Financing Instrument (RFI) and the Rapid Credit Facility (RCF) to provide support to members in such situations. The new window would be temporary and provide low-access emergency financing that increases the amounts currently available under the RFI/RCF. Members would need to demonstrate urgent BOP needs and meet a set of qualification criteria related to the global food shock. The window would be available for 12 months from the date of Board approval of the window. Countries requesting financing under the window would also need to meet the standard qualification criteria under the RFI/RCF.
Keywords:
emergency financing instrument; UCT-quality program; emergency financing Access; SMP policy; Food shock window; urgent balance of payments; Emergency assistance; Balance of payments need; Food security; Agricultural commodities; Credit; Global
Cover Policy Papers
Review of Institutional Safeguards
International Monetary Fund
Ensuring the integrity of data and analysis is fundamental to the Fund’s ability to deliver on its mandate. As part of the Fund’s institutional safeguards review, a Working Group on Data and Analysis Integrity (WGDAI) was established to assess the possible need for changes in processes safeguarding the integrity of data and analysis at the Fund. The IMF primarily uses data supplied by its membership to fulfil its core mandate. The IMF has initiated and progressively enhanced a number of initiatives to help members prepare official data of adequate quality. Assessing data integrity and supporting countries’ efforts to achieve high standards has required a sustained commitment on the part of the Fund.
Keywords:
staff analysis; data integrity; Fund staff; staff voice; policy advice; Dispute resolution; Debt sustainability analysis; Employment; Bank resolution framework; Global
Cover Policy Papers
Implementation Plan in Response to The Executive Board-Endorsed Categorization of Open Actions in Management Implementation Plans
International Monetary Fund
This management implementation plan (MIP) proposes eight reformulated actions that would benefit from further follow up, in line with the Board-approved Categorization of Open Actions in MIPs. The MIP aims to strengthening the continuity of the relationship between the Fund and member countries, enhancing knowledge sharing across successive country teams, improving incentives for sound data management, alleviating country authorities’ concerns about disclosure, and creating a more robust review process for working papers.
Keywords:
HR management; turnover; handover; knowledge sharing; data management; confidential information; working papers; IMF's transparency policy; management framework; review Department; assignment tenure; human resources department; fund policy; transparency of fund policy; Central securities depositories; Human capital
Cover Policy Papers
Poverty Reduction and Growth Trust—Guidance Note on New Enhanced Safeguards for Debt Sustainability and Capacity to Repay
International Monetary Fund. Strategy, Policy, & Review Department and International Monetary Fund. Finance Dept.
Poverty Reduction and Growth Trust—Guidance Note on New Enhanced Safeguards for Debt Sustainability and Capacity to Repay
Keywords:
guidance note; transparency policy; reducing debt vulnerability; financing request; CtR table; Debt sustainability; Debt service; Debt sustainability analysis; Public and publicly-guaranteed external debt