International Monetary Fund. Strategy, Policy, &, Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
The Fund introduced two main sets of temporary adjustments to its lending frameworks in the early months of the pandemic: (i) increases in the limits on access to its emergency financing instruments (April 2020) and (ii) increases in the annual limits on access to financing from both its general and concessional financing facilities (July 2020).
International Monetary Fund. Finance Dept., International Monetary Fund. Strategy, Policy, &, and Review Department
This paper reviews the Poverty Reduction and Growth Trust (PRGT) interest rate structure for the period July 2019–June 2021.
Since the interest rate mechanism was first established in 2009, no interest has been charged on PRGT credit.
In line with the package of reforms proposed in the parallel Review of LIC Facilities, this paper proposes to align interest rates on the SCF with those on the ECF.
Based on the average SDR rate over the most recently observed 12-month period, the proposed revised interest rate mechanism would result in zero interest rates on both ECF and SCF credit for the period July 2019–June 2021.
Poverty reduction strategies (PRS) are central to Fund-supported economic and financial programs in low-income countries (LICs). The joint IMF-World Bank’s Heavily Indebted Poor Country (HIPC) Initiative introduced the PRS approach and established documentation requirements centered on the Poverty Reduction Strategy Paper (PRSP). The PRS approach has also been a cornerstone for the Fund’s concessional financing, currently the Extended Credit Facility (ECF), and has been extended to the Policy Support Instruments (PSI), the non-financing instrument for LICs, with PRS documentation serving as the operational framework for development of strategies to promote growth and reduce poverty under Fund-supported programs.
The fourth annual progress report on the implementation of the Poverty Reduction Strategy (PRS) provides a generally candid review of achievements and obstacles in implementation during 2006. The current report incorporates to a limited extent IMF staff recommendations from the previous Joint Staff Advisory Note (JSAN). The ongoing preparation of an updated PRS provides an opportunity to address more forcefully growth bottlenecks in Cameroon. The report covers a period of good external and fiscal performance, but accompanied by a significant decline in economic growth.
This paper discusses key findings of the National Poverty Reduction Strategy (NPRS) Monitoring and Implementation Report 2005 for Chad. The strategy is based on the attainment of five core objectives: good governance, robust and sustained growth, the development of human capital, improved living conditions for the most vulnerable segments of the population, and environmental protection. This report aims to provide a more comprehensive account of the measures taken and results achieved since the beginning of NPRS implementation.
This paper discusses key findings of the Second Review of the Three-Year Arrangement Under the Poverty Reduction and Growth Facility for Cameroon. Economic activity is slowing, reflecting a weak business environment, stronger competition from low-cost producers of manufactured products, and reforms to foster sustainable forestry production. Higher world oil prices are leading to inflation pressures while contributing to an improvement in the fiscal position and external current account balance. Budget execution and implementation of structural measures related to public financial management were also satisfactory.
The Annual Progress Report for Cameroon assesses the major achievements of the Poverty Reduction Strategy Paper under the staff-monitored program (SMP). It highlights the coherence in government action, the introduction of administrative management in strategic programming and planning tools, and effectiveness in the use of human, material, and financial resources. To solve the existing problems, beneficiaries had made recommendations to improve the quality of projects. The second generation PRSP was aimed at reinforcing the growth strategy and the mobilization of foreign aid through intensive use of budgetary aid.
Macroeconomic performance has been satisfactory, and program implementation under the Poverty Reduction and Growth Facility arrangement has also been good. The medium-term projections have been updated in anticipation of relief under the Multilateral Debt Relief Initiative (MDRI). Despite recent steps, governance remains weak. The slowdown in non-oil real growth is a cause for concern and calls for determined actions by the government. Relief under the enhanced Heavily Indebted Poor Countries Initiative and MDRI would reduce Cameroon’s debt to sustainable levels.
The staff report for the Review of the Staff-Monitored Program and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility highlights economic developments and performance. Fiscal consolidation efforts were sustained, and public finances improved markedly in the first half of 2005, exceeding the Staff-Monitored Program (SMP) targets. IMF staff welcomes the improvements made in public financial management and urges the government to persist in its efforts. The government encountered some technical difficulties, but also was not able to fully implement other SMP commitments.