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International Monetary Fund

Abstract

This paper provides information on private market financing for developing countries, covering developments since August 1992. Progress in dealing with bank debt problems has been based in large part on persistence in the pursuit of stabilization and reform programs. Such programs have resulted in strengthened external positions that have allowed debtor countries to accumulate reserves for use in debt-reduction operations. All of the countries where negotiations are now continuing had at some point suspended payments on medium- and long-term debt. Banks have recognized that resumption of regular (albeit partial) payments can be politically difficult in the absence of a quid pro quo. The group of middle-and lower-middle income countries with debt problems still to come to terms with bank creditors on debt-reduction packages is now limited. Many of these remaining countries (including Bulgaria, Ecuador, Panama, Peru, and Poland) have already begun negotiations with creditor banks.

Mr. Manuel Guitián

This paper reviews the World Bank lending for structural adjustment. The World Bank has always stressed the need to use limited investable resources efficiently. It has attempted to identify investment priorities in recipient countries and lent for projects that promised a high rate of return. The Bank’s Operational Manual defines structural adjustment lending as nonproject lending to support programs of policy and institutional change necessary to modify the structure of an economy so that it can maintain both its growth rate and the viability of its balance of payments in the medium term.

Mr. Michael P. Dooley

This paper reviews the World Bank lending for structural adjustment. The World Bank has always stressed the need to use limited investable resources efficiently. It has attempted to identify investment priorities in recipient countries and lent for projects that promised a high rate of return. The Bank’s Operational Manual defines structural adjustment lending as nonproject lending to support programs of policy and institutional change necessary to modify the structure of an economy so that it can maintain both its growth rate and the viability of its balance of payments in the medium term.

International Monetary Fund. Western Hemisphere Dept.

1. Colombia’s macroeconomic policies and policy frameworks remain very strong. The inflation-targeting regime, flexible exchange rate, sound financial supervision, rules-based fiscal framework, and strong democratic institutions have allowed the country to withstand sizeable external shocks, address internal tensions, and integrate Venezuelan migrants into Colombian society. The current account has been financed by stable sources of funding, mainly FDI, and reserve coverage ratios are adequate for standard shocks and according to the IMF ARA methodology. The 2013 FSAP found that the financial regulatory and supervisory framework was sound and most of the recommendations that were made have been implemented. The 2020 Article IV Staff Report found that Colombia’s public debt is expected to remain sustainable in the medium term and the non-interest current account deficit is lower than its debt-stabilizing level.

Mr. Rabah Arezki and Markus Brückner

Asia Leading the Way explores how the region is moving into a leadership role in the world economy. The issue looks at Asia's biggest economy, China, which has relied heavily on exports to grow, and its need to increase domestic demand and to promote global integration if it is to continue to thrive. China is not the only Asian economy that heavily depends on exports and all of them might take some cues from the region's second-biggest economy, India, which has a highly developed services sector. Min Zhu, the new Special Advisor to the IMF's Managing Director, talks about Asia in the global economy, the global financial crisis, correcting imbalances, and the IMF in Asia. And "People in Economics" profiles an Asian crusader for corporate governance, Korea's Jang Hasung. This issue of F&D also covers how best to reform central banking in the aftermath of the global economic crisis; the pernicious effects of derivatives trading on municipal government finances in Europe and the United States; and some ominous news for governments hoping to rely on better times to help them reduce their debt burdens. Mohamed El-Erian argues that sovereign wealth funds are well-placed to navigate the new global economy that will emerge following the world wide recession. "Back to Basics" explains supply and demand. "Data Spotlight" explores the continuing weakness in bank credit. And "Picture This" focuses on the high, and growing, cost of energy subsidies.

Mr. Manmohan S. Kumar and Mr. Pablo Emilio Guidotti

Abstract

This study discusses the evolution of domestic public debt in several indebted countries and its relationship with their external debt and underlying fiscal developments. It examines the links between domestic and external debt, taxes, subsidies, and government spending, and reviews strategies for managing domestic public debt.

Mr. Jaime Cardoso and Mr. Philip M Young

Abstract

This paper summarizes the authorities’ stabilization efforts, how these efforts were subsequently reinforced by certain key structural reforms, and other related developments that help explain the remarkable performance of the Dominican Republic’s economy in the 1990s during which the country achieved one of the highest output growth rates in Latin America, combined with low inflation, and a much improved external debt profile. The authorities often resorted to external arrears as a means of financing the external current account deficits of the 1980s. Although rescheduling agreements were reached with the international banking community and with the Paris Club of official creditors in the mid-1980s, they met with limited success until the authorities embarked on their stabilization program of the early 1990s. Large and persistent fiscal deficits represented a significant burden for monetary policy. Although at the beginning of the decade more than half of the public deficit was financed by foreign loans, episodes of default on external and domestic government debt led to a progressive drying up of these sources of financing.

Mr. Vito Tanzi

This paper reviews the World Bank lending for structural adjustment. The World Bank has always stressed the need to use limited investable resources efficiently. It has attempted to identify investment priorities in recipient countries and lent for projects that promised a high rate of return. The Bank’s Operational Manual defines structural adjustment lending as nonproject lending to support programs of policy and institutional change necessary to modify the structure of an economy so that it can maintain both its growth rate and the viability of its balance of payments in the medium term.

Mr. G. Russell Kincaid, K. Burke Dillon, Mr. Maxwell Watson, and Ms. Chanpen Puckahtikom

Abstract

The number of debt restructurings has increased sharply since the emergence of widespread payments difficulties in 1982. In that year, only 7 bank and 6 official restructuring agreements or temporary deferments were negotiated; in 1984, there were 21 and 13 respectively. Moreover, a substantial portion of the recent new private lending being made to developing countries has been coordinated under restructuring arrangements.