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Business and Economics > Investments: Stocks

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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 35 countries having already reached the completion point under the HIPC Initiative. One country, Chad, remains in the interim phase. Debt relief under the Initiatives has substantially alleviated debt burdens in recipient countries and has enabled them to increase their poverty-reducing expenditure by two and a half percentage points between 2001 and 2013. Creditor participation in the Initiative has been strong amongst the multilateral and Paris Club creditors; however participation from the 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$75.0 billion, while the costs to the four multilateral creditors providing relief under the MDRI is estimated to be US$41.1 billion in end-2013 present value terms.
Keywords:
PP; country; IMF HIPC Initiative; Point HIPCs; HIPC Initiative; completion point; millions of U.S. dollars; debt service projection; HIPC debt relief; HIPC country document; IMF MDRI assistance; country document; IMF JSAN; PV terms; MDRI assistance; Debt relief; Debt service; Exports; Stocks; Arrears; Africa; West Africa
Cover Policy Papers
Heavily Indebted Poor Countries Initiative and Multilateral Debt Relief Initiative - Statistical Update
International Monetary Fund
This report provides an update on the status of implementation of the HIPC Initiative and the MDRI over the past year. Given that most HIPCs have reached the completion point, in November 2011, the IMF and IDA Boards2 endorsed staff’s proposal to further streamline reporting of progress under the HIPC Initiative and MDRI. It was agreed that the annual HIPC Initiative/MDRI status of implementation report will be discontinued, while the core information—on debt service and poverty reducing expenditure, the cost of debt relief, creditor participation rates, and litigation against HIPCs—should continue to be made available and updated regularly on the IMF and World Bank websites.
Keywords:
PP; IMF HIPC Initiative; MDRI-type; dollar; Point HIPCs; enhanced HIPC Initiative; MDRI assistance; completion point; millions of U.S. dollars; IMF MDRI assistance; MDRI status; IMF MDRI assistance to Cambodia; Debt relief; Debt service; Exports; Stocks; Poverty reduction; Africa; West Africa
Cover IMF Working Papers
Resource Windfalls, Optimal Public Investment and Redistribution: The Role of Total Factor Productivity and Administrative Capacity
Mr. Alan H. Gelb
,
Mr. Arnaud Dupuy
, and
Mr. Rabah Arezki
This paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we use an augmented version of the Permanent Income framework with public investment faced with adjustment costs capturing the associated administrative capacity as well as government direct transfers. A key assumption is that those adjustment costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. Second, weaker administrative capacity lowers the increase in optimal public capital following a resource windfall. Third, higher total factor productivity in the non-resource sector reduces the degree of des-investment in public capital commanded by weaker administrative capacity. We further extend our basic model to allow for "investing in investing" - that is public investment in administrative capacity - by endogenizing the adjustment cost in public investment. Results from the numerical simulations suggest, among other things, that a higher initial stock of public administrative "know how" leads to a higher level of optimal public investment following a resource windfall. Implications for policy are discussed.
Keywords:
WP; Resource Windfall; Public Investment; Total Factor Productivity; Administrative Capacity; adjustment cost; unit resource rent; management Index; public capital; Non-resource sector total factor productivity; Public investment spending; Public investment and public-private partnerships (PPP); Natural resources; Stocks; Middle East; East Africa; North Africa
Cover IMF Staff Country Reports
Liberia: Enhanced Initiative for Heavily Indebted Poor Countries-Completion Point Document and Multilateral Debt Relief Initiative
International Monetary Fund
The Liberia Poverty Reduction Strategy (LPRS) was completed in March 2008. Since reaching the decision point in March 2008, Liberia has maintained macroeconomic stability. The global financial crisis adversely impacted Liberia shortly after the LPRS was released. Investments were postponed, and export revenues were sharply reduced in the rubber sector as external demand weakened. The authorities’ strict adherence to a cash-based balanced budget, in place since February 2006, has contributed substantially to regaining fiscal discipline, putting debt on a downward path while also increasing pro-poor expenditures.
Keywords:
ISCR; CR; debt forgiveness; Liberian authorities; present value; HIPC assistance; exchange rate; PFM reform agenda; Debt relief; Debt service; Debt management; Government debt management; Stocks; Global; Sub-Saharan Africa