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Asia and Pacific > India

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Cover Policy Papers
Eligibility to Use the Fund's Facilities for Concessional Financing for 2017
International Monetary Fund
The review of PRGT-eligibility, conducted biennially, is guided by a transparent, rules-based, and parsimonious framework. The framework determines which IMF members can access concessional resources based on an assessment of their level of income per capita, market access, and serious short-term vulnerabilities. Application of the framework should be consistent with the self-sustainability of the PRGT’s lending capacity over time. This paper concludes that the existing framework remains generally appropriate. The PRGT-eligibility framework is broadly aligned with the World Bank’s International Development Association practices, with minor differences between the lists of eligible countries explained by differences in the mandates of the two institutions and the timing of their respective review cycles. None of the countries that have graduated from the PRGT-eligibility list are at immediate risk of re-entering it. No country is proposed for graduation from or entry onto the PRGT-eligibility list. While thirteen countries meet either the income or market access graduation criterion, all are assessed to be facing serious short-term vulnerabilities and thus none are proposed for graduation. No non-PRGT-eligible country meets the criteria for entry onto the PRGT-eligibility list. The proposal to keep the list of PRGT-eligible countries unchanged is consistent with the self-sustained capacity of the PRGT.
Keywords:
PP; PRGT eligibility framework; PRGT-eligibility framework; PRGT-eligibility list; eligibility; IMF executive board reviews eligibility; PRGT objective; Personal income; Debt sustainability; International capital markets; Concessional external borrowing; Poverty reduction strategy; Global
Cover IMF Working Papers
India: Defining and Explaining Inclusive Growth and Poverty Reduction
Rahul Anand
,
Mr. Volodymyr Tulin
, and
Naresh Kumar
We document the evolution of poverty and inequality across Indian states during the recent period of rapid growth (2004-09), and examine the role of growth and distribution in reducing poverty. Robust economic growth has been a major driver of poverty reduction and inclusiveness in India. We explore the role of economic policies and macrofinancial conditions in explaining inclusive growth and its components, using a new measure of inclusive growth. Social expenditures, spending on education, and educational attainment rates are important for fostering inclusive growth. Macro-financial stability, with particular attention to inflation risks, is also criticial for promoting inclusive growth.
Keywords:
WP; economic growth; India; state level growth; poverty; inequality; inclusive growth; poverty reduction; poverty headcount; poverty incidence; consumption growth; household consumption expenditure survey; growth rate; consumption expenditure survey; poverty headcount ratio; poverty estimate; Poverty reduction; Income inequality; Consumption
Cover IMF Staff Country Reports
India: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper uncovers the factors behind the unprecedented widening of India’s current account deficit in terms of the sectoral savings-investment balance. The unprecedented widening of India’s current account deficit in recent years is a symptom of underlying macroeconomic imbalances and structural weaknesses. Persistently high inflation has depressed real returns, prompting a surge in gold imports and a marked deterioration in household financial savings and the savings-investment balance. In turn, improvement in the public sector’s savings-investment balance was achieved through capital spending cuts, as subsidies remained high and fuel price adjustments lagged. Further efforts to increase financial savings would help reduce the current account deficit sustainably and boost growth.
Keywords:
ISCR; CR; India; investment; product market; labor market rigidity; IMF staff calculation; investment slump; product market rigidity; food-price inflation shock; Inflation; Inclusive growth; Poverty reduction; Oil prices; Commodity markets; Global; South Asia
Cover IMF Working Papers
The Elusive Quest for Inclusive Growth: Growth, Poverty, and Inequality in Asia
Mr. Ravi Balakrishnan
,
Mr. Chad Steinberg
, and
Mr. Murtaza H Syed
This paper assesses how pro-poor and inclusive Asia’s recent growth has been, and what factors have been driving these outcomes. It finds that while poverty has fallen across the region over the last two decades, inequality has increased, dampening the impact of growth on poverty reduction. As a result, relative to other emerging and developing regions and to Asia’s own past, the recent period of growth has been both less inclusive and less pro-poor. Our analysis suggests a number of policies that could help redress these trends and broaden the benefits of growth in Asia. These include fiscal policies to increase spending on health, education, and social safetynets; labor market reforms to boost the labor share of total income; and reforms to make financial systems more inclusive.
Keywords:
WP; Gini coefficient; labor market; financial market; Asia; Inequality; Inclusive Growth; Poverty; Fiscal Policy; Financial Markets; income elasticity; income growth; cost of capital; elasticities of poverty; poverty headcount; Income; Income inequality; Minimum wages; Poverty reduction; Asia and Pacific; South Asia; Middle East; North Africa; East Africa
Cover IMF Working Papers
BRICs’ Philosophies for Development Financing and their Implications for LICs
Yongzheng Yang
and
Miss Nkunde Mwase
Flows of development financing from the BRICs (Brazil, Russia, India, and China) to low income countries (LICs) have surged in recent years. Unlike aid from traditional donors, BRICs (excluding Russia) view their financing as primarily based on the principles of South-South cooperation, focusing on mutual benefits without attachment of policy conditionality. This paper provides an overview of the philosophies and modalities of BRIC financing and examines their implications for LIC economies and future LIC-BRIC engagement.
Keywords:
WP; BRIC financing; financing; BRIC; SSA LICs; firm; Aid; BRICs; Brazil; China; Russia; Institutions; Debt; LICs; Bric financing of infrastructure; LIC government; BRIC firm; BRIC assistance; BRIC export credits; financing flow; BRIC engagement; Development assistance; Infrastructure; Debt sustainability; Poverty reduction; Public investment and public-private partnerships (PPP); Africa
Cover IMF Staff Country Reports
Bhutan: Poverty Reduction Strategy Paper—Joint Staff Advisory Note
International Monetary Fund
The overarching objective of Bhutan’s Tenth Five-Year Plan (10FYP)—which is also the Royal Government of Bhutan’s Poverty Reduction Strategy Paper (PRSP)—is to sustain this trajectory and reduce poverty further. Political stability, prudent economic management, and development of the hydropower sector delivered robust economic growth during the 9FYP. Favorable economic performance was underpinned by sound macroeconomic policies. The 10FYP forecasts an average fiscal deficit of about 3 percent of GDP, the same as in the 9FYP and in line with the Royal Government of Bhutan (RGoB)'s strategic fiscal policy goals.
Keywords:
ISCR; CR; Bhutan; poverty headcount ratio; PRSP point; poverty profile; Bhutan's PRSP; Royal Government of Bhutan's Poverty Reduction Strategy Paper; PRSP goal; PRSP's emphasis; PRSP place; poverty estimate; Poverty reduction strategy; Poverty reduction; Global
Cover Policy Papers
Modification of Access Policies for the Poverty Reduction and Growth Facility and the Exogenous Shocks Facility
International Monetary Fund
The paper proposes a doubling of access limits on concessional lending to ensure that the Fund can respond effectively to the needs of low-income countries (LICs) severely affected by the current world economic downturn. Pending adoption of broader reforms to the LIC facilities architecture, higher access limits under the Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility-High-Access Component (ESF-HAC) would give the Fund greater flexibility in assisting LICs, which have become more exposed to global volatility over time. A doubling of access limits would restore them to their 1998 levels in percent of GDP and would be consistent with the approach taken in determining new access limits for General Resources Account (GRA) resources. It would also be in line with the projected doubling of medium-term demand for concessional resources.
Keywords:
PP; financing; Fund; access limit; debt; SDR; envisaged financing commitment; resource availability; ESF lending; debt vulnerability; PRGF access norm; ESF arrangement request; concessional resource; LIC facilities; financing needs; Low-Income Country; high-access financing request; Debt sustainability; Concessional external borrowing; Debt sustainability analysis; Balance of payments need; Poverty reduction and development; Global
Cover IMF Survey
Boletín del FMI Vol.35, No.1 enero de 2006
International Monetary Fund. External Relations Dept.
La edición del Boletín del FMI para la web se actualiza varias veces a la semana, y contiene una amplia variedad de artículos sobre temas de actualidad en materia de políticas y economía. Conozca las últimas investigaciones del FMI, lea entrevistas y escuche entrevistas digitales a destacados economistas del FMI sobre importantes cuestiones de la economía mundial.
Keywords:
SV; IMF-World Bank Spring Meetings; special drawing rights; IMF policy development; country
Cover IMF Staff Country Reports
Nepal: Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waivers for Nonobservance of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Nepal
International Monetary Fund
The staff report for the Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PGRF) highlights Nepal’s economic outcomes and macroeconomic policies. Financing needs and logistics of the peace process pose continuing challenges. Macroeconomic stability remains intact, but the speed of structural reform implementation has been slow. Macroeconomic policies remain anchored and the authorities are aware of the need for further structural reforms. Financial sector reforms can help improve intermediation and financial stability.
Keywords:
ISCR; CR; growth facility; Three-Year arrangement; request for waivers for nonobservance of performance criteria; Three-Year; request; PRGF arrangement; PRGF loan; Poverty reduction strategy; Monetary base; Global
Cover IMF Staff Country Reports
Bangladesh: 2007 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Bangladesh
International Monetary Fund
The staff report for the 2007 Article IV Consultation on Bangladesh highlights recent developments and policy discussions. Bangladesh’s growth outlook and external position remain robust, but inflation has picked up. Overall macroeconomic stability has been maintained, but fiscal performance continues to suffer from structural weaknesses. Executive Directors welcomed the planned reforms in the area of public financial management and the adoption by major ministries of the medium-term budget framework. They supported the recent reforms to promote transparency, fair elections, and the prevention of money laundering.
Keywords:
ISCR; CR; government; reform; authority; FY08; administration reform; budget speech; import tariff regime; April inflation; system reform; Commercial banks; Foreign banks; Credit; Budget planning and preparation; Poverty reduction strategy; Global; South Asia