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Middle East and Central Asia > Kyrgyz Republic

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Cover IMF Working Papers
Managing Foreign Exchange Rate Risk: Capacity Development for Public Debt Managers in Emerging Market and Low-Income Countries
Thordur Jonasson
,
Sheheryar Malik
,
Kay Chung
, and
Michael G. Papaioannou
This paper presents some sound practices for foreign-currency risk management in developing countries and outlines instruments for managing sovereign debt portfolio currency exposures. Adoption of a debt management strategy with well-defined targets for foreign exchange risk is a critical element of public debt risk management. To this end, public debt managers often need to face with complex strategic and operational matters related to public debt hedging practices, including the use of derivatives. In this context, we highlight the main institutional challenges in the management of foreign exchange risk in sovereign debt portfolios and discuss the overall implementation of a foreign exchange risk-management strategy.
Keywords:
exchange rate risk risk management; debt portfolio; public debt manager; currency exposure; risk-management strategy; Government debt management; Debt management; Currencies; Exchange rate risk; Foreign currency debt; Asia and Pacific; Sub-Saharan Africa; Middle East; North Africa; Central Asia; Africa
Cover Policy Papers
Catastrophe Containment and Relief Trust—Fifth Tranche of Debt Service Relief in The Context of The COVID-19 Pandemic
International Monetary Fund. Finance Dept.
,
International Monetary Fund. Legal Dept.
, and
International Monetary Fund. Strategy, Policy, & Review Department
The Executive Board approved a two-step approach consisting of (i) an immediate approval of the disbursement of a fourth tranche of debt service relief to all qualified beneficiary countries covering the period from October 16, 2021 through January 10, 2022, and (ii) consideration by January 2022 of a final tranche of CCRT debt service relief through April 13, 2022 based on a brief Board paper with an assessment of resources at that time. In accordance with the two-step approach, this paper provides a brief overview on recent developments in CCRT-eligible countries followed by an update on the CCRT’s funding status and resources assessment.
Keywords:
CCRT; debt service relief; CCRT instrument; CCRT debt service relief; CCRT resource; COVID cash buffer; Debt relief; Debt service; COVID-19; Global
Cover Policy Papers
Catastrophe Containment and Relief Trust—Fourth Tranche of Debt Service Relief in The Context of The Covid-19 Pandemic and Approval of Additional Beneficiary Member Countries
International Monetary Fund
The paper provides brief updates for each CCRT-eligible country on its policy responses to the pandemic and on staff’s assessments of these policies, the use of resources freed up by debt service relief, and the implementation of governance safeguards commitments. The paper also provides an update on the financial situation of the CCRT. The generous support from 17 donor countries and the EU has mobilized SDR 609 million in new pledges since the onset of the pandemic.
Keywords:
debt service relief; CCRT country; fund engagement; CCRT debt relief; CCRT resource; Debt relief; Debt service; COVID-19; Balance of payments need; Global
Cover Policy Papers
Reform of the Policy on Public Debt Limits in IMF-Supported Programs
International Monetary Fund. Strategy, Policy, &amp
and
Review Department
This paper evaluates the IMF’s policy on the use of quantitative limits on public debt in IMF-supported programs (the “debt limits policy”) and proposes a number of modifications. The review is taking place at a time when many countries are experiencing heightened debt vulnerabilities or actual debt distress, aggravated by the COVID-19 shock, and occurring against the backdrop of a changing credit landscape in which concessional finance is scarcer relative to countries’ investment needs.
Keywords:
PP; debt vulnerability; financing arrangement; debt limits policy; debt conditionality; heightened debt vulnerability; fund staff; low income countries; Debt limits; Government debt management; Debt sustainability; Concessional external borrowing; Global; Africa
Cover Policy Papers
2011 Review of Conditionality - Technical Appendices
International Monetary Fund
This section provides the background studies relating to dimensions of Fund policy on conditionality. Appendix 1 provides a review of Fund experience with coordination, both in a low-income country (LIC) setting (in African programs) and in an emerging market and advanced economy setting in the European Union (EU) and Euro Area (EA). Appendix 2 summarizes the recent changes to debt limits in LICs and provides an assessment of the implementation of this policy in the early stages (up to mid-February 2011). Appendix 3 reviews the experience of countries with the Flexible Credit Line (FCL) and Precautionary Credit Line (PCL)-supported programs. Appendix 4 examines the impact of the 2009 Special Drawing Rights (SDR) allocation on program design
Keywords:
PP; country authorities; program country; debt management; fiscal policy; reform agenda; labor market; program countries authorities; exchange rate; central bank; mission chief; current account; country authority respondent; Debt limits; Structural reforms; Labor markets; Poverty reduction strategy; Global
Cover Policy Papers
Initiative for Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI)-Status of Implementation and Proposals for the Future of the HIPC Initiative
International Monetary Fund
This report aims to accomplish three objectives: (a) it provides an update on the status of implementation, impact, and costs of the Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI); (b) it proposes a modification of the reporting of progress under the initiatives, including the discontinuation of the annual status of implementation reports, and the preparation of periodic reports on debt vulnerabilities in low income countries (LICs), including HIPCs; and (c) it proposes a further ring-fencing of the list of countries eligible or potentially eligible for debt relief under the HIPC Initiative based on end-2010 income and indebtedness criteria.
Keywords:
PP; IMF-IDA report; IDA staff; IDA board; MDRI debt relief; IDA-managed DRTF; IMF MDRI assistance; HIPC compensation; IDA replenishment; Debt relief; Debt sustainability; Debt burden; Personal income; Debt sustainability analysis; Global
Cover Policy Papers
Review of Access Policy in the Credit Tranches and Under the Extended Fund Facility and the Poverty Reduction and Growth Facility, and Exceptional Access Policy
International Monetary Fund
This paper reviews the Fund’s access policy under its main financing facilities in the General Resources Account (GRA) and under the Poverty Reduction and Growth Facility (PRGF). It responds to the Board’s request for a periodic review of the access policy, that is, the rules and practices that govern the amount of financing the Fund makes available to its members.
Keywords:
PP; fund resource; access policy; fund access; fund financing; fund policy; fund program; fund arrangement; fund engagement; Fund credit; undrawn funds; financing toolkit; concessional operation; Credit; Capital account crisis; Capital account; Liquidity; Emerging and frontier financial markets; Global
Cover Policy Papers
Proposals to Modify the PRGF-HIPC Trust Instrument - Further Considerations
International Monetary Fund
This follow-up paper focuses on the proposed modifications to HIPC Initiative policy as implemented in the Fund, building on the July paper. It also addresses the key policy issues raised by Executive Directors at the July informal briefing and lays out the modalities and decision required to implement the proposed changes. If adopted, these modifications would also apply to future similarly situated pre-decision point HIPCs.
Keywords:
PP; fund; HIPC Initiative; financing; Liberia; decision point; beyond-HIPC debt relief; debt-relief effort; fund support; financing framework; track record; fund-supported program; pre-decision-point HIPCs; Debt relief; Arrears; Structural policies; Debt reduction; Debt financing
Cover IMF Staff Country Reports
Kyrgyz Republic: Enhanced Initiative for Heavily Indebted Poor Countries: Preliminary Document
International Monetary Fund
This paper presents a preliminary assessment of the Kyrgyz Republic’s eligibility for assistance under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. It provides background information on the country’s eligibility under the enhanced HIPC Initiative. It summarizes the structure and performance of the economy as well as the poverty profile; analyzes the governance environment; and examines the policy track record and the unfinished reform agenda. This study discusses medium- to long-term macroeconomic projections and outlines the proposed timeline for preparation of the decision point document.
Keywords:
ISCR; CR; Kyrgyz authorities; debt management; reform agenda; debt service; debt relief; Debt relief; Debt service; Poverty reduction strategy; Central Asia; Central and Eastern Europe
Cover Policy Papers
Heavily Indebted Poor Countries Initiative - List of Ring-Fenced Countries that Meet the Income and Indebtedness Criteria at end-2004
International Monetary Fund
This paper identifies the countries that meet the enhanced Heavily Indebted Poor Countries (HIPC) Initiative’s income and indebtedness eligibility criteria based on end-2004 data. It also updates the status of these countries toward qualifying for debt relief and presents cost estimates of debt relief.
Keywords:
PP; country; end-2004; eligibility criteria; income; country assessment; country authorities; a number of country; status of implementation; debt ratio; IDA staff estimate; Debt relief; Debt burden; Personal income; Poverty reduction strategy; Global