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Africa > Malawi

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Cover Policy Papers
2021 Special Drawing Rights Allocation—Ex-Post Assessment Report
International Monetary Fund. Strategy, Policy, & Review Department
and
International Monetary Fund. Finance Dept.
This report follows up on the impact of the historic $650 billion 2021 SDR allocation on the global economy, documenting IMF members' use of the allocation and assessing its economic effects. The report finds that the allocation was beneficial for the global economy, helping meet the long-term global need for reserves and supporting market confidence. Members used the allocation mostly to increase international reserve buffers, with some emerging market and developing countries also using it to meet fiscal and external financing needs. While SDR interest costs have increased, members’ capacity to service SDR obligations remains generally adequate. Members’ use of the allocation was mostly in line with Fund advice, and the transparency and accountability of SDR holdings and use has been broadly appropriate, although some gaps remain. Voluntary SDR channeling from economically stronger to more vulnerable members has helped amplify the benefits of the allocation.
Keywords:
SDR channeling; service SDR obligation; SDR tracker; SDR converter; SDR department obligation; SDR interest rate; Freely usable currencies; International reserves; Credit default swap; Currencies; Global
Cover IMF Working Papers
Monetary Policy Rules for Managing Aid Surges in Africa
Mr. Edward F Buffie
,
Mr. Stephen A. O'Connell
,
Ms. Catherine A Pattillo
, and
Mr. Christopher S Adam
Since the turn of the century, aid flows to Africa have increased on average and become more volatile. As a result, policymakers, particularly in post-stabilization countries where inflation has only recently been brought under control, have been increasingly preoccupied with how best to deploy the available instruments of monetary policy without yielding on hard-won inflation gains. We use a stochastic simulation model, in which private sector currency substitution effects play a central role, to examine the properties of alternative monetary and fiscal policy strategies in the face of volatile aid flows. We show that simple monetary rules, specifically an (unsterilized) exchange rate crawl and a 'reserve buffer plus float'-under which the authorities set a time-varying reserve target corresponding to the unspent portion of aid financing and allow the exchange rate to float freely once this reserve target is satisfied-have attractive properties relative to a range of alternative strategies including those involving heavy reliance on bond sterilization or a commitment to a 'pure' exchange rate float.
Keywords:
WP; exchange rate; central bank; fiscal policy
Cover Finance & Development
Finance & Development, September 1978
International Monetary Fund. External Relations Dept.
This paper discusses the appointment of Jacques de Larosière as Managing Director in the IMF. He assumed his duties at the IMF on June 17, 1978, succeeding Mr. H. Johannes Witteveen, of the Netherlands, whose service ended on June 16, 1978. Mr. de Larosière, 48, was Director of the French Treasury since 1974. He represented his government at many international conferences as well as on the boards of major industrial and financial concerns. Mr. de Larosière also participated in the work of the Committee of Twenty on International Monetary Reform and the Interim Committee.
Keywords:
FD; F&D; Annual Meetings of the bank; country; SDR; Robert S. McNamara; series of article; IDA credit; world economy; Trust loan; poverty program; Currencies; Exports; Imports; Freely usable currencies; Gold; South Asia; Middle East; Africa; Asia and Pacific; East Asia