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Social Science > Poverty and Homelessness

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Cover Policy Papers
Review of The Cumulative Access Limits Under The Rapid Financing Instrument and The Rapid Credit Facility
International Monetary Fund. Finance Dept.
,
International Monetary Fund. Legal Dept.
, and
International Monetary Fund. Strategy, Policy, & Review Department
The IMF extended the temporarily higher Cumulative Access Limits under the Fund’s Emergency Financing instruments, the Rapid Credit Facility (RCF) under the General Resources Account, and the Rapid Financing Instrument (RFI) under the Poverty Reduction and Growth Trust. This extension ensures that the Fund can continue to support member countries that accessed Fund’s emergency financing during COVID-19 pandemic in case of renewed emergency situations. The temporarily higher cumulative access limits under the RFI will be maintained until end-June 2024 when most RFI recipients will have repaid a significant part of their past emergency financing. The temporarily higher cumulative access limits under the RCF will be maintained until the completion of the 2024/25 comprehensive review of the Fund’s concessional facilities and financing, given the longer repayment schedule for RCF financing.
Keywords:
Cumulative Access Limits; Rapid Financing Instrument; Rapid Credit Facility; LND window; UCT-quality program; RCF ES window; FSW financing; RFI recipient; FSW relative; FSW experience; Emergency assistance; COVID-19; Balance of payments need; Credit; Global
Cover IMF Staff Country Reports
Myanmar: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper analyzes banking sector developments in Myanmar. It highlights that latent banking sector risks are surfacing, following a period of rapid credit growth and as banks adjust to updated financial regulations. Over time banks will need to enhance their credit risk management, and reduce the over-reliance on collateral values to safeguard lending. A banking system action plan has been developed, to enhance the banking system’s resilience, as well as strengthen the supervisory and resolution framework. The ongoing overhaul of the prudential framework and financial sector reforms will strengthen the banking sector and its role in supporting the economy.
Keywords:
ISCR; CR; Myanmar; bank; private bank; value chain; FDI; IMF staff calculation; growth takeoff; private bank lending; policy bank; banking system action plan; increase bank capital; FDI inflow; Commercial banks; Credit; Global value chains; Financial inclusion; Global; Asia and Pacific
Cover IMF Staff Country Reports
Republic of Kosovo: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper on Kosovo discusses various challenges and opportunities in the public infrastructure domain. Given the very low initial stocks, largely due to the sharp depletion of capital stock during the conflicts in the 1990s, higher investment rates are needed. The resources available from international development partners, including the European Union (EU), the European Investment Bank and the European Bank for Reconstruction and Development, are a unique opportunity to leverage and accelerate the implementation of priority projects. Strengthening Kosovo’s investment framework is key to achieving this objective. Kosovo faces significant public infrastructure gaps, which constrain private sector development. Scaling-up public investment will raise gross domestic product growth potential and accelerate income convergence toward the EU average level. The priority project list has helped the authorities to prioritize plans and facilitate the discussions and negotiations with donors and International Financial Institutions (IFI). However, implementation so far has been modest, despite the new investment clause of the fiscal rule exempting IFI-financed projects from the deficit ceiling.
Keywords:
ISCR; CR; Kosovo; lending; amount; credit growth; scheme outcome; EU accession process; IFI financing; Western Balkans peer; Credit; Public investment and public-private partnerships (PPP); Infrastructure; Bank credit; Europe; Central and Eastern Europe; Western Europe
Cover IMF Staff Country Reports
Islamic Republic of Mauritania: Selected Issues Paper
International Monetary Fund
Despite a relatively high GDP growth rate over the past decade (2000–10), economic growth in Mauritania has not been able to make a significant dent in poverty. Rapid and sustained poverty reduction requires inclusive growth that allows people to contribute to and benefit from expanding economic activity. Mauritania needs to make greater progress toward inclusive growth by enhancing the distributional impact of public spending and by improving the quality of pro-poor spending. The Executive Board recommends effective monetary policies to meet the challenges.
Keywords:
ISCR; CR; Mauritania; bank; poverty incidence; bank lending channel; poverty perception; public spending; subsidy reform; funding constraint; Inclusive growth; Credit; Bank credit; Exports; Europe; Global; Sub-Saharan Africa; Middle East; North Africa; East Africa
Cover IMF Working Papers
Financial Deepening, Property Rights and Poverty: Evidence From Sub-Saharan Africa
Mr. Yifei Huang
and
Mr. Raju J Singh
Recent studies on the relationship between financial development and poverty have been inconclusive. Some claim that, by allowing more entrepreneurs to obtain financing, financial development improves the allocation of capital, which has a particularly large impact on the poor. Others argue that it is primarily the rich and politically connected who benefit from improvements in the financial system. This paper looks at a sample of 37 countries in sub-Saharan Africa from 1992 through 2006. Its results suggest that financial deepening could narrow income inequality and reduce poverty, and that stronger property rights reinforce these effects. Interest rate and lending liberalization alone could, however, be detrimental to the poor if not accompanied by institutional reforms, in particular stronger property rights and wider access to creditor information.
Keywords:
WP; Gini coefficient; GDP; financial development; poverty alleviation; income distribution; Africa; poverty gap; poverty indicator; dependent variable; allocation mechanism; decrease poverty; absolute value; positive correlation; Financial sector development; Credit; Income inequality; Sub-Saharan Africa
Cover IMF Staff Country Reports
Peru: Selected Issues
International Monetary Fund
This Selected Issues paper for Peru shows that during the years of strong growth and high commodity prices, the Peruvian authorities have conducted a prudent fiscal policy, maintaining a broadly neutral fiscal stance. During 2004–08, while the revenue-to-GDP ratio increased 3.7 percentage points, the expenditure ratio rose only 0.9 percentage points. Expenditure control focused on current spending and coincided with increasing government investment aimed at enhancing public access to infrastructure and social services. Fiscal policy has also outperformed budgets approved by congress, owing to higher-than-anticipated revenue, as well as the need to limit inflation pressures.
Keywords:
ISCR; CR; intervention; exchange rate; Peru; intervention function; net-short term position; commodity output; foreign exchange intervention; reserve buffer; revenue capacity; Credit; Exchange rates; Fiscal stance; Currencies; Global
Cover IMF Staff Country Reports
Kyrgyz Republic: Poverty Reduction Strategy Paper: Joint Staff Advisory Note
International Monetary Fund
This Joint Staff Advisory Note (JSAN) highlights the Poverty Reduction Strategy Paper–Country Development Strategy (PRSP–CDS) for the Kyrgyz Republic for 2007–10. The Kyrgyz authorities’ CDS for 2007–10 builds on the policy experience from the National Poverty Reduction Strategy (NPRS). This JSAN provides advice on key priorities for strengthening the strategy and promoting the effective implementation of CDS. It reviews poverty trends, macroeconomic and sectoral policies in support of the strategy, and the mechanisms for monitoring and evaluating progress.
Keywords:
ISCR; CR; government; CDS discussion; Kyrgyz authorities' Country Development Strategy; budget deficit; government apparatus; poverty reduction; labor market; implementation of the CDS; CDS' emphasis; transport policy; debt management; Credit default swap; Poverty reduction strategy; Business environment; Poverty reduction
Cover IMF Staff Country Reports
Republic of Armenia: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criterion: Staff Report; and Press Release on the Executive Board Consideration
International Monetary Fund
This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility for Armenia. Armenia’s economy performs strongly. All end-December 2006 quantitative and all but one structural performance criteria were observed. The main policy challenges are to broaden economic growth, raise tax revenues, and manage large foreign exchange inflows. Fiscal policy remains appropriate. Meeting the ambitious 2007 revenue target will require broadening the tax base and strengthening administration. The stance of monetary policy is appropriate.
Keywords:
ISCR; CR; PRGF loan; PRGF arrangement; PRGF-supported program; government plan; government finance statistics yearbook; Monetary base; Exchange rates; Eastern Europe; Global
Cover IMF Staff Country Reports
Bangladesh: Fifth Review Under the Three–Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria, Extension of the Arrangement, and Rephasing—Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for Bangladesh on the Executive Board Discussion
International Monetary Fund
Bangladesh is reducing poverty and making headway toward meeting its MDGs. However, political considerations are exerting an increasing influence on economic policy decisions. The overall fiscal balance has been kept below budget and program targets, notwithstanding sizable revenue slippages. Monetary policy has been gradually tightened, and the exchange rate has stabilized in recent months, but further monetary tightening is needed. Quantitative performance criteria for the fifth review were met with the exception of that for revenue collection.
Keywords:
ISCR; CR; PRGF arrangement; growth; revenue mobilization effort; remittance receipt; growth momentum; PRGF loan; oil price shock; GDP ratio; Oil prices; International reserves; Price adjustments; Inflation; Credit; Global; South Asia
Cover IMF Staff Country Reports
Republic of Armenia: Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criterion
International Monetary Fund
The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility focuses on the Republic of Armenia’s economic environment and policy discussion. Financial sector reforms will focus on improving corporate governance, strengthening regulation and supervision, and deepening financial intermediation. Price developments should be monitored closely and monetary policy tightened further should inflation pressures increase. The authorities’ plan to subsidize the local gas supplier to limit gas tariff increases for end-users is cause for concern.
Keywords:
ISCR; CR; PRGF loan; PRGF arrangement; PRGF-supported program; SDR; banking system; poverty rate; Monetary base; Exchange rates; Global