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Social Science > Poverty and Homelessness

You are looking at 1 - 10 of 32 items for :

  • Type: Journal Issue x
  • Debt; Debt Management; Sovereign Debt x
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Cover Policy Papers
Review of Experience with The Food Shock Window 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 Food Shock Window (FSW) under the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI) was approved in September 2022 for 12 months, as a complement to the tools used by the Fund to support the broader international effort to address the global food shock. The Fund has been working closely with partners to provide a coordinated international response to the global food shock, and has contributed through policy advice, technical assistance and lending. Where needed and possible, financial support to countries affected by the global food shock has been delivered by the IMF through multi-year Fund-supported programs The FSW complemented this support in situations where these programs were not feasible or not necessary. As the global food shock and associated balance of payment pressures are expected to continue throughout 2023, the IMF extended the FSW until end-March 2024 to allow the FSW to continue serving as a contingency tool. This extension will also provide sufficient time to observe if the FSW can lapse without limiting the capacity of the Fund to support its members. To ensure adequate borrowing space under the emergency financing limits for those countries that have received support through the FSW, the IMF also extended the additional 25 percent of quota added to the Cumulative Access Limit until end-2026 for countries that have accessed the Food Shock Window through the RFI and until the completion of the 2024/25 PRGT review for those that accessed the Food Shock Window through the RCF.
Keywords:
Cumulative Access Limits; Rapid Financing Instrument; Rapid Credit Facility; Food Insecurity; FSW request; FSW financing; UCT-quality program; FSW relative; FSW experience; FSW resource; Food security; Food prices; Emergency assistance; Balance of payments need; Global
Cover IMF Staff Country Reports
Romania: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
assessment of the size; Consumer Goods import; Policy recommendation; regional disparity; policy recommendation; Current account; Current account deficits; Current account balance; External balance assessment (EBA); Western Europe; Global
Cover Regional Economic Outlook, October 2020, Western Hemisphere
Regional Economic Outlook, October 2020, Western Hemisphere
Pandemic Persistence Clouds the Recovery
International Monetary Fund. Western Hemisphere Dept.

Abstract

The pandemic continues to spread in Latin America and the Caribbean (LAC), but economic activity is picking up. After a deep contraction in April, activity started recovering in May, as lockdowns were gradually eased, consumers and firms adapted to social distancing, some countries introduced sizable policy support, and global activity strengthened.

Keywords:
pandemic; lockdowns; recovery; reopening; public health; REO; IMF staff calculation; nominal GDP; trading partner; world bank LAC estimate; hard currency; potential GDP
Cover Regional Economic Outlook, October 2020, Western Hemisphere
Regional Economic Outlook, October 2020, Western Hemisphere
Pandemic Persistence Clouds the Recovery
International Monetary Fund. Western Hemisphere Dept.

Abstract

The pandemic continues to spread in Latin America and the Caribbean (LAC), but economic activity is picking up. After a deep contraction in April, activity started recovering in May, as lockdowns were gradually eased, consumers and firms adapted to social distancing, some countries introduced sizable policy support, and global activity strengthened.

Keywords:
pandemic; lockdowns; recovery; reopening; public health; REO; IMF staff calculation; nominal GDP; trading partner; world bank LAC estimate; hard currency; potential GDP
Cover Regional Economic Outlook, October 2020, Western Hemisphere
Regional Economic Outlook, October 2020, Western Hemisphere
Pandemic Persistence Clouds the Recovery
International Monetary Fund. Western Hemisphere Dept.

Abstract

The pandemic continues to spread in Latin America and the Caribbean (LAC), but economic activity is picking up. After a deep contraction in April, activity started recovering in May, as lockdowns were gradually eased, consumers and firms adapted to social distancing, some countries introduced sizable policy support, and global activity strengthened.

Keywords:
pandemic; lockdowns; recovery; reopening; public health; REO; IMF staff calculation; nominal GDP; trading partner; world bank LAC estimate; hard currency; potential GDP; banking sector; fiscal policy; COVID-19; Debt restructuring; Securities markets; Caribbean; Global; Central America
Cover IMF Staff Country Reports
West African Economic and Monetary Union (WAEMU): Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper reviews West African Economic and Monetary Union’s (WAEMU) regional macroeconomic surveillance framework to control all sources of debt accumulation and ensure debt sustainability. WAEMU’s regional surveillance framework aims at ensuring the sustainability of national fiscal policies and their consistency with the common monetary policy. While fiscal deficits have been the main driver of public debt across WAEMU member countries, the size of residual factors has varied greatly among these countries. The WAEMU Macroeconomic Surveillance Framework would benefit from adjustments to more effectively set the region’s public debt on a sustainable path. In addition, beyond adhering to the WAEMU fiscal deficit rule, member countries must curb below-the-budget-line operations. This would require improved monitoring of fiscal risks and the building of adequate budget provisions to address such risks before they materialize. Improved Treasury practices would also help eliminate the recourse to pre-financing arrangements and tighten control over expenditure. Public dissemination of the WAEMU progress report and strengthened peer-to-peer learning among member countries could improve the momentum for reforms.
Keywords:
ISCR; CR; WAEMU country; WAEMU; GDP; trade flow; WAEMU trade integration; member country; convergence criterion; Government debt management; Income inequality; Global; West Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
South Africa: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper analyzes impact of debt on growth in South Africa. A permanent increase of four percentage points of gross domestic product (GDP) in national government expenditure underlies the doubling of public debt in the last decade. The wage bill accounted for most of the expenditure increase (64 percent), followed by the interest bill (23 percent). The debt expansion, thus, financed a countercyclical fiscal policy centered on current spending, which likely shielded the impact of subdued economic activity, but had limited permanent effects on growth. Had resources devoted to wage increases and debt service payments been invested in more productive outlays, such as highly productive capital expenditure and reforms in key network industries, the growth gains would have been higher. The spending increase that drove the large debt accumulation helped smooth the impact of the global financial crisis, but likely did not have a material impact on growth.
Keywords:
ISCR; CR; GDP; debt; income; IMF staff estimate; market income; inequality level; income distribution; FAD expenditure assessment tool; Income inequality; Personal income; Income distribution; Africa; Global
Cover The Economic Impact of IMF-Supported Programs in Low-Income Countries
The Economic Impact of IMF-Supported Programs in Low-Income Countries
Yasemin Bal Gunduz
,
Mr. Christian H Ebeke
,
Ms. Burcu Hacibedel
,
Ms. Linda Kaltani
,
Ms. Vera V Kehayova
,
Mr. Chris Lane
,
Mr. Christian Mumssen
,
Miss Nkunde Mwase
, and
Mr. Joseph Thornton

Abstract

This paper aims to assess the economic impact of the IMF’s support through its facilities for low-income countries. It relies on two complementary econometric analyses: the first investigates the longer-term impact of IMF engagement—primarily through successive medium-term programs under the Extended Credit Facility and its predecessors (and more recently the Policy Support Instrument)—on economic growth and a range of other indicators and socioeconomic outcomes; the second focuses on the role of IMF shock-related financing—through augmentations of Extended Credit Facility arrangements and short-term and emergency financing instruments—on short-term macroeconomic performance.

Keywords:
OP; IMF staff calculation; IMF engagement; IMF dummy; IMF support; IMF arrangement; Balance of payments need; Debt relief; Poverty reduction; Poverty reduction strategy; Current account balance; Global; Sub-Saharan Africa; IMF program support; IMF program engagement; program engagement
Cover IMF Staff Country Reports
Colombia: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Colombia
International Monetary Fund
The Colombian economy proved resilient to the global financial crisis, and a solid recovery is under way. The pace of monetary tightening envisaged strikes the right balance between restraining credit growth and mitigating incentives for further capital inflows. A sudden acceleration of domestic demand places an additional burden on monetary policy. Colombia’s financial sector oversight is solid, and plans to strengthen cross-border and consolidated supervision are commended. Steep taxation of labor and a relatively high minimum wage are significant hindrances to competitiveness. Colombia’s exchange restrictions remain unchanged.
Keywords:
ISCR; CR; inflation expectation; government; deficit; GDP; Colombian authorities; labor market informality; inflation pressure; exchange regime; Public sector; Energy subsidies; Global
Cover IMF Staff Country Reports
Republic of Armenia: Poverty Reduction Strategy Paper: Progress Report
International Monetary Fund
The main drivers of economic growth in Armenia were the construction and service sectors. The global economic crisis resulted in a substantial change in the structure of the economy. The drastic decline in the volume of foreign financing prejudice the continuation of rapid economic growth in the medium term and point to the need for incentives for exports and diversification, as well as encouraging of high-quality job openings and high levels of productivity. Reforms are needed in the key sectors of agriculture and infrastructure.
Keywords:
ISCR; CR; SDP target; economic crisis; public expenditure; social policy; exchange rate; SDP policy; poverty rate; SDP forecast; SDP implementation; monthly salary; RA government; target indicator; judicial system; Budget planning and preparation; Global; Eastern Europe; Baltics