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Social Science > Poverty and Homelessness

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Cover Policy Papers
Macroeconomic Developments and Prospects For Low-Income Countries—2024
International Monetary Fund
and
World Bank
The outlook for Low-Income Countries (LICs) is gradually improving, but they face persistent macroeconomic vulnerabilities, including liquidity challenges due to high debt service. There is significant heterogeneity among LICs: the poorest and most fragile countries have faced deep scarring from the pandemic, while those with diversified economies and Frontier Markets are faring better. Achieving inclusive growth and building resilience are essential for LICs to converge with more advanced economies and meet the Sustainable Development Goals (SDGs). Building resilience will also be critical in the context of a more shock-prone world. This requires both decisive domestic actions, including expanding and better targeting Social Safety Nets (SSNs), and substantial external support, including adequate financing, policy advice, capacity development and, where needed, debt relief. The Fund is further stepping up its support through targeted policy advice, capacity building, and financing.
Keywords:
Low-Income Countries; Heterogeneity; Debt vulnerability; Resilience building; Inclusive growth towards SDGs; Financing needs and external support; Social Safety Nets; poverty rate; means testing; poverty gap; aggregate poverty gap; SSNS spending; prospects in low-income countries; poverty threshold exit poverty; reform scenario; transparency policy; FAD financing tool; financial support; Poverty reduction; Household consumption; Inflation; Global; Sub-Saharan Africa
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 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