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Europe > Ukraine

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Cover IMF Staff Country Reports
Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note
International Monetary Fund. Middle East and Central Asia Dept.
This Joint Staff Advisory Note (JSAN) on the Poverty Reduction Strategy Paper for Somalia highlights that Somalia continued to face challenges while implementing the Ninth National Development Plan in 2021 and 2022. Since 2020, the country has been struggling with the ongoing impacts of a desert locust infestation, persistent drought, the coronavirus disease 2019 pandemic and global food and fuel price increases due to Russia’s invasion of Ukraine. All of these shocks compounded the hardships of the population, including food insecurity. The number of people facing food insecurity due to the drought rose from 3.2 million in January 2022 to5.6 million by end-2022. Parliamentary and Presidential elections that were supposed to commence by end-2020 were not completed until in May 2022, also affecting the timing of external grant disbursements. The mid-term review report addresses concerns raised in staffs’ previous JSAN on Enhanced Heavily Indebted Poor Countries (HIPC) Completion Point, climate change, and revenue mobilization. In terms of progress toward the HIPC Completion Point, as of September 2023 the government has completed 13 of 14 Completion Point triggers.
Keywords:
member country's Poverty Reduction Strategy Paper; Poverty Reduction Strategy Paper to the executive boards; copyright page; objective of the JSAN; government program; Poverty reduction strategy; Global
Cover Policy Papers
Interim Review of Access Limits Under the Poverty Reduction and Growth Trust and Initial Considerations for Access Limits under the General Resource Account
International Monetary Fund. Strategy, Policy, & Review Department
The interim review on PRGT access limits follows the call from the Executive Board in March 2023 and confirmed by the IMFC in October 2023. Low-income countries (LICs) face high economic uncertainty and pressures, while grappling with limited policy space and a funding squeeze. In March 2023, access limits under the General Resources Account (GRA) were temporarily increased for 12 months to give space for countries to face such economic pressures. The IMF Executive Board emphasized the importance of the alignment of the Poverty Reduction and Growth Trust (PRGT) access limits with those of the GRA that was achieved in 2021. The Board also agreed that, once substantial progress with PRGT fundraising toward the SDR 2.3 billion first-stage target for subsidy resources agreed in 2021 has been made—with total pledges of SDR 2 billion or more—access limits under the PRGT would be reviewed at an ad hoc interim review. This target has now been reached, paving the way for the review, also called for by the IMFC during the Annual Meetings in October 2023, in a context where the LICs’ economic challenges have further increased, including due to the risk of additional negative spillovers on the global economy stemming from the current geopolitical tensions and conflicts.
Keywords:
Poverty Reduction and Growth Trust; PRGT; low-income countries; LICs; General Resources Account (GRA); PRGT resource; PRGT financing strategy; PRGT lending; PRGT access norm; PRGT commitment; Concessional external borrowing; Debt sustainability; Poverty reduction strategy; Balance of payments need; Credit risk; Global
Cover Policy Papers
Poverty Reduction and Growth Trust—Review of Interest Rate Structure—Postponement
International Monetary Fund. Finance Dept.
and
International Monetary Fund. Strategy, Policy, & Review Department
This paper proposes to postpone the next review of the PRGT interest rate structure to end-July 2025, given the desirability to consider all policies regarding low-income country facilities—including those related to PRGT interest rates—at once in the context of 2024/25 Review of the Fund’s Concessional Facilities and Financing. As a result of this postponement, the interest rates on all PRGT credit would be kept at zero until the completion of the next review.
Keywords:
Concessional Financing; Interest Rate Structure; Low-Income Countries; Postponement; Poverty Reduction and Growth Trust; PRGT; 2024/25 Comprehensive PRGT Review; PRGT interest rate structure; PRGT interest rate mechanism; transparency policy; mechanism of the PRGT; PRGT interest rates; Poverty reduction strategy; SDR interest rate; Credit; Global
Cover Policy Papers
2023 Handbook of IMF Facilities for Low-Income Countries
International Monetary Fund. Strategy, Policy, & Review Department
This Handbook provides guidance to staff on the IMF’s concessional financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in December 2017 (IMF, 2017e) by incorporating modifications resulting from the 2018–19 Review of Facilities for Low-Income Countries and Review of the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries (IMF, 2019a, b), approved by the Board in May 2019; the reforms introduced in 2021 on the basis of the Board paper Fund Concessional Financial Support for Low-Income Countries—Responding to the Pandemic (IMF, 2021a), approved in July 2021; and a number of other recent Board papers. Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the primary legal authority on the matters covered in the Handbook.
Keywords:
Low income countries; IMF Concessional Lending Facilities; Extended Credit Facility; Policy Support Instrument; Rapid Credit Facility; Standby Credit Facility; Poverty Reduction and Growth Trust; SCF arrangement; ECF arrangement; financing request; IMF facility; financial support; Balance of payments need; Debt sustainability; Poverty reduction strategy; Arrears; Debt sustainability analysis; Global
Cover Technical Notes and Manuals
IMF Engagement on Social Safety Net Issues in Surveillance and Program Work
International Monetary Fund. Fiscal Affairs Dept.
and
International Monetary Fund. Strategy, Policy, & Review Department
The International Monetary Fund’s engagement on social safety net (SSN) issues is likely to expand as member countries respond to growing challenges in the economic and fiscal landscape. SSNs play a crucial role in protecting households from poverty, promoting inclusive growth, and maintaining social stability. This technical note discusses (1) the different channels through which SSN spending may become macro-critical, (2) how to assess the importance of these channels, and (3) the types of policy responses that are appropriate and the trade-offs involved in choosing among them. To facilitate a more comprehensive assessment of SSN spending, the paper also examines the complementary role of labor market programs (for example, unemployment benefits and active labor market programs). The paper emphasizes the importance of early engagement and coordination with development partners with expertise on social safety nets and with different stakeholders when formulating policy advice.
Keywords:
Fiscal Policy; Social Protection; Social Safety Nets; Spending adequacy; Spending Efficiency; Fiscal Sustainability; SSN spending; labor market program; benefit incidence; SSN program; Benefit-cost ratio; Social assistance spending; Income; Labor markets; Poverty reduction; Sub-Saharan Africa; Global
Cover IMF Survey
Boletín del FMI Vol.35, No.1 enero de 2006
International Monetary Fund. External Relations Dept.
La edición del Boletín del FMI para la web se actualiza varias veces a la semana, y contiene una amplia variedad de artículos sobre temas de actualidad en materia de políticas y economía. Conozca las últimas investigaciones del FMI, lea entrevistas y escuche entrevistas digitales a destacados economistas del FMI sobre importantes cuestiones de la economía mundial.
Keywords:
SV; IMF-World Bank Spring Meetings; special drawing rights; IMF policy development; country
Cover IMF Survey
Bulletin du FMI vol. 35, n° 01, janvier 2006
International Monetary Fund. External Relations Dept.
L’édition web du Bulletin du FMI est mise à jour plusieurs fois par semaine et contient de nombreux articles sur des questions de politique générale et de politique économique d'actualité. Accédez aux dernières recherches du FMI, lisez des interviews et écoutez des podcasts proposés par les principaux économistes du FMI sur des questions importantes de l'économie mondiale. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; IMF-World Bank Spring Meetings; special drawing rights; IMF policy development; country
Cover IMF Survey
IMF Survey, Volume 35, Issue 01
International Monetary Fund. External Relations Dept.
IMF cancels debt; Iraq receives new loan; Brazil and Argentina repay IMF loans; Saudi Arabia Article IV summary; Credit booms in transition economies; India's textile and clothing sector; Maghreb parliamentarians; Public awareness of economic issues.
Keywords:
SV; IMF-World Bank Spring Meetings; special drawing rights; IMF policy development; country; IMF survey; IMF-World Bank spring meeting; IMF HIPC assistance; IMF participation; Debt relief; Exports; Poverty reduction strategy; Credit; Africa; Global; Middle East; Maghreb; Central and Eastern Europe; Credit booms; Regional integration
Cover IMF Survey
IMF Survey, Volume 34, Issue 04
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; HIPC assistance; reform effort; Comoros program; economy; IMF quota; IMF's executive board; Structural reforms; Poverty reduction strategy; Monetary policy transparency; Inflation targeting; Money markets; Sub-Saharan Africa; Global; Maghreb; Caribbean
Cover IMF Macroeconomic Research on Low-Income Countries
IMF Macroeconomic Research on Low-Income Countries
International Monetary Fund

Abstract

Summarizes the for ward-looking analytical work program on macroeconomic issues related to the Poverty Reduction Strategy Paper approach. The program is evolving through a process that began with a technical workshop; participants from low-income countries, donors, academia, and civil society drafted guidance on selected issues and identified priority research topics. Partners, policymakers, and economic scholars are encouraged to share their perspectives and findings through respective team leaders, whose e-mail addresses are provided. The publication also summarizes IMF analytical work, and contains a bibliography of nearly 1,000 papers.

Keywords:
MISC PUBS; Misc.; IMF publication service; IMF researcher; PRSP approach; free from the IMF; public website; Poverty reduction; Poverty reduction strategy; Real exchange rates; Sub-Saharan Africa; Africa; Middle East; North Africa; West Africa