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Implicit Transfers in IMF Lending, 1973–2003
Author:
Ms. Priyadarshani Joshi
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and
Mr. Jeromin Zettelmeyer
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Series:
IMF Working Papers
Volume/Issue:
Volume 2005: Issue 008
Language:
English
Publication Date:
01 Jan 2005
DOI:
https://doi.org/10.5089/9781451860276.001
ISBN:
9781451860276
ISSN:
1018-5941
Pages:
41
Keywords:
WP; IMF lending; lending cycle; concessional lending; IMF debt relief
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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We compute realized transfers implicit in IMF lending from 1973-2003, based on 2003 IMF repayment projections and promised debt relief. IMF lending rates to high-and middleincome countries fell short of industrial country borrowing rates by 30-150 basis points over the period as a whole, but exhibited a small premium after 1987. The subsidy received by low-income and HIPC countries was much higher (400-600 basis points, respectively). In 2002 NPV terms, cumulative transfers were 12-15 percent of 2002 GDP for the HIPCs, 2-3 percent for low income countries, and less than ¾ percent for the emerging market countries.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund