The IEO’s first three reports, on Prolonged Use of Fund Resources, the IMF’s Role in Capital Account Crises and Fiscal Adjustment in IMF-supported Programs, all included recommendations to strengthen surveillance, particularly for countries with Fund-supported programs. See Section VI.
See Strengthening Surveillance: Further Considerations (SM/03/249, 7/14/2003) and The Chairman’s Summing Up (BUFF/03/157, 8/27/2003).
See Sustainability Assessments—Review of Application and Methodological Refinements (SM/03/206, 6/11/2003) and The Acting Chairman’s Summing Up (BUFF/03/127, 7/23/2003).
See The Balance Sheet Approach and its Applications at the Fund (SM/03/227, 7/1/03); A Balance Sheet Approach to Financial Crisis, WP/02/210; Debt- and Reserve-Related Indicators of External Vulnerability (SM/00/65, 3/23/2000) and The Acting Chairman’s Concluding Remarks on Debt- and Reserve-Related Indicators of External Vulnerability (BUFF/00/69, 5/9/2000); and Global Financial Stability Report (SM/03/80, 2/28/2003).
The approach has also offered useful insights concerning the financial risks facing countries with high liability dollarization, discussed by the Executive Board in May 2003. See Financial Stability in Dollarized Economies (SM/03/112, 4/1/2003), Macroeconomic Policies in Dollarized Economies (SM/03/126, 4/8/2003), and The Acting Chairman’s Concluding Remarks—Macroeconomic Policies and Financial Stability in Dollarized Economies (BUFF/03/77, 5/29/2003).
See Chapter III, “Growth and Institutions,” World Economic Outlook, April 2003.
See The Acting Chairman’s Concluding Remarks—Strengthening the Effectiveness of Article VIII, Section 5 (BUFF/03/89, 6/16/2003).
This policy will not apply to exceptional access programs (i.e., those on the same terms and conditions and timing) in place as of July 1, 2004.
See The Acting Chairman’s Summing Up—Signaling Assessments of Members’ Policies (BUFF/03/10, 1/31/2003).
See Adapting Precautionary Arrangements to Crisis Prevention (SM/03/207, 6/11/2003) and The Acting Chairman’s Summing Up (BUFF/03/112, 7/9/2003).
See The Acting Chairman’s Summing Up—Review of Access Policies in the Credit Tranches and the Extended Fund Facility, and Access Policy in the Context of Capital Account Crises─Modifications to the Supplemental Reserve Facility (SRF) and Follow-Up Issues Related to Exceptional Access Policy (BUFF/03/28, 02/26/03). A review of this framework will take place when adequate experience with its application has been gained.
See Progress Report on Crisis Resolution (SM/03/301, 8/26/03). In 2000 and 2001 Egypt, Lebanon, and Qatar had issued bonds with CACs under New York law, though at that time there was no general discussion among market participants of the inclusion of these clauses. See Collective Action Clauses─Recent Developments and Issues (SM/03/102, 3/25/2003).
See Reviewing the Process for Sovereign Debt Restructuring Within the Existing Legal Framework (SM/03/272, 08/04/03).
See Fund Policy on Lending into Arrears to Private Creditors—Further Considerations of the Good Faith Criterion (SM/02/248, 7/31/02).
See The Restructuring of Sovereign Debt─Assessing the Benefits, Risks, and Feasibility of Aggregating Claims (SM/03/272, 8/4/03).
For instance, Bangladesh, Benin, Bhutan, Cambodia, Mali, Mozambique, Tanzania, Senegal, Uganda, and Vietnam, have seen real growth averaging at or above 5 percent over the past five years.
Some of the current issues in ensuring that the Fund’s support of low-income countries’ programs is consistent with the PRSP approach are considered in Aligning the Poverty Reduction and Growth Facility (PRGF) and the Poverty Reduction Strategy Paper (PRSP) Approach—Issues and Options (SM/03/94, 3/13/2003).
See Role of the Fund in Low-Income Member Countries Over the Medium-Term—Issues for Discussion (SM/03/257, 7/22/2003) and Concluding Remarks by the Chair, Role of the Fund in Low-Income Member Countries Over the Medium Term, and Fund Assistance for Countries Facing Exogenous Shocks (BUFF/03/164, 9/5/2003).
See Poverty Reduction Strategy Papers—Progress in Implementation (SM/03/279, 8/8/2003) and Poverty Reduction Strategy Papers—Detailed Analysis of Progress in Implementation (SM/03/279, Supplement 1, 8/8/2003).
See Initiative for Heavily Indebted Poor Countries—Status of Implementation (SM/203/294, 8/18/2003) and Update on the Financing of PRGF and HIPC Operations and the Subsidization of Post-Conflict Emergency Assistance (SM/03/296, 8/19/2003).
See Fund Assistance for Countries Facing Exogenous Shocks (SM/03/288, 8/11/2003) and Concluding Remarks by the Chair, Role of the Fund in Low-Income Member Countries Over the Medium Term, and Fund Assistance for Countries Facing Exogenous Shocks (BUFF/03/164, 9/5/2003)
See Guidelines on Conditionality (IMFC/Doc/6/02/9, 9/26/2002).
The CFF was established to help countries finance temporary exogenous shocks affecting export earnings. It has been modified several times since its introduction in 1963 and was last reviewed in December 1999.
See also Independent Evaluation Office─Report to the International Monetary and Financial Committee (EBAP/03/112, 9/9/2003).
See Evaluation of Prolonged Use of IMF Resources (SM/02/287, 09,06/02).
See Evaluation of the Role of the IMF in recent Capital Account Crises (SM/03/171, 05/09/2003).
See Evaluation of Fiscal Adjustment in Fund-supported Programs (SM/03/291, 08/12/2003).