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Eligibility to Use the Fund's Facilities for Concessional Financing, 2015
Author:
International Monetary Fund
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Series:
Policy Papers
Volume/Issue:
Volume 2015: Issue 033
Language:
English
Publication Date:
24 Jun 2015
DOI:
https://doi.org/10.5089/9781498344395.007
ISBN:
9781498344395
ISSN:
2663-3493
Pages:
37
Keywords:
PP; market; market access; income; debt; country; eligibility framework; graduation criterion; PRGT eligibility; market financing; debt vulnerability; Personal income; Debt sustainability; Debt sustainability analysis; International capital markets; Global; West Africa
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The review of PRGT eligibility continues to be guided by the principles of maintaining a transparent, rules-based, and parsimonious framework—ensuring uniformity of treatment across members in similar situations while taking appropriate account of country-specific circumstances. The graduation policy seeks to maintain broad alignment with the World Bank’s IDA graduation practices, while also remaining consistent with the principle of ensuring the self-sustainability of the PRGT’s lending capacity over time. The paper concludes that the existing framework remains broadly appropriate, but could be enhanced in a few areas, including: Making use of additional data sources, namely the IMF BEL database, in assessing that a country has durable and substantial market access, supplementing the current reliance on the World Bank’s IDS database that is produced with a significant lag; Sharpening the specification of circumstances under which the presence of serious short-term vulnerabilities would justify non-graduation of a country that meets the income graduation criterion. This would entail limiting the application of the serious short-term vulnerabilities criterion for countries that exceed the applicable income graduation threshold by 50 percent or more.
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Cover Policy Papers
Policy Papers
ISSN:
2663-3493
Publisher:
International Monetary Fund