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Reform of the Policy on Public Debt Limits in IMF-Supported Programs
Author:
International Monetary Fund. Strategy, Policy, &amp
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Review Department
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Series:
Policy Papers
Volume/Issue:
Volume 2020: Issue 061
Language:
English
Publication Date:
11 Nov 2020
DOI:
https://doi.org/10.5089/9781513560885.007
ISBN:
9781513560885
ISSN:
2663-3493
Pages:
67
Keywords:
PP; debt vulnerability; financing arrangement; debt limits policy; debt conditionality; heightened debt vulnerability; fund staff; low income countries; Debt limits; Government debt management; Debt sustainability; Concessional external borrowing; Global; Africa
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This paper evaluates the IMF’s policy on the use of quantitative limits on public debt in IMF-supported programs (the “debt limits policy”) and proposes a number of modifications. The review is taking place at a time when many countries are experiencing heightened debt vulnerabilities or actual debt distress, aggravated by the COVID-19 shock, and occurring against the backdrop of a changing credit landscape in which concessional finance is scarcer relative to countries’ investment needs.
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Cover Policy Papers
Policy Papers
ISSN:
2663-3493
Publisher:
International Monetary Fund
Volume 2020: Issue 061