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INTERNATIONAL MONETARY FUND
WORLD BANK GROUP AND INTERNATIONAL MONETARY FUND SUPPORT FOR DEBT RELIEF UNDER THE COMMON FRAMEWORK AND BEYOND
March 2021
IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The Report prepared by IMF and World Bank staff and completed on March 25, 2021, has been released.
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Title Page
WORLD BANK GROUP
INTERNATIONAL MONETARY FUND
WORLD BANK GROUP AND INTERNATIONAL MONETARY FUND SUPPORT FOR DEBT RELIEF
UNDER THE COMMON FRAMEWORK AND BEYOND
March 25, 2021
Prepared by the staffs of the World Bank Group and the International Monetary Fund
Approved by
Marcello Estevão (WBG) and Jeromin Zettelmeyer (IMF)
Table of Content
I. INTRODUCTION
II. DEBT VULNERABILITIES
III. SHORT-TERM BREATHING SPACE: DSSI EXTENSION OPTIONS
IV. TAILORED DEBT TREATMENT: MAXIMIZING THE IMPACT OF THE COMMON FRAMEWORK
V. COMPLEMENTARY ACTIONS BEYOND THE DSSI AND COMMON FRAMEWORK
VI. KEY QUESTIONS TO GOVERNORS
FIGURE
1. IDA-Eligible Countries: Risk of External Debt Distress
List of Abbreviations and Acronyms
| ASA |
Advisory Service and Analytics |
| CF |
Common Framework |
| DLP |
Debt Limits Policy |
| DPF |
Development Policy Financing |
| DPO |
Development Policy Operation |
| DRF |
Debt Reduction Facility |
| DSA |
Debt Sustainability Analysis |
| DSF |
Debt Sustainability Framework |
| GDP |
Gross Domestic Product |
| DSSI |
Debt Service Suspension Initiative |
| GRID |
Green, resilient and inclusive development |
| IDA |
International Development Association |
| IDS |
International Debt Statistics |
| IFI |
International Financial Institutions |
| IMF |
International Monetary Fund |
| LIC |
Low-Income Country |
| LIC DSF |
Joint Bank-Fund Debt Sustainability Framework for LICs |
| MDB |
Multilateral Development Bank |
| MOU |
Memorandum of Understanding |
| PC |
Paris Club |
| PPG |
Public and Publicly Guaranteed |
| SDFP |
Sustainable Development Finance Policy |
| SDR |
Special Drawing Right |
| TA |
Technical Assistance |
| WBG |
World Bank Group |