Reform of the Policy on Public Debt Limits in Fund-Supported Programs—Proposed Decision and Proposed New Guidelines
Reform of the Policy on Public Debt Limits in Fund-Supported Programs—Proposed Decision and Proposed New Guidelines

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2014-11-14

Total Pages: 7

ISBN-13: 1498342558

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This supplement refers to the reforms proposed in Reform of the Policy on Public Debt Limits in Fund-Supported Programs to the existing framework governing external debt limits in Fund arrangements, and presents the proposed decision that is needed to implement these reforms. The proposed new guidelines are included in the Attachment to the decision, while Annexes I and II set forth for the convenience of Executive Directors include redlined texts that show revisions against the current guidelines and to the Policy Support Instrument decision, respectively

Reform of the Policy on Public Debt Limits in IMF-Supported Programs
Reform of the Policy on Public Debt Limits in IMF-Supported Programs

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2020-11-11

Total Pages: 67

ISBN-13: 1513560883

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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.

Reform of the Policy on Public Debt Limits in Fund-Supported Programs
Reform of the Policy on Public Debt Limits in Fund-Supported Programs

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2014-11-14

Total Pages: 46

ISBN-13: 1498342566

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The reform of the Fund’s policy on the use of conditionality on public external debt in Fund-supported programs (the “debt limits policy”) has been under discussion since March 2013. The discussion has taken place against a backdrop where lower income countries are seeking to boost growth through higher public investment levels, targeted in particular at large infrastructure gaps, while facing both a wider range of external financing opportunities and limits on the supply of traditional concessional financing. The reform of the Fund’s policy on debt conditionality in 2009 was a first step to accommodate these new realities: experience with the 2009 reforms has pointed to the need for more fundamental reforms to provide countries with greater flexibility to finance productive investments while containing risks to medium-term debt sustainability. The reforms proposed here build on the Board review of the debt limits policy in March 2013, ensuing informal Board discussions in January and May 2014, discussions at an informal seminar in September 2014, and various stakeholder consultations. In developing this reform proposal, staff has sought to first specify a robust set of principles to guide the use of public debt conditionality in all Fund arrangements and then examine how these principles should apply in the specific circumstances of countries that normally rely on official external concessional financing.

Debt Limits in Fund-Supported Programs - Proposed New Guidelines - Supplementary Information and Proposed Decision
Debt Limits in Fund-Supported Programs - Proposed New Guidelines - Supplementary Information and Proposed Decision

Author: International Monetary Fund. Legal Dept.

Publisher: International Monetary Fund

Published: 2009-08-20

Total Pages: 11

ISBN-13: 1498335667

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This supplement summarizes the reforms proposed in IMF (2009a, b)1 to the existing framework governing external debt limits in Fund-supported programs, and presents the proposed decision that is needed to implement these reforms. The supplement is organized as follows: Section II provides a brief commentary on the proposed decision, emphasizing key aspects of the proposed reforms set out in IMF (2009a, b) 1. Section III contains the proposed decision approving the new guidelines on external debt in Fund arrangements. The proposed new guidelines are included in the Attachment to the decision.

Revised Guidelines for Public Debt Management
Revised Guidelines for Public Debt Management

Author: International Monetary Fund,

Publisher: International Monetary Fund

Published: 2015-03-11

Total Pages: 40

ISBN-13: 1498330665

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The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.

Guidelines for Public Expenditure Management
Guidelines for Public Expenditure Management

Author: Mr.Jack Diamond

Publisher: International Monetary Fund

Published: 1999-07-01

Total Pages: 84

ISBN-13: 9781557757876

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Traditionally, economics training in public finances has focused more on tax than public expenditure issues, and within expenditure, more on policy considerations than the more mundane matters of public expenditure management. For many years, the IMF's Public Expenditure Management Division has answered specific questions raised by fiscal economists on such missions. Based on this experience, these guidelines arose from the need to provide a general overview of the principles and practices observed in three key aspects of public expenditure management: budget preparation, budget execution, and cash planning. For each aspect of public expenditure management, the guidelines identify separately the differing practices in four groups of countries - the francophone systems, the Commonwealth systems, Latin America, and those in the transition economies. Edited by Barry H. Potter and Jack Diamond, this publication is intended for a general fiscal, or a general budget, advisor interested in the macroeconomic dimension of public expenditure management.

2023 Handbook of IMF Facilities for Low-Income Countries
2023 Handbook of IMF Facilities for Low-Income Countries

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2023-04-21

Total Pages: 191

ISBN-13:

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This Handbook provides guidance to staff on the IMF’s concessional financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in December 2017 (IMF, 2017e) by incorporating modifications resulting from the 2018–19 Review of Facilities for Low-Income Countries and Review of the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries (IMF, 2019a, b), approved by the Board in May 2019; the reforms introduced in 2021 on the basis of the Board paper Fund Concessional Financial Support for Low-Income Countries—Responding to the Pandemic (IMF, 2021a), approved in July 2021; and a number of other recent Board papers. Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the primary legal authority on the matters covered in the Handbook.