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.

International Monetary Fund Annual Report 2021
International Monetary Fund Annual Report 2021

Author: International Monetary Fund. Secretary's Department

Publisher: International Monetary Fund

Published: 2021-10-04

Total Pages: 74

ISBN-13: 1513568817

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A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.

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.

Public Debt Through the Ages
Public Debt Through the Ages

Author: Mr.Barry J. Eichengreen

Publisher: International Monetary Fund

Published: 2019-01-15

Total Pages: 60

ISBN-13: 1484392892

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We consider public debt from a long-term historical perspective, showing how the purposes for which governments borrow have evolved over time. Periods when debt-to-GDP ratios rose explosively as a result of wars, depressions and financial crises also have a long history. Many of these episodes resulted in debt-management problems resolved through debasements and restructurings. Less widely appreciated are successful debt consolidation episodes, instances in which governments inheriting heavy debts ran primary surpluses for long periods in order to reduce those burdens to sustainable levels. We analyze the economic and political circumstances that made these successful debt consolidation episodes possible.

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

Conditionality in Evolving Monetary Policy Regimes
Conditionality in Evolving Monetary Policy Regimes

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2014-05-03

Total Pages: 61

ISBN-13: 1498343694

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With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.

The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations
The Fund’s Lending Framework and Sovereign Debt - Preliminary Considerations

Author: International Monetary Fund. Legal Dept.

Publisher: International Monetary Fund

Published: 2014-05-23

Total Pages: 43

ISBN-13: 149834335X

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As a follow-up to the Executive Board's May 2013 discussion, this paper considers a possible direction for reform of the Fund's lending framework in the context of sovereign debt vulnerabilities. The primary focus of this paper relates to the Fund's exceptional access framework, since it is in this context that the Fund will most likely have to make the difficult judgment as to whether the member's problems can be resolved with or without a debt restructuring. The objective of the preliminary approaches set forth in this paper is to reduce the costs of crisis resolution for both creditors and debtors—relative to the alternatives—thereby benefitting the overall system. These ideas are market-based and their eventual implementation would require meaningful consultation with creditors.